Last week we highlighted the strong growth in the high end luxury property market in Mallorca while today I would like to break that down a little to look at what is happening at a more local level in different regions of the Island.
Let’s start with the ever popular área of South West Mallorca:
South West Mallorca
This is the main area we were referring to with our comment last week that demand is exceeding supply in this top echelon of the market (2€ million +). According to one agency they report that the average value of the properties they have sold this year has risen by over 50% a clear indication that higher priced properties are flying off the shelf and, with all probability underlying prices are rising to.
Three top end new off plan developments have just been launched and are selling strongly.
It is never easy to generalise on who are the buyers but anecdotally they appear to be a mix of younger international buyers, many cash buyers with ever larger budgets.
See new build Santa Ponsa villa for sale
And houses for sale in Capdella Mallorca
And Luxury Andratx villa for sale (enquire for more details)
This will be an interesting area to watch in the months ahead, Post Brexit, as Pollensa and Alcudia are particularly popular amongst British owners. Currently demand for 2-3€ million plus properties is strong both amongst younger families looking for a second “home” (commuting internationally etc) and older buyers looking for a holiday home. As always there is strong demand both for traditional town houses in Old Towns Pollensa and Alcudia and they ever popular Pollensa fincas / country houses.
See stunning country houses for sale in Pollensa Mallorca
Pollensa fincas for sale
See beautiful country house for sale in Alcudia
and new build luxury front line apartments for sale in Alcudia
Historically one of the quieter areas for international buyers, there is increased demand for prime seafront positions where prices are starting to rise (circa 10% since this time last year). With “affordable” sea view / front line properties becoming ever harder to find, I expect demand in South Mallorca to remain strong. That said a deal has been done this month at 6.5€ million so “affordable” wasn’t exactly the case there!
These front line properties have seen their values increase to around 10,000€ m2 in the best areas areas of Son Veri and Cala Blava. Many seem to have been acquired by people looking for full time residences for the family.
Demand along the Tramontana mountains remains strong both in relation to traditional town houses in villages such as Alaro, Moscari, Campanet etc but also larger country houses and estates on the foothills of the mountains and stretching into the more central areas of the Island where one can avoid low flying planes!!
Prices are moving up accordingly in many cases above 10% for the best properties
See Town Houses for sale in Alaro
And Luxury county house for sale in Alaro
Demand for the best areas of the Old Town and adjacent locations like Santa Catalina and the beach areas of Portixol and Molinar have gone through the proverbial roof particularly for properties such as top quality penthouses in prime locations in historic buildings with views over the old town and sea views, where all the boxes are ticked – good outdoor space, parking and a lift. Many buyers are younger investors with families that commute to their country of origin.
Top prices are still the ever popular locations near to the Cathedral, Calatrava and the Borne where prices range from 5,000-11,000€ m2.
See stunning sea and port view penthouse project for sale in Old Town Palma
Son Vida (Palma)
An exclusive residential area on the outskirts of Palma enjoying stunning views over the city and out over the bay of Palma. Here sales appear to have nearly doubled since this time last year with prices again reaching the 10,000€ m2 mark. A number of new projects are in the pipeline with cutting edge architectural design.
Son Vida seems to attract younger, family buyers (45-55 age group) many cash buyers.
See luxury sea view villa in Son Vida Mallorca (enquire for more details)
West Mallorca – Soller / Deia
With it’s stunning scenery this area remains an exclusive enclave amongst property buyers. For those looking for the quieter life there is Deia and Banyalbufar where Sir Richard Branson has acquired the Son Bunyola Estate, while Soller and Port Soller provide a little more hub-bub while retaining all the charm of a traditional market town and port. This year has seen a significant number of British buyers active in this area particularly at the top end of the market.
Town houses for sale in Soller and Fornalutx (enquire for a full list of properties)
Town house for sale in Banyalbufar (enquire for more details and further options)
Always a little out on a limb but starting to attract buyers to what is a beautiful area and not as far as many sometimes think with Palma and the airport within an hours drive. Property is still well priced, especially for villas with sea views and the opening of the new Park Hyatt Resort is expected to generate more interest for the area with their international clientele.
See new build apartments for sale in Colonia San Pere
See Luxury front line sea view villa for sale in Canyamel Mallorca
This area is bouncing back strongly having suffered somewhat in the downturn. Country homes around Santanyi and other increasingly hard to find frontline homes are seeing values rise sharply and Cala Dor is also emerging from the doldrums with demand again moving strongly upwards following significant investment in the town / infrastructure
If you are interested in buying a property in Mallorca please contact David Novi
, Chartered Surveyors and experienced Mallorca property market specialist for a bespoke property finding service. For client testimonials
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