CBRE, the global leader in real estate services and investment, yesterday presented its annual outlook for the coming year in the Balearics and the overall conclusion is that it is going to be a good year for the real estate market. According to the CBRE report, signs of improvement have been noted in all sectors, in particular the commercial, retail, business, hotel and residential markets.
One of the main reasons have been the revival of the tourist industry, the improvement of macroeconomics in certain parts of Europe and further afield and consumers regaining their confidence.
Another important factor is that the tourism revival has positioned the Balearics as a key location for top retail brands to be present while, now that property prices have more or less bottomed out, the region is also attracting a great deal of interest from major international investors which can see further potential in the Balearic tourist industry and other markets.
Last year, demand for residential properties, for example, increased by just under 19 percent.
Experts predicting significant improvement in real estate
New hotels are springing up in Palma. | o joan torres