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This autonomous region of Spain is made up of several islands in the western Mediterranean lying between Spain and the north coast of Africa. The main islands, Majorca, Minorca, Ibiza and Formentera have long enjoyed a thriving tourist trade. The islands are well known for sunshine, beautiful beaches and exciting nightlife.

The islands enjoy a classic Mediterranean climate characterised by mild temperatures and year round sunshine. Minorca and the East coast of Majorca are exposed to cold dry winds and all the islands are subject to the occasional cyclone.

Ibiza boasts some of Spain’s largest discos and nightclubs, but is also home to the old walled town of Ibiza city - D’Alt Vila. Declared a Biosphere Reserve by UNESCO in 1993, Minorca is full of prehistoric relics and monuments. Majorca has an attractive old quarter and is also dominated by the beautiful Sierra de Tramuntana Mountains.

EU citizens do not need any visas or permits for travel to Ibiza and remain for 90 days. In order to remain for longer and work in Ibiza or anywhere in Spain EU citizens have to go to their local Spanish police station to register and obtain an NIE (tax number).

In the Balearics, as in mainland Spain, property buying is subject to a purchase contract or Contrato de Compra-Ventra which details the agreed purchase price, any extras that you have agreed to purchase, a declaration that the purchaser and vendor are legally in a position to buy or sell the property and a proposed completion date. Upon signing the purchase contract, buyers are required to pay a deposit of around 10%. If either party withdraws, the deposit will be lost or returned with 100% interest. Completion of sale takes place when the deed of sale is signed in a notary’s office and the new owner’s name entered on the deed.

Ibiza, the ‘clubbing capital of the Med’, though highly developed in parts, still has areas of unspoiled countryside which retain the air of provincial Spanish life. Prices range from around 270,000 euros for a one bedroom apartment to 2,625,000 euros for a six bedroom house with a pool.

Minorcan property prices generally reflect those on mainland Spain. The North offers spectacular scenery but current property interest centres on the Mahon area in the South which is home to better beaches, a warmer climate and superior facilities.

Properties in Majorca, the largest of the Balearics, are highly popular with British and German home buyers. There are many high-rise developments in the South West in resorts like Magaluf but it is still possible to find fine old properties ripe for restoration. The east coast has some nice beach side developments where you can enjoy quiet coves and relatively unspoiled countryside.

Full story at World of Property