Spain's property prices have faced their fair share of problems over the last few years. Despite mainland prices being generally static however, the Balearics have experienced a dramatic rise in popularity at the higher end of the market.
Ibiza and Mallorca have led the way of late. Sotheby's International Realty recently posted dramatic results for 2013, with luxury villas in both islands selling more than ever.
"Never before have so many five million euro plus villas sold in one year," explains one agent, "2013 has been quite an incredible year in the history of the Balearics' property market."
Ibiza
The famous party island of Ibiza in particular is now enjoying a reputation traditionally enjoyed by the South of France.
Indeed, a glance at the list of its admirers reads as a 'who's who' of the rich and famous. Supermodels Elle MacPherson and Jade Jagger both own homes on the White Island. Meanwhile Beyonce, Leonardo DiCaprio and Paris Hilton are just some of the other A-listers known to spend time there.
The bulk of high-end properties available here tend to be villas priced above two million. Unsurprisingly, buyers are looking for something they can move straight into, with refurbishment off the agenda.
Mallorca
Mallorca is also riding high in the luxury property stakes.
There were a record number of multi-million euro properties sold on the island, with Port Andratx proving especially popular in 2013.
Sixteen villas priced over €5m changed hands in the resort over 12 months. The average price per square metre of property sold by high-end agents here now exceeds €9,000!
"Nationality-wise, Germans topped our buyer list in Mallorca," says Daniel Waschke of Sothebys.
The majority of their enquiries however were British, indicting a potential rise in the number of UK buyers for 2014.
Properties vary, from an apartment for €150,000 to €20m villas.
Brits with an eye on properties here will no doubt consider the healthy rental returns associated with such properties, but must be aware of legal requirements for holiday lets.
According to Spain's Institute of Tourism Studies, the Balearics welcomed record numbers of international tourists. Over eleven million foreigners chose the islands for their holidays in 2013 - meaning renting out property when absent could prove financially lucrative.
The pictured property is a €3.5m five-bed (en-suite) country estate including pool, gym and orchard. It is located in Pollensa (an area of Mallorca popular with British buyers) and is available through Sotheby's.
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