“Brexit has had a significant effect on the number of enquiries Lucas Fox Ibiza has been receiving so far in 2017. However, we are now seeing much more interest from Germany, Holland and France, whose interest in Ibiza property has increased substantially in recent years. Buyers tend to be interested in homes priced between €800,000 and €1.5 million, mainly in the quieter areas of the island such as the unspoilt north coast.”
Director, Lucas Fox Ibiza
Balearics Property Sales Transactions
According to the National Institute of Statistics (INE), the first two months of 2017 (for which the latest data is available) saw 2,449 property sales transactions in the Balearic Islands (which includes Ibiza), up from 2,094 in the same period of 2016, representing an annual growth rate of 17%.
Balearics Property Prices
According to leading property portal Idealista (which bases its figures on asking prices), average prices in the Balearic Islands (which includes Ibiza) have continued to rise, ending the first quarter of 2017 on €2,060 per square metre, showing an annual growth rate of 9.3%. Average property prices in Santa Eulària, where Lucas Fox’s Property Lounge is located, ended Q1 2017 on €2,967 per square metre, showing an annual growth rate of 3.6%.
Lucas Fox Website Interest
Lucas Fox data shows that in the first quarter of 2017 Spanish interest in Ibiza properties continues to represent just over 20% of Lucas Fox website visitors. Amongst international buyers although interest from the United Kingdom is still high, it is down from the same period in 2016 (26.6% in Q1 2017 and 33.3% in Q1 2016) and is not being converted into actual enquiries, showing reticence to buy following Brexit. However, there is increased interest from the Netherlands (7.6%, up from 7.15% in Q1 2016), France (6.3%, up from 3.78% in Q1 2016), Italy (5.6%, up from 4.5% in Q1 2016) and Russia (4.4%, up from 2.3% in Q1 2016).
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