Real Estate Market Report 2023

This study of the real estate market enlightens the significant transactional trends observed throughout the year 2023, enabling us to compare and contrast them with the data from 2022. Across our five offices in Menorca and Mallorca, we have successfully concluded the year with an impressive total of almost 300 operations, strengthening our position as key players in the dynamic real estate sector within the region.

Throughout the dynamic year of 2023, we have successfully sold nearly 300 properties, obtaining a total value on deeds of €80.000.000. The average transaction amount per transaction hovers around €275.000. Furthermore, we have procured a total of 812 properties during the same period. These statistics underscore the robust performance and continued excellence in our real estate endeavours, symbolizing a year replete with successes and achievements for our company.

In contrast to the previous year, transactions valued up to €100.000 retained their market share at 14%, whereas transactions within the €100.000 to €300.000 range witnessed a decline from 56% to 51%. Those falling within the €300.000 to €500.000 bracket remained stable at 16%, while the sales of properties valued at €500.000 or more showed a noteworthy increase, rising from 14% to 18%.

Concerning the buyers’ nationality, 61.7% were Spanish, indicating a slight decrease compared to the preceding year (62.8%). There was a significant increase in British buyers, accounting for 13.5% compared to 9.6% in 2022. French buyers maintained a stable share at 12%, while German buyers experienced a slight decrease from 5.3% to 4.3%.  Other nationalities including Americans, Belgians, and others, comprised 3.2% of the total.

Regarding sellers, the predominant group remains Spanish, constituting 73.2% of the total. However, there is a slight decline compared to the figures from 2022, where they comprised 76.5%. On the other hand, the British have seen an increment in their share of sales, reaching 20.3% as opposed to 16.2% in the previous year. The German vendors maintained a steady 2% share. The remaining 4.5% encompasses sellers from various nationalities, including French, Italian, Dutch, and others.

Regarding property types, there was a minor drop in apartment sales, moving from 48% to 44%, whereas villa transactions saw a notable increase, rising from 16.2% to 18.3%. A noteworthy increase was observed in the sale of commercial premises, escalating from 4% to 6.7%. The remaining 31% was distributed among farms, buildings, and other property categories.

We wish to express our profound gratitude to all buyers and sellers for their unwavering trust, which has been instrumental in our success throughout the dynamic year of 2023. This accomplishment consolidates our position as the Real Estate Agency of reference in Menorca and Mallorca.

Written by