During 2019 Mallorca's real estate market has developed somewhat more slowly. Some market observers suspect that prices have stabilized at a high level after a steady increase over recent years. They could be correct in many cases, but this assessment does not apply to Mallorca´s prime locations in the high-end segment. "For 2020, prices will settle in some regions, but the top luxury property segment are expected to grow despide the corona pandemic. This concerns both the construction and the renovation of exclusive properties. Likewise, demand for real estate in those areas will continue to rise," says Luis Heymann of Finest Selection Real Estate.
Properties in the southwest of Mallorca, with the hotspots Bendinat, Puerto Portals, Santa Ponsa and Puerto Andratx, are, particularly in demand. Palma’s elegant suburb of Son Vida also maintains a high potential for added value. The "Beverly Hills" of Palma de Mallorca always impresses buyers with its three golf courses, greenery, and at its higher elevations, a spectacular view of the bay of Palma. The demand for these luxury properties continues unabated, and prices per square meter from 10 to over 20,000 euros are still being paid in these top spots. There is also an increasing interest in the acquisition of hotels.
Another trend, which has already emerged in recent years, has continued in 2019: there is more and more interest in the large estates on the island. Demand is growing in this segment, with purchase prices reaching into the double-digit millions with some.
As before, the acquisition of a property in Mallorca stands or falls on the quality of advice. Only the guidance of an experienced broker with extensive market knowledge can make a good idea or personal project become an excellent investment. Since 2004, Finest Selection Real Estate has been providing our discerning, international clients with expert and discreet advice on the purchase of their residential and hotel property in Mallorca. Buyers should pay particular attention to the location and a fair market price. "So a positive price trend is to be expected further," says Luis Heymann, who sees further development potential in the luxury segment in this exciting market.
Mallorca can continue to rely on the safety factor. Especially for the affluent public, the island guarantees security with its low crime rate and an excellent quality of life. In addition, there is a first-class infrastructure for doctors and schools. This is appreciated by buyers from all over the world. Traditionally, the most loyal customers for Mallorca real estate continue to come from the German-speaking countries, Great Britain and Scandinavia. Due to the optimal flight connections, however, investors were increasingly emerging from Russia, the Middle East, the USA and even South America before the Corona crisis. This is not surprising, given dramatic developments and political tensions worldwide. With its political stability, the Balearic island of Mallorca guarantees a safe environment for investments in 2020 and also competes favorably in comparison to other destinations in the Mediterranean region. In the luxury segment of high-quality real estate, Mallorca will certainly remain an internationally sought-after hotspot in 2020.
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