An international holiday hot spot, Mallorca and its neighbouring Balearics are currently some of the hottest places to buy property in Spain. We take a closer look…
The Balearic Islands are enjoying a bumper year in 2016, both in terms of tourist numbers and sales of property.
According to the most recent figures from travel performance marketing engine, Sojern, Mallorca was one of the top destinations searched for during the second quarter of 2016. The Global Travel Insights report analysed international travel behaviour and revealed that Palma de Mallorca was the third most searched for destination by holidaymakers in Europe. The report has forecast Palma de Mallorca to be the leading short haul destination during Q3.
“The Balearics have just about every corner of the market covered and can accommodate everyone” said Laura Richards, Spain Property Guides specialist at the Overseas Guides Company. “The Spanish royal family and celebrities are regulars in Mallorca, but so too are your typical families on their summer beach holiday. Then there is Ibiza, which attracts the hip young jet set, as well as arty types, who can hide away on the hillside somewhere. And Menorca’s laidback charm suits those after a more tranquil Mediterranean experience.”
Elsewhere, figures released by Spain’s National Institute of Statistics (INE) showed that sales of property in the Balearics are growing at a faster rate than in any other part of Spain. By May 2016, they were up by 39 percent compared to last year.
Said Marc Pritchard, Sales and Marketing Director for Taylor Wimpey España: “We have certainly experienced a growing interest in property on Mallorca as it becomes a prominent must-visit destination on the international stage. As popularity for the island continues to grow, we are determined to provide an array of high quality properties in locations that reflect the best of Mallorca’s culture as well as its coastline.”
Mirroring this, international estate agency Engel & Völkers has reported 79 per cent year on year growth in sales in Mallorca for the first half of 2016. “In the aftermath of Brexit, our internet requests for property have increased – and in some shops, requests have even tripled – including requests from the UK,” said Florian Hofer, Managing Director of Engel & Völkers Master Licence, who sees this as a clear indication that buyers are looking for a stable and safe place to invest in the real estate market.
The Balearic Islands have always been a major attraction for German, Scandinavian and British buyers, who are interested in quality properties in exclusive locations. It is because of this high demand from foreign buyers that Mallorca has registered a double digit price increase in the first half of the year, said a statement from Engel & Völkers, which this year sold a €7.8million property in Puerto de Andratx. The areas that attracted greater interest are in the southwest of the island, added the agency, where prices have soared by 50 per cent, followed by Palma and Son Vida, where price increases of approximately 10 per cent were recorded.
Not all resorts in Mallorca demand large price tags, one example being Puerto Pollensa, which is a favourite with British homeowners. It’s popular for its beaches, marina, pretty old town and charming promenade. This three bedroom ground floor apartment is on a complex with a communal pool a short walk from Puerto Pollensa’s beach. For more info, click on the image.
La Manga del Mar Menor
Another, lesser known option could be around the fishing village of Colonia de Sant Pere, on the north east coast. Less than an hour from Palma’s international airport, it’s an area known for its outstanding natural beauty, in particular the Peninsula de LLevant Natural Park and beautiful coastline that includes the white sandy beach of Sa Canova. Here Taylor Wimpey is offering their new Bahia Sant Pere development, which includes two and three bedroom apartments.
For more information on buying Spanish property successfully, download the Overseas Guides Company’s free Spain Buying Guide or for other destinations, try France Buying Guide, Italy Buying Guide, Portugal Buying Guide or USA Buying Guide – and start receiving free news updates by email.
If you are considering an overseas property purchase, whether for lifestyle or investment, opening a no-obligation account with FCA-authorised Smart Currency Exchange will enable you to benefit from their competitive exchange rates and specialist currency knowledge, ultimately saving you money and time. For more information, download Smart Currency Exchange’s free report or visit the Currency Zone.