FOREIGN buyers splashed a record €1.6 billion on Balearic property in 2016.

The ministry of development’s figures show total spend by foreign owners is 50% up on 2014.

PROPERTY BOOM: Foreign buyers splash out in Mallorca
PROPERTY BOOM: Foreign buyers splash out in Mallorca

Europeans made the bulk of the purchases, with the number of Swedish buyers rising by a third, according to Taylor Wimpey Espana.

Most foreign buyers are looking to buy rather than rent, with average prices in the southwest rising by 21% from €1.7million to €2.1 million.

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