Ibiza House Sales Slump by 46% in May
Data published by the Balearic Institute of Statistics (Ibestat) this week has revealed a sharp downturn in house sales for the month of May, a decrease of 46% compared to May 2017.
A total of 121 properties were sold in May, almost half that of the previous year, despite the fact that house sales for Spain nationally increased by 4.7% overall.
The malaise follows a bright start to the year January to April, however all gains made have been wiped out by the May slump.
The drop is also evident in the transfer of commercial property with May proving the second worst month in the last decade.
Ibiza Housing Prices Sour by 17% in One Year
Meanwhile property specialists Tinsa have released figures showing Ibiza to have the most expensive coastal property in Spain, along with a big increase in values over the last year.
Reflecting a steady national recovery in property prices, the average price of homes increased in 71% of the municipalities of the Spanish coast in the last year. Ibiza now tops the list at (3,527 euros / m2), then followed by Sitges (3,252 euros / m2) and Calvià (2,888 euros / m2).
The areas with the most intense growth in the last year are Sanxenxo (Pontevedra), where the average price has experienced an interannual increase of 24.6%, Sóller (Mallorca), with increases of 21%, and Arrecife (Lanzarote), with 17.8%, then followed by Ibiza with the fourth highest level of growth at 17%.
The picture is not universally upward however, with some areas still in decline. Leading the downward list are Calonge (Girona), with a decrease of 11.2%, Mojácar (Almería), down 8.3%, and Sada (A Coruña), down 7.2%.