The Balearics has gone up-market and a recent survey stated that a third of all luxury homes in Spain are in the islands. The Balearics remain one of the places in Spain where property prices have continued to rise. In some instances in Palma, a garage can cost the same as a three bedroomed home in many parts of the islands.
The islands are now the fourth place in the world when it comes to luxury properties after the U.S., United Kingdom and Australia. The British are still the biggest buyers of property in Spain, according to a new survey and this is despite new post Brexit rules which mean that British citizens can only remain for 180 days per year in Spain.
In Mallorca some of the biggest land owners are British. The billionaire Reuben Brothers own around 1,400 hectares (3,500 acres), with sea frontage totalling almost 20km in Mallorca. The holdings are located within Manacor, Capedera, Arta, Pollensa, Andratx and overlooking the Bay of Palma.