Still riding the rave
Far from the woes of mainland Spain, the island is as popular as ever with tourists and homebuyers
Although Spain slipped back into recession in April as its economy contracted for the second quarter in a row, that worrying development will have passed virtually unnoticed on the island of Ibiza. Life is still good for the 112,000 inhabitants of the Balearic Island. Some 75 per cent of the population get their income directly or indirectly from tourism and last year Ibiza airport saw more passengers pass through it than ever before. More to the point, this is Ibiza, the paradise island where hippy culture melts imperceptibly into the clubbing scene. Nobody worries on Ibiza.
Ibiza’s post-war development reads like an improbably glamorous soap series in which the super-rich rub shoulders with artists, musicians and itinerant youth. Controversy has followed more recently with the screening of the documentary, Ibiza Uncovered, which portrayed young hedonists fuelled by drink, drugs and sex. Yet the Savills associate in Ibiza, Cathy Ouwehand, claims this portrayal was a savage distortion of the truth.
“That kind of behaviour is confined to one part of San Antonio,” she says. “The real Ibiza, where VIPs spend €1,500 for a table at a club like Pacha for an evening, is far more upmarket.”
There is, anyway, more to Ibiza than its nightlife. Apart from its 56 beaches, with their aquamarine bays, there are sleepy provincial towns, Venetian ruins and Ibiza Town itself, which is a Unesco World Heritage Site.
As for property, even though prices dropped by 8 per cent in 2011, homes in Ibiza are currently 179.7 per cent more expensive than the national average, according to the Kyero National Index, and estate agents consider now to be a good time to buy. “Properties that are well located, with good views, are currently retaining their value,” says Ouwehand. “Demand for properties over €1m is strong because demand outstrips stock in this price bracket.”
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