Ibiza and real estate madness: housing costs 40% more than in 2008 (El Confidencial, 25 Apr 2019)
Ibiza makes clear the real estate madness: housing costs 40% more than in 2008
Original headline in Spanish: Ibiza escenifica la locura inmobiliaria: la vivienda cuesta un 40% más que en 2008
By Elena Sanz. Published in El Confidencial on 25 April 2019
Summary from Google Translate:
If there is a market that has led the real estate recovery together with Madrid and Barcelona, that has been the Balearic Islands. Spurred on by geographic limitations -the land to build new homes is finite-, the boom in tourist rental and the enormous boost in foreign demand -which signs 30% of transactions-, housing prices have skyrocketed in the last four years to the point that what seemed impossible, returning to bubble levels, has not only happened, but in some localities the records of a decade ago have been pulverized.
Specifically, only two Spanish towns have already exceeded their all-time highs at the end of 2018 , and both are in the Balearic Islands. These are Ibiza, which is 38% above the maximum recorded in February 2008, and Calvià, with prices 1.6% higher than those set then.
Keywords: Ibiza, Balearic Islands, Spain, housing prices, housing affordability, housing accessibility, foreign demand, tourist rentals,
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