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Tourism and property prices continue to rise in Mallorca

A new report on the holiday property market in Mallorca has been released by the STI Center for Real Estate Studies.

Regarding tourism the report stated: ‘Mallorca is one of the most important holiday property markets in Europe. As early as 2015, over 10m tourists visited the largest Balearic Island and in 2016 this record was broken again with around 11m overnight guests. In 2017, again hotels, vacation rental agencies and tour operators expect similarly high booking numbers. This reflects remarkable growth that began with less than 400,000 tourists in the 1960s.’

Regarding property, the report estimated that around 4,700 properties were listed for sale in early 2017, with more than half of them concentrated in the three top regions, which are south-west, north and Palma, with 35%, 11% and 10% of listed properties respectively.

For prices, the report states: ‘Nine regions recorded an increase compared with the previous year - half of them reaching a double-digit percentage.’

The report showed that property prices in the south-west of Mallorca increased by 13% (to €5,800sqm), followed by a 12% rise in Palma and a 10% rise in the south of the island.

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