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March 2018
Issue 19
9 March 15th - March 28th 2018 Mallorca - Living Inspiration
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Brits still investing in Spain despite Brexit uncertainty
B
RITISH demand for properties in Spain has remained strong despite uncertainty surrounding Brexit. The last quarter of 2017 showed a 7.6% increase in prices and a huge 19.8% increase in sales. Meanwhile foreign year on year sales rose by 20.4% to 15,266 purchases. Foreign sales in last three months of 2017 were led by the British with 2,384 sales, followed by French and German
nationals with 1,242 and 1,198 purchases respectively. This rise in British engagement was also a quarter-onquarter increase of 0.9%. UK nationals now account for 16% of the overseas property market share in Spain, which is an 8% lead on French nationals who account for the second highest number of foreign homeowners. Experts at A Place in the Sun said: “Although Brexit has understandably stalled decisions for some, many British nationals continue to proceed with their property purchases in their number one overseas destination. “It could be suggested that British nationals during this period were encourTHE Balearics’ economy will grow by 3% this year - more than aged by Alfonso Dastis’ (Spain’s Foreign Minister) pledge in October that British anywhere else in Spain - according to a BBVA study. BBVA has also predicted that the Balearics will have the second expats living in the country would face “no disruption” post-Brexit, amongst othhighest growth rates after Madrid in 2019, at 2.6%. The booming Balearic economy has been attributed to successful er positive comments surrounding penefforts to attract tourists year-round, rather than just in the sum- sions and European Health Insurance Card (EHIC) benefits at the time.” mer months. It is expected that 36,000 new jobs will be created by the end of It added that it saw 55% and 28% in2019 as a result, leading to a reduced unemployment rate of just creases in Spanish property searches and property enquiries by Brits respec7.1%. In December 2017, unemployment in Spain stood at 16.4%. Political uncertainty in Catalunya has also not negatively impact- tively. ed the islands’ economy as much as had been predicted. See Mark Stucklin analysis
Balearics to boom
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17 Property Shops on CostaMallorca del Sol Hot
N EWS
Not enough stars
hotel has three water months to We give your dreams home fighta decision SOME 14 fire bosses have been arrested for allegedly embezzling €7 million in public funds. The Policia Nacional found that the Consortium of Bomberos Cadiz took out mass early retirement insurance policies. But when their employees retired early, chiefs siphoned off the money from the payouts. Authorities also found discrepancies in the consortium’s training courses. Large sums were paid to a company to provide training courses, but no evidence has been found that these courses took place. Meanwhile, irregularities were also found in grants and subsidies, which cops believe were used to pay for private
before it is demolished
A HOTEL is to be knocked down for not having enough class! Benalmadena’s Hotel Vista de Rey must be demolished within three months, a court has ruled, Andalucia’s Superior Court of Justice ruled that the hotel falls short of its four-star requirement.
Tel. +34 971 23 85 84 Probing www.engelvoelkers.com/mallorca It began probing the three star hotel and apartment block in 2011 after it was denounced over planning rules which set aside the plot for a
than permitted. Although the town hall developer maintain this cess was later corrected judge ruled that the recti tion would have taken p after the granting of th cence, so does not count The building has 61 ap