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.

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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).

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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%.