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Balearics priced out of the marketThe much-favoured Balearic Islands may be falling out of favour with British holiday-home hunters. Previously one of the first ports of call for British property investors, Mallorca, Ibiza, Menorca and Formentera are being priced out of the market to all but the richest of buyers. A recent report reveals that foreign investment in property in the Balearics has fallen by 25 per cent over the past three years. It's claimed that the cause is a rise in prices, driving the cost per square metre for a middle-range apartment up to 5,400 Euros. *The Balearics are now second only to Barcelona in a list of 'most expensive provinces to buy in Spain'. The average price of a property in Mallorca is 503,000 Euros, 102 per cent higher than the national average. (Source: Kyero.com Spanish Property Index) |
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