While official statistics still offer only modest support to a suggested “lift off” of the Mallorca property market, perhaps because a lot of the figures lag the market, anecdotal evidence from a number of leading estate agency chains suggest that Spring 2015 was not only a favourite holiday spot this Easter, with visitor figures up overall by 7.17%, representing a further 495,000 visitors over this time last year, but residential real estate sales have also posted very encouraging levels.
Figures for the first quarter of 2015 point to the best start to a year in over 10 years with a 20% increase in properties sold over the same period last year. A range of properties have been sold but perhaps the biggest demand has come for new developments, apartments and plots especially from international buyers.
This seems to be supported by the Spanish Government’s Ministerio de Fomento figures which highlight that the volume of residential real estate sales made to foreign purchasers, for Mallorca and the wider Balearics Islands totalled 976€ million in 2014. Compare that to the figure of 494€ million in 2009.
With the Mallorca and Balearic Island’s economy posting real growth for the first time in several years and expected growth of circa 2.4% in 2015, there is every chance that this positive trend will continue with local demand joining that which has been coming from abroad.
Good evidence of the strength of the recovery, and the fact that this is no longer just “words of encouragement”, come from the actual sales figures across a series of top new development schemes in various parts of the Island.
In the increasingly fashionable area of Palma, Portixol Harbour, the Marina Plaza 2, scheduled for completion this summer has seen sales of 13 of the 32 units with values of between 1.2€ million and 3€ million. Buyers include German, British, Swedish, Swiss and Spanish.
Further along the coast the new Elements Portals development in the Puerto Portals marina area has seen 70% of the 31 residences reserved since the launch 5 weeks ago. On top of that one penthouse apartment has apparently sold for a record price of 6.5€ million. Interestingly over 30% of the buyers, are existing investors and already own a home on the island. Buyers are in the main Germans, British and Scandinavians
Again moving down the coast to Camp de Mar there is the Torre de Mar beachfront development of 29 apartments with a third of the development already sold/reserved. Close to the golf course and Puerto Andratx prices range, for the remaining 2 -3 bedroom apartments, from: 725,000 Euros to 1.5M Euros.
Similarly encouraging figures have come out of other developments, in different parts of Mallorca, including:
Luxury new build front line apartments for sale in Alcudia (for more information regarding this project see Front Line Luxury Apartments for Sale in Alcudia Mallorca)
If you are interested in any of these developments please contact us
Filed under: Mallorca Property Market - Reports, News and Comment Regarding the Mallorca Real Estate Market, Property for sale in Alcudia - Alcudia Property, Property for sale in Andratx & Puerto Andratx - Andratx & Puerto Andratx Property, Property for sale in Bendinat - Bendinat Property, Property for sale in Calvia - Calvia Property, Property for sale in Camp de Mar - Camp de Mar Property, Property for sale in Costa de los Pinos - costa de los Pinos Property, Property for sale in Costa den Blanes - Costa den Blanes Property, Property for sale in Mallorca and Mallorca Investment Property, Property for sale in Palma de Mallorca - Palma de Mallorca Property, Property for sale in Portals Nous and Puerto Portals - Portals Nous & Puerto Portals property, Property for sale in Porto Cristo, Property for sale in Santa Ponsa - Santa Ponsa Property, Uncategorized | Tagged: Apartments for sale in Camp de Mar Andratx Mallorca, apartments for sale in nova santa ponsa, Apartments for sale in Palma de Mallorca, atic and pentouse apartments for sale in Palma de Mallorca, Camp de Mar Mallorca apartments for sale, luxury, Luxury apartmenst for sale in Andratx Mallorca, majorca new build apartments for sale, Mallorca new build apartments for sale, Palma aprtments for sale, Puerto Portals Apartments for sale | Leave a comment »