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Foreign Buyers: A growing trend in Ibiza
In the most touristic areas of Spain, property sales to international buyers have become more and more popular. The strengthening of the second home market makes Costa Brava, Ibiza and Costa del Sol a strong attraction for foreign buyers of medium-high and high profile, which have increased by 51% in 2018.
Likewise, the value of the properties in these areas has grown by 88%, where a large majority of buyers were foreigners (86%), mainly from France, Scandinavia and despite Brexit also the United Kingdom.
The average price of homes sold by the real estate company in these coastal areas has increased by 24%, from 951,000 euros on average in 2017 to 1.1 million euros in 2018. The official figures provided by the National Institute of Statistics (INE) reflect these trends in general.
By locations, according to official data, transactions on the Costa Brava have grown by 5% compared to 2017, with an average of 918 sales per month. Sales of new homes have skyrocketed in this sought after area of Catalonia: 18% more than the figures of the previous year.
In the Costa del Sol area, in Malaga, sales volume has increased by 5% compared to 2017, with an average of more than 2,700 transactions per month. The number of sales of new homes has also increased: 7%, which represents 19% of total transactions in 2018, a slightly higher proportion than the previous year.
After years of increasing growth, the Balearic Islands registered a slight decrease in sales transactions in 2018, 3% less than in 2017, with an average of 1,286 sales per month. The number of transactions for the sale of new construction homes has remained stable compared to the same period of 2017: 0.9% (INE).
The Ibiza real estate market had a good start in 2018 with sales mainly to German, French and Danish buyers. There is a series of new construction projects underway that should enter the market during this 2019 and that will generate a good supply of properties, which offers the advantage of being able to buy high-quality homes without legal problems linked to the recent change of the Balearic Rental Law.
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