British expats, as well as German and Russian buyers, are helping Spain's property market out of the doldrums, with a lot of interest in luxury developments in Majorca.
Spain's property market is showing more green shoots of recovery, with the country's House Price Index reporting the smallest decline in prices since the end of 2010, according to the National Institute of Statistics.
House prices still fell overall - but Majorca bucks the trend, reporting property price rises of 4.8 per cent in the third quarter of last year, compared with the same period of 2012, according to the Spanish development ministry.
Three other regions reported prices rises in the House Price Index - Navarra, with growth of 2.8 per cent, Extremadura, up 2.2 per cent and Madrid, up 0.3 per cent. However, these figures fall far short of Majorca's growth, which estate agents say is boosted by foreign buyers, particularly those with a substantial sum to spend.
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