Balearic property growing leaps and bounds

The Balearic property market bucked the trend in 2010, showing positive growth of 18.4% on figures for the previous year, according to Spain's National Statistics Institute.

9,698 properties were sold in the Balearics last year. Real estate agents and developers on the island of Mallorca are expecting this growth trend to continue throughout 2011.

Jan Pratt from Shortcuts Property Search, search agents with offices covering the Balearics and most of mainland Spain, said: "We have registered a marked increase in new clients and inquiries in the last three months, compared to last year at this time. Confidence seems to be growing and buyers who were waiting for the market to bottom out are now returning. An influx of new properties for sale is expected from sellers who are encouraged by signs that the market has finally turned a corner."

The director of the Spanish Tourist Board, Ignacio Vasallo, also announced recently that overall the UK holiday market to the Balearics is up 13%, confirming that Mallorca has maintained its position as one of the most popular holiday locations, whether staying in a hotel or in owned or rented accommodation.

Source: Shortcuts Property Search