Menorca vs Mallorca – how a 20 mile trip could save you 20% on property prices
- Menorca property prices just 77% those of Mallorca (Kyero)
- Spanish property 41.8% cheaper than in 2007 (Tinsa)
- Property sales rose 10.7% in July (National Statistics Institute)
When it comes to the Balearics, there are some striking similarities between the islands’ offerings. The four largest of the islands (Mallorca, Menorca, Ibiza and Formentera) all boast stunning beaches, hot summer sun and fantastic water sports, as well as some fabulous examples of Iberian cuisine.
Each island also has a distinct atmosphere of its own. Ibiza is known around the world for its clubs and party lifestyle, while Mallorca is seen as a haven for sailors. There are also considerable differences when it comes to property prices, as the latest data from Spain’s leading property portal, Kyero, which lists over 175,000 properties from 2,500 estate agents, has revealed.
Martin Dell, Kyero’s Director, explains,
“Both Mallorca and Menorca have some fantastic properties available – everything from high end apartments overlooking the beach to sprawling villas tucked away in the hills. Prices can vary greatly between the islands though. Kyero’s October 2014 Price Index has shown that average prices on Menorca are just 77% of those on Mallorca, making it an excellent choice for property purchasers looking to pick up a bargain home in the sunshine. Just 20 miles of travelling means savings of more than 20%.”
The figures come in light of the news that housing across Spain costs 41.8% less than in 2007, according to the Tinsa IMIE house price index. For many second home buyers, there has never been a better time to look to the Balearics. In fact, property sales across the whole of Spain have picked up of late, with data from the National Statistics Institute showing a 10.7% increase in sales during July, when compared with July 2013.
The 28,583 transactions from July represent the fifth successive month of increases in sales, pointing to the beginnings of a sustained picking up of the market. Second hand sales are largely behind the positive growth, as Kyero’s Martin Dell observes,
“We’ve seen a significant surge in the number of second hand sales over the last several months, which is driving forward the current positive movement in the housing market. Many buyers – both domestic buyers and those from overseas – have been attracted by the price falls that Spain has experienced over the past seven or so years.
“Spain has always been a popular country with holidaymakers and a significant proportion of them see owning a property there as an investment for their retirement or for their children. There has been a definite upturn in the second hand holiday home market of late, as well as the domestic, fulltime home market.”
Kyero is well placed to observe the holiday home market. Uniquely, it is the only Spanish property portal aimed at foreign buyers and, as 45% of buyers are non-English, is available in 33 languages to ensure that the properties listed are accessible to all. So whether Menorca or Mallorca is their island of choice, buyers the world over can find their dream Spanish holiday home bargain this autumn.
For more information and to keep up to date with the latest in Spanish property trends, visit www.kyero.com.