Balearic Islands Real Estate Boom Prices Out Moroccan Buyers

The rising prices of housing in the Balearic Islands are leading foreign residents to prefer other communities to settle in. According to the President of the Government, Francina Armengol, the purchase of second homes on the islands is one of the factors behind the rising prices in the real estate sector.

In 10 years, the average purchase price has increased by nearly 50%, reaching 3,607 euros per square meter on average in 2021 compared to 2,524 euros in 2010, according to Menorca.

Germans, whether residents or tourists, are the main buyers of housing (primary or secondary residence) on the islands, far ahead of Moroccans and Romanians who are nevertheless the main foreign buyers of residences in most autonomous communities.