Property prices set to rise in Mallorca

The price of property in Mallorca is set to rise, bucking the national trend in Spain.

EuroWeeklyNews.com reported that around 3,000 flats are sold in the region each year and by the end of this year there will only be a stock of around 2,000 new properties remaining.

According to Gabriel Oliver, president of the Balearics Property Developers Association, by the end of next year Mallorca will have no new stock left, especially in places like Palma where the demand for property is high.

The source reported that each month, people staying in Mallorca villas help the region sell an average of 252 new properties, with over 2,000 having been sold so far in 2011.

Mallorca is a big attraction to those thinking of investing in property as it is home to stunning historic buildings and castles.

There are also plenty of beauty spots and caves to visit, while the old town of Palma is ideal for shopping trips.

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