Balearic Islands lead Spanish recovery

The Spanish property market recovery is being led by the Balearic Islands, with home sales in the region up 14.5 per cent in 2010 compared to the previous year.

New figures released by the Public Works Ministry show that for the first time in three years there was positive growth in the market, with a 5.9 per cent year-on-year increase in transactions across the country.

Official government data shows that some 491,000 properties were sold across the whole of Spain last year, with 10,860 of those sales on the Balearic Islands of Ibiza, Majorca, Minorca and Formentera.

Ignacio Osle, sales and marketing director of Taylor Wimpey de Espana, said that he had seen interest in the Balearics rise over the past 12 months, with buyers particularly keen on property in Majorca.

"The largest Balearic Island offers something for everyone from amazing sandy beaches to stunning scenery, idyllic coves, traditional architecture and wide range of sports and leisure activities," he explained.

However, despite this apparent turnaround for sales, last year was the worst on record for Spain's home-building industry, with planning approvals down by 17 per cent in 2010. 

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