Latest figures from the National Statistics Institute show that the sale of homes in the Balearics fell by 16.9% in November 2023 compared with the same month in 2022.
This decrease was greater than the national average of 15.1%. Despite this fall nationwide, there was a 2.1% increase compared with October.
In nine regions of Spain, the November decrease was greater than the national figure, the greatest having been Extremadura (34.5%). The Balearics fall was slightly more than in Catalonia (16.3%) and Andalusia (15.4%).
Sales in the Balearics fell consistently in 2023, the consequence of three key factors - prices (which aren't coming down), the rise in interest rates, and tighter lending rules by banks.
While there has been a fall in the foreign-buying market, sales to foreign buyers are regularly around 30% of all monthly sales.