Published: 9th September 2013
Recent figures released by the Spanish National Statistics Institute, have shown considerable growth in the Majorca property market compared with the previous year, and predict further increases throughout 2011. The report shows an overall increase of over 18% in a number of properties sold in Majorca in the last year, were 9698 properties were sold.
As with many areas throughout Spain, much of the increase in demand for property in Majorca can be attributed to general tourism trends. Indeed a 30% increase in the number of enquiries for holidays throughout the Balearic Islands over the past 12 months explains why rental demand for property in Majorca is a key driver of the islands real estate market.
The report from the Institute goes on to show that the growth in demand for property in Majorca is currently ahead of the trends of the Spanish property market as a whole. Much of this can be attributed to Majorca's position as a leading tourist destination, however other factors such as the island hosting key sporting events have undoubtedly had an impact on its overall global profile.