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TODAY in Ibiza and Formentera
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Housing in Ibiza: A 25% of homes for sale in the Pitiusas priced over three million euros

HOUSING IN IBIZA : 25% of the houses for sale in the Pitiusas cost more than three million euros

Fernando Guijarro

Monday, April 22 2024, 10.25am

In the Balearic Islands, the luxury real estate sector is becoming increasingly significant, especially within the European and international markets. According to real estate consultancy CBRE, 12% of properties sold in the archipelago are priced above three million euros, with this figure rising to nearly 25% in Ibiza, Formentera, and southwest Mallorca, and 7% in Palma. Despite a 20% decrease in total real estate transactions and a 21% drop in sales to foreigners in the past year—attributed to the unusually high market activity in 2022—foreign buyers still made up 31.5% of transactions, leading Spain. Germans dominate these foreign transactions at 44%, followed by the British (11%) and the French (5%). Looking forward, CBRE anticipates a persistent supply-demand mismatch in the housing market, with construction lagging behind demand due to high migration, though price increases are slowing compared to rental rates. For the full article, please visit Diario de Ibiza website here.

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