Balearic housing glut hits 45,000 properties for sale

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There are 45,000 homes languishing on the Balearic property market in search of a buyer, reports a recent article in the Spanish daily El Mundo.

In Palma de Mallorca alone there are reported to be 15,000 empty homes for sale.

Estate agents in the region are blaming the glut on banks for turning off the mortgage taps and starving potential buyers of credit.

Balearic home sales fell 46pc in Q3 compared to the same time last year, according to the latest figures from the National Housing Department in Madrid.

As a result, Balearic property prices are still falling with no sign of changing direction, says the article.

On the other hand the rental market in The Balearics is doing well, with a strong rebound in demand, say local estate agents.

Read El Mundo article (in Spanish)

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