Balearic home sales drop 17.8% as prices fall

Mallorca and the other Balearic Islands record 696 home sales in August, down 17.8% from a year earlier. The average price per square metre also falls, dropping 4.9% to €3,976. The figures come from the Statistical Information Centre of Spain’s notaries.

Fewer loans and smaller homes

Homes sold across the islands average 117 square metres, 3.6% smaller than a year earlier. The number of mortgage loans for home purchases falls 13.1% to 393.

Prices move the other way across Spain

Spain records 34,599 home sales in August, down 9.8% and the eighth consecutive month of decline. Yet its average price per square metre rises 12.8% to €1,959. The Balearic Islands and Navarra are the only regions where prices fall.

The notaries say figures for the latest three months remain provisional.

Topics: Housing

Source: Europa Press / Mallorca.com