A new piece of research from Engel & Völkers has found that the second home property market on Ibiza is registering its first price increases for its most exclusive properties.
Effectively this means growing demand for properties in excess of 1€ million shows that buyers have returned in search of luxury properties, particularly in the north of the island.
Prices up for frontline properties, houses with sea views or rural properties have increased by an average of 10% since the beginning of 2010. They're also selling faster, with the average sale period reduced to 6-9 months from 12-24 months for the top of the market.
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Currently the British are dominating sales on Ibiza, accounting for 40% of all buyers, followed by Dutch, Swiss, German and Italians. Spanish mainland buyers have decreased - most properties are sold to wealthy cash buyers and the average spend is in the region of 1.2 € million according to the report.
In the first quarter of 2011, Engel &Völkers Ibiza registered a 32% increase in sales over the same period for 2010. The total sales figures for 2010 reached 80% of the figures for 2007 which represented the best year for the company since it was established on the island ten years ago. To view a selection properties throughout Ibiza go to: www.engelvoelkers.com/ibiza.
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