In the final quarter of 2022 there was a 4.7% increase in sales to foreign buyers. This came after a decrease of 3.2% in the third quarter. For the year as a whole, these sales were up 22.4% compared with 2021.
The increase in October to December is perhaps something of a surprise, as forecasts had been for a continuation of the weak sales in the third quarter.
The Balearics percentage for the whole year was some way above the second highest in Spain - 28.6% in the Canaries. For the purpose of these figures, the Balearic Islands are treated as both a region and a province. At a provincial level, only Santa Cruz de Tenerife and Alicante (41.7%) had higher percentages of foreign purchases.
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I feel that there should be more related data and clarity on this story. Does foreigner mean non-resident of the Balearics or non Spanish? As this has caused confusion before. So, therefore, from where are these “foreigners”? And what and where are they buying? Fincas, townhouses, delux 3 million euro plus type places, or overpriced two bed apartments that locals are being squeezed out from being able to buy?
Wait.. I thought the impending ...maybe someday if we can get *somebody* to agree... banning sales to foreigners... or just the suggestion of it ... even if it's a nonstarter... was going to put people off buying property and crash the market. Supposedly already happening. OK... Another one to toss into the "wishful thinking" bin.