Ibiza Property Takeaways Sept 2023
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The expected slowdown is home sales is now becoming apparent in the year-to-date numbers.
Prices are at all-time highs, increases are larger in the lower price points, and premium is starting to consolidate.
Listed offer inventory is steadily reducing across all price points.
Demand remains robust but we expect to see some easing on the back of higher rates, inflation fears, geo-political uncertainty, and economic slowdown
The rental market is softening both short-term vacation and longer-term, with price sensitivity prevalent
Construction costs remain firm and delivery times are still problematic
New taxes in 2023 increase transaction costs for the higher-price tranches
After a record 2022, 2023 has started stronger than ever both in terms of visitors & and spend
The outlook for 2023 is for another good season, perhaps a little softer and patchier in the peak months.
Ibiza is consolidated as a top premium destination with strong positioning and continues to grow as a lifestyle option for longer periods of residency
Prices across the board have reached all-time highs, while sales have started to slow
Demand remained robust for high-quality homes and supply is still limited
Residential building permits continue to increase, mortgages in € value still growing strong despite some 40% of sales being closed without financing, and total units are slightly down
