Brits help push up high end Ibiza property prices

Monday, May 23, 2011

Brits help push up high end Ibiza property prices

The Spanish holiday hotspot of Ibiza is renowned for attracting tourists from all over Europe, due to its lively nightlife, but the island is now also growing increasingly popular with holiday home buyers, which has helped to push prices up significantly, particularly at the luxury end of the market.

Ibiza, the second smallest of the four Balearic Islands, has gained an international reputation because of the lively parties held during the summer months, but it is also now emerging as a hot property investment destination.

The latest report from estate agents Engel & Volkers shows that holiday homes at the upper end of the market have appreciated by up to 10% in the past 18 months. The rise in Ibiza property prices is being supported by strong demand for homes in the €1 million (£872,000) plus bracket.

The report says that homes offering sea-views or picturesque country settings are in greatest demand, with most buyers coming from overseas, led by the Brits, attracted to the island's non-stop party atmosphere, as well as its cultural and natural features.

Read our guide to buying a property in Spain or search for properties for sale in Ibiza


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