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A Bit of Background
Majorca, Minorca, Ibiza, Formentera. Together, these popular tourist destinations make up Spain’s Balearic Islands. Located off the country’s east coast, they’re the Mediterrean hotspots that keep drawing buyers from around the world in search of their constant temperate climate, relaxed lifestyle, vibrant nightlife (in the case of Ibiza) and stunning beaches.
Their popularity among overseas buyers have made the Balearics one of the strongest markets in the years since the global financial crisis, with prices pushed up by that growing international demand – which, of course, only makes them even more attractive for investors.
“Ibiza has a reputation as a party island, but it also has a quieter side…”
The Balearics are easy to reach by plane, with regular international flights going to Mallorca (Palma de Mallorca), Menorca (Menorca Airport) and Ibiza (Ibiza Airport), operated by Iberia, British Airways, Ryanir, easyJet and more.
Mallorca is the only island to have a railway. For getting about once there, the narrow-gauge train will take you from Palma to Soller and Inca. InterRail passes will not be accepted.
Car hire is easily accessible on all of the islands, while each one also has a regular bus service, which you can view at horariodebus.es.
British buyers have always had a love affair with Spanish property and the Balearics are no exception, with UK house-hunters making up one in three of all visitors interested in the region on TheMoveChannel.com. As well as lifestyle buyers searching for holidays homes, the islands’ high profile on the tourist circuit mean that investment properties are also popular. Indeed, many buy a holiday home and rent it out when not there.
While buyers from Scandinavia and the UAE are increasingly prevalent on the Spain’s national property stage, the Balearics is a particular favourite among US buyers and Canadians, with the latter taking advantage of the strong dollar to snap up property.
Majorca is one of the appealing destinations, as the largest and most commercial of the islands, but with their cinematic landscapes and green island plains, you can expect to find national buyers and tourists also dotted across the islands, just enjoying the beautiful scenery.
Where to Buy
Popular hotspots in the Balearic Islands include Ibiza, Punta Prima, Cala Figuera, Cala Ferrera, Cala Llonga, Cala Mitjana, L’arenal and Port D’alcudia.
Useful Words to Learn
Inmobiliaria Estate agent.
CIF number (Codigo de Identificación Fiscal) Corporate fiscal number.
Escritura de Propiedad Property deeds.
La Renta Capital Gains Tax.
Piso Floor / Storey.Google+