The Balearic real estate sector opens the US market
The real estate sector in the Balearic Islands has opened up to the US market by landing on the islands Berkshire Hathaway HomeServices, which Nova Mallorca has acquired, so that it will become the reference real estate agency for the US, as reported yesterday by the Balearic National and International Real Estate Association (Abini).
Berkshire Hathaway HomeServices is the largest agency in the United States in transactions and has more than 1,600 offices around the world, according to an association press release.
For Hans Lenz, president of Abini, the landing of the American company on the islands is very relevant at the moment because the islands have improved their connections with the United States with direct United Airlines flights between Mallorca and New York.
"Opening the door to the North American market offers us many opportunities to continue growing," they consider from Abini and highlight that the real estate market, together with the construction market, forms the second strongest industry in the archipelago with a gross domestic product of more than 20%.
Nova Mallorca was founded in 1969 and has 25 employees and offices in the center of Palma and in Puerto Portals and its CEO will continue to be Jorge Forteza, now with Berkshire Hathaway HomeServices Spain.
"Majorca and its neighboring islands have long been a favorite investment market," says Bershire Hathaway's Christy Budnick.
The reference value of the Cadastre, Law 11/2021 on measures to prevent and fight against fraud
his law came into force on July 11, 2021 but it was not applied until January 1, 2022 that the new reference value of the cadastre is applied, this being the tax base for taxes such as ITP, inheritance tax or donations.
It is no longer the real value of a property that determines the taxable base of these taxes, but its market value, which is determined from the real estate reference...
Compensation for termination of the lease Art. 34 of the LAU.
«BOE» no. 282, of 11/25/1994. Law 29/1994. of November 24, of Urban Leases
Entry into force:
01/01/1995
Article 34. Compensation to the tenant.
The termination due to the expiration of the conventional term of the lease of a farm in which during the last five years a commercial activity of sale to the public has been carried out, will give the lessee...
Holiday rental licenses in the Balearic Islands.
On Friday, February 18, the Balearic Government issued Decree Law 3/2022, of February 11, on urgent measures for the sustainability and circularity of tourism in the Balearic Islands, in which, among many measures, there is a moratorium or prohibition of new tourist accommodation places during the next four years.
In the first additional provision, the suspension of the acquisition of...
"If Palma limits the rental price, a part will be paid with black money"
Palma City Council's claim to promote effective control of housing rental prices creates the risk of promoting the circulation of black money in the real estate market. This is how the employers' organization Pimem considers it, and it does so by appealing to a specific case: if the maximum amount that the owner can charge his tenant is 900 euros, there will be situations, according to...
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The sale of homes in the Balearic Islands returns to the figures prior to the 2008 crisis
The Balearic property market is undergoing a revolution in many ways. While only 1% of rental homes in Palma fall below 600 euros, the sale of homes registered its best month of November since 2007, with figures close to the years prior to the global crisis. In the eleventh month of 2021, the Islands recorded 1,496 operations to buy and sell homes. Compared to the same month a year ago,...
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House prices rose 3% in 2021 with the Balearic Islands leading the way
The cost of construction of new construction has registered an increase of 15.6% in the last year, up to 2,551 euros per square meter. Despite the price boom, the Real Estate Confidence Index grew to 53.1 points out of a hundred. Housing does not escape inflation. The average house price registered an increase of 3% in 2021, up to 2,551 euros per square meter per month, according to the Real...
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Why is a property better sold with a VIRTUAL TOUR?
On many occasions we have to sell a property that is inhabited and every time we have a client, they want to see the house to position themselves and see if it can fit their needs.
This action causes two situations:
The most cumbersome is for the inhabitants of the house, since they have to show their tidy house to each client that comes with the real estate agency. If the...
Why are houses in Mallorca so expensive?
The builders point out three factors mainly
Access to housing is one of the main problems that the citizens of Mallorca have. Faced with this situation, many people wonder why homes on the Island are so expensive, compared to those sold on the Peninsula.
The manager of the Balearic Builders Association, Sandra Verger, explains that the...
REU receives the award for portal of the year in Spain
REU has been nominated in the Real Estate Portal of the Year category in Spain (Balearic Islands). We have been chosen as the winners of 2021/22. This recognition is an honor and a reward for the efforts made throughout the pandemic to improve the services we offer to our partners and customers.
During the awards process, more than 100,000 companies and corporate...
What is the Okupa movement and how can we protect ourselves?
Okupa is a movement that began in the 70's that seek the opportunity to forcibly and illegally invade an abandoned apartment, chalet or building. In Europe this type of people is very common, more than everything in Spain due to the difficult situation of acquiring a private...
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