Despite the real estate crisis of recent years, property prices in Mallorca and Ibiza’s most sought-after locations have remained stable. The Summer and Autumn of 2013 saw the most activity in years accelerating Mallorca’s second home and residential market with an increase in both quality enquiries and visits. In some areas prices increased as much as over 20% in one year compared to previous years.
The outlook for 2014 indicates house prices within the luxury property market in Mallorca will remain stable in the most desirable locations. With increased sales activity from the German, UK, Swiss and Scandinavian markets, now is certainly the time to invest. Further indications of opportunities in the Mallorca luxury property market have continued to feature in recent press:
Mallorca has been ranked number two in a guide to global living in a new report comparing favourable tax locations and lifestyle factors. The report noted that the majority of traditional locations – such as London, Paris and New York – scored well in certain categories but were further down the list in others, concluding that consistency across the board was key to a high lifestyle ranking. Gulf Business
“Spain: Stop writing off the country as one big disaster area, we need to start distinguishing between the good quality and the appalling, and which are amongst the prime locations where we should be buying? Puerto Andratx on Mallorca.” Sunday Times “In troubled times, old favourites fly high”
“… In prime areas such as Mallorca, the window of opportunity may shut sooner than people think. Vendors are still open to offers, and it’s far easier to negotiate with them just before prices start rising than just after, but for the first time in 18 months, Agents are actively having to look for property, so the supply of properties priced to sell is getting tighter again.” The Sunday Times
Mallorca is still a safe haven for investment. Luxury property prices will always remain steady due to limited land availability for new construction, so any existing properties on the island will be in high demand, especially seafront and sought-after areas such as Puerto Portals, Palma de Mallorca and Puerto Andratx.
Mallorca is one of the most expensive places to buy property not only in the Iberian Peninsula but also in Europe. Boasting 300 days of sunshine every year, 23 golf courses, 25 marinas, as well as some of the most spectacular scenery in Europe, buyers consider the island a sound investment.
New building regulations ensure that new homes are of a high standard; high rises are banned in a bid to avoid over-development as seen on the mainland and many areas have a Green Belt designation, so detached homes must be in large plots to avoid dense development.
The Island has always understood the benefits of foreign investment and ensures property acquisition and legal procedures are simple without the requirement of language skills. A resourceful infrastructure provides all the necessities for absent landlords with an abundance of property management companies providing all necessary key-holding, maintenance and security services, backed up with a proficient service industry. Condo hotels are also a new concept allowing to buy a suite in a luxury hotel and generate rental income whilst away, allowing the hotel management to take care of all maintenance and administration.
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