Foreigners buy 40% of the homes that are sold in the Balearic Islands

PalmaInternational buyers continue to scale their dominance in the Balearic Islands' real estate market and are already consolidating, almost, as the major power ahead of residents and domestic buyers. So much so, that almost four out of every ten homes sold in the Balearics during the third quarter of the year ended up in the hands of foreign buyers. Specifically, 37.2% of the transactions registered between July and September had a buyer from outside the State, the highest proportion in all of Spain. The figure places the Islands well above the national average, which was 16.05%, according to data from the Association of Registrars.

The Balearics thus lead the national ranking of home purchases by foreigners, ahead of the Valencian Community, where they represented 30.4%. The rest of the regions remained below 30%.

The Balearics, among the territories with the most expensive housing

The high volume of foreign property sales coincides with housing prices that remain at historical highs. The Balearic Islands recorded an average price of 4,502 euros per square meter, the second highest in the State, only behind Madrid, with 4,565 euros. The top of the ranking is completed by the Basque Country (3,693 euros), Catalonia (2,989), and the Canary Islands (2,850).

In Palma, the average price reached 4,408 euros per square meter, the fourth highest among provincial capitals. Only San Sebastián (6,662 euros), Madrid (5,597), and Barcelona (5,124) recorded higher amounts.