PROPERTY NEWS

Housing In Menorca

Every ten years the National Institute for Statistics in Spain publish a census of properties. The latest was taken in January 2021 and shows that Menorca has over 60.000 properties and almost 9000 are empty or being used for less than 3 months, an average of one in seven. Es Mercadal and Es Migjorn have even more where three in ten are unoccupied. 37.619 properties are main homes and 22.904 are second homes, a considerable rise from the 10.000 in 2011. The method used to calculate if a building is empty is by electricity consumption, if this is lower than 15 days per annum the property is considered unoccupied (2000 in Menorca); and if used for three months it is classified as “of sporadic use” (6.100). Figures are slightly less on mainland Spain where 14.4% are unoccupied compared to 16.1% in the Balearics; the total for the islands is 105.423 empty out of 652.123 properties. Over half of the properties on the island have only one or two people on the census.

Flats With Squatters For Sale

On 17th July, flats with squatters were put on sale at reduced prices, mostly by banks. Potential buyers are sent to a website of an estate agent experienced in this type of sale in Palma in Mallorca. They stay involved until the purchaser receives the keys of the property. Prospective clients are informed that they may not view the property as it is occupied

Menorca Population By Nationalities

MAPPING FOREIGN POPULATION IN MENORCA

Reproduced with kind permission of Home Menorca

A total of 110 different nationalities and 11.430 foreigners live in Menorca, representing 11.8% of the total population of Menorca. The island, according to the demographic data of the 2022 census released by the Balearic Institute of Statistics, is experiencing a slight recovery in the foreign population, with 176 foreigners more than a year ago (an increase of 1.6%). Despite the recovery recorded in recent years, it is still far from the more than 15,600 immigrants who came to reside in Menorca in 2009. By continent, almost half of the foreigners, more than 5.500, come from the European Union, while almost 3.000 come from South America, representing 26% of the total, and 15.4% (1,763) are African.

By nationality, the ranking continues to be capitalized as always by the United Kingdom, which is by far the country with the most foreign residents in Menorca, up to 2.053. Although the British colony on the island has increased in recent years, it should be noted that it has been in decline for years. Indeed, ten years ago Menorca had twice as many Britons as now. The British represent 18% of all foreigners living in Menorca.

In second place we find Italy, with 1.387 Italians residing in Menorca, a figure that has remained stable over the last decade, albeit slightly decreasing. Morocco follows with 1.321 residents, with a similar evolution to Italy, which ten years ago was at the top of the ranking, being the second most frequent foreign nationality in Menorca. In fourth place we find Colombia, with 969 immigrants and a considerable increase (almost double) compared to ten years ago.

A special mention is deserved for France and Germany, which are respectively in fifth and ninth place. Ten years ago Germans were the fifth most common foreign nationality and the French the seventh. It is not lost on anyone that Menorca has become very fashionable in France, as can be seen with the steady increase in French tourists in recent years. 728 French people currently live in Menorca, a hundred more than ten and only cash sales are accepted, there is no possibility of a loan. A 74 sq. mt. flat in the centre of Mahón is on sale for 109.000 Euros, the normal price would be 185.000. Local estate agents say it is difficult for private owners to evict squatters and for large financial entities such as banks it can take years. Isabel Petrus from Casas en Menorca says that the new law covering the Right to have a home, that came into force on 26th May this year, (after two years of heated arguments) favours those who are installed in the property, not the buyers and will not help the housing situation on the island. José Pons in Bonnin Sansó says that owners think twice about renting their properties for fear of unpaid rents and squatters.

American Buyers On The Rise

Since regular flights have been organised in the summer from Palma to New York, American buyers have started buying in Menorca. Engel and Volkers estate agent says that in 2022 they accounted for 10% of their sales, equalling the British and overtaking the Germans, whilst the French accounted for 16%. Some properties have changed hands for over 5.000.000 Euros. They also note that since the moratorium on tourist licences, a property with a licence sells for 20% more than one that doesn’t, adding that a luxury villa can be rented out for 15.000 Euros a week in August, a more modest one with four bedrooms can command 4000 Euros.

years ago (+15.7%). As for the Germans, the opposite situation has occurred, there are fewer and fewer Germans residing in Menorca, just 329, compared to 843 in 2012.

The top 10 of foreign nationalities is completed by Ecuador (458), Romania (443) and Argentina (344) in sixth, seventh and eighth place; and is closed by Peru with 309 residents on the island.

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