If there was further need to show that the Balearics is the playground of the rich a new survey suggests that almost a third of all property sales were completed without a mortgage last year. Of the almost 18,000 property sales in the islands in 2022, 6,000 went to cash buyers.
The figures become even more significant when you take into account that the average property price in the islands is 230,000 euros, far higher than the national average.
In the case of sales of home to foreigners 83 percent of all transactions were completed to foreigners underling the appeal of the islands for cash rich foreigners.
The islands have some of the highest property prices in the country and they continue to rise. The demand from foreign buyers is so high that the local government pondered ways to curb the sale to foreign residents.