Ibiza seems to exist in a little bubble all of its own, with property sales up 39% so far this year (according to the National Institute of Statistics (INE) in Spain). While in other parts of Spain prices seem to remain stable, tenant’s in Ibiza are left scratching their heads wondering why rental prices are rising so much faster than the cost of living. It could be because sale prices are constantly increasing due to the unwavering popularity of the island, even when times are hard and unemployment is high in the rest of the country.
This year the website OPP (Overseas Property Professional) predicted that ‘Ibiza Real Estate would explode worldwide from 2016 onwards’, as several island agencies report much more interest from international buyers. Not coincidentally, this is being accompanied by an increase in luxury hotels, imaginative new restaurants, lounge bars, and new retail developments popping up. Whatever is keeping Ibiza firmly in its place, there’s is something magical about this little island that nobody can quite put their finger on…
However, here are a few of the more tangible reasons the property market in Ibiza is so buoyant.
The world-famous electronic dance music scene that exists in Ibiza makes the island a huge draw for a procession of creative and successful people from all over Europe and the globe. However, Ibiza is also known for its bohemian and alternative lifestyle options, making it a great place for families who would like their children to grow up in unpolluted air and sunshine. There are three private schools on the island as well as a real mix of ethnicities, represented in the island’s many shops and restaurants.
However, the island is not getting any bigger – they’ve stopped making land! – and the government cap the number of greenfield projects that can be developed each year, meaning that not everyone is going to able to find their own space in Ibiza.
Diverse Property Choice
Nonetheless, from traditional Fincas to modern apartments, from the secluded countryside to bustling city-based pads and everything in between – Ibiza has a wide and diverse range of properties from which to choose and to suit all tastes.
The popularity of Ibiza means that throughout the summer you can get a direct flight to most major European cities from Ibiza. However in recent years, due to high demand, airlines that service Ibiza is adding more and more all-year-round flights to destinations like London and Berlin that never existed before – which make it much more convenient as a base for international business, or leisure all year around…