Our take on the Kyero Quarterly Provincial Reports: Q3 2019
The Kyero Quarterly Provincial Reports: Q3 2019 has just been released and continues reflect relative strength in the Mallorca property market, irrespective of Brexit and concerns over the health of the European economy.
Kyero is a global property portal. It regularly publishes data collected through its website. It has become a solid and useful reference point for identifying and analysing property market trends across Spain. The Quarterly Provincial Reports provide top-line information on the state of the market in all Spanish regions. Our focus, of course, in on Mallorca. But it’s also useful to view this in relation to what is going on elsewhere.
Kyero Quarterly Provincial Reports: Q3 2019
In short, the report shows continued strength in the Mallorca Property Market. Perhaps more so than we would have envisaged given the continuing headwinds of Brexit and a degree of uncertainty over the general health of the European economy. The report notes:
“Mallorca is experiencing house prices rising yet again – 10.1% year on year, with nearly all regions showing increases. Fastest risers were Palmanova and Alcudia, both seeing rises of over 20%. While Palma De Mallorca and Santa Ponsa continue to be the most sought-after areas. As ever, the most enquired about properties are apartments in the mid-range price brackets.”
Certainly a solid trend, although some provinces on the mainland seen similar increases. However, in mainland locations these increases have been localised. Some parts have shown less impressive increases and even falling prices. It is also noteworthy with regard to the other islands, that Ibiza and Gran Canaria have seen price declines of 9.2% and 4.4% respectively year on year. Tenerife has proven to be somewhat of a mixed bag with reasonable rises in some areas and falling prices in others.
So Mallorca has shown itself to be perhaps the most consistent performers across all of its regions. This continues to point to Mallorca having one of the more stable international property markets. In our Mallorca property market update – 3rd Qtr 2019, we noted that over the coming year “we will likely see a period of consolidation with price increases levelling out somewhat”. Also “Whether we see prices falling more broadly remains to be seen but, as things stand, this seems unlikely“.
This continues to be our perspective, although it’s possible that this will be underpinned by continued increases in the most sought-after coastal regions. The ongoing state of the main economies in Europe will influence this to some extent. As things stand, however, Mallorca continues to stand out as a strong and relatively stable market and there is no indication that this is likely to change.
See the full Kyero Quarterly Provincial Reports: Q3 2019.
Photo credit. Property market – Photo by Lukas from Pexels