NEW HOME construction in Mallorca has fallen by 17% in the first half of the year according to the island’s Official College of Quantity Surveyors.
During the first six months of 2023, surveyors approved projects for the construction of 1,023 new homes, which is 211 less than in the previous year.
The downward trend is actually slower than last year’s figures, when there was a 24% fall between January and June compared to the same period of 2021.
One of the substantial drops in 2023 was 30% for flats which are traditionally the least expensive type of property, but that number stood at 40.8% last year.
The president of the Association of Quantity Surveyors of Mallorca, Luis Alfonso de Leon, said: “These figures show the property sector has still not recovered from the economic consequences caused by the war in Ukraine or by the constant increase in prices”.
He also said the most worrying aspect was the continuing fall in new multi-family housing like flats, which are the most-demanded type of property.
Palma has the largest number of approved projects, with 256 followed by Calvia on 132, which is no great surprise as they have the island’s highest population areas and therefore the greatest demand for property.