AWAY from all the pressures of the mainland, the Balearic Island of Ibiza is enjoying a quiet property revolution and surge in value.
In fact asking prices are now more than 20 per cent higher than they were even before the recession in 2007, making the island, famed for its party atmosphere juxtaposed with tranquil scenery, one of Spain’s real success stories. The rapidly improving market comes at a terrific time for the island which is seeing improvements across almost all indicators.
The off-season is notably busier with winter no longer the calm before the storm it once was and some hotels open right through from October to March. Foreign residents are leading the way as in neighbouring Mallorca, with Dutch and German buyers the most prescient, many of them very wealthy and looking to splurge in the €1.5 million plus range.
A variety of new housing developments are also in the woodwork with the island’s very strict planning permission regulations ensuring that they are sustainable and attractive. With the rental market also rocketing, Ibiza seems to be flourishing at present, continuing to shed its image as the party capital of Europe and attract a more sophisticated breed of buyer.