Comments on Mallorca's Real Estate Market
Mainland Spain is a geographical area of many variations but none of its land mass compares to the Balearic Islands atmosphere, in particular Mallorca, the same applies to the island's real estate market. sea views from beachSince 2006 the property market on the Mainland of Spain has experienced a slow down in property transactions, whereas Mallorca had its best year ever. It should be explained that these two real estate products for the overseas buyer cannot be placed in the same basket. Mallorca is an individual product, no mass market developments and over-building, hard sales with cheap inspection flights, property fairs or television advertising. Mallorca is more an island for individuals and island lovers who place location and the immediate environment at the top of their list. Mallorca is also an island of seasonable contrasts and approximately four fifths of its land mass is uninhabited, the majority of these areas are unlikely to ever change.
The mountainous region running the whole length from north to south of the beautiful west coast is well able to defy any attempt by man to infiltrate it.
There are of course many people who are just drawn to islands and Mallorca is blessed with a great choice of boating marinas and natural harbours, some tiny and quite hidden. The port of Palma is the largest and is a regularport of call for cruise lines, regattas and several daily ferry services to mainland Spain and the Balearic Islands such as Ibiza, Formentera and Menorca. It would be a very energetic driver indeed that manages to travel around Mallorca's coast in one day. To really explore the coastline, the mountain villages, pretty harbours and delightful coves, reserve a few years. Mallorca is a totally different animal to Mainland Spain, so too is the demand for its real estate product from the many countries to its north.
During 2007 the market for apartments, villas and country properties has been very active and buyers for quality apartments are prepared to pay big prices in the south-west of Mallorca. It is not unusual for a top quality 3 bedroom penthouse to sell for over 1.5m Euros. If you are offering a quality property in a good sea view location - it is greeted by a brisk demand. The same applies to properties alongside the attractive environments of golf courses and if you have a property front line to the sea - there will be a waiting list.
Robert Maunder / FIRST MALLORCA