With the Spanish property market recovery in full swing, new research has shown that five of the top ten most expensive property hotspots are located in the Balearic Islands. In addition, Palma has also been revealed as one of the three major cities in Spain where prices increased the most.
Analysis by Tinsa, the specialist property valuation consultancy, put Calvia second in Spain for property values at €2,520 per square metre behind only Sitges at €2,694 per square metre. Following on behind in the top ten locations in Spain come Andratx (€2,422/m²), Alcudia (€2,410/m²), Soller (€1,984/m²) and Santanyi (€1,972/m²).
Alejandra Vanoli, Managing Director of Mallorca Sotheby’s International Realty, says, “Believe it or not there are prices per square metre in these locations that far exceed Tinsa’s estimations. It’s not unheard of to reach as high as 30,000 euros per square metre for the most desirable Port Andratx home. Demand is strong from some of the wealthiest individuals and families in Europe, the US and beyond. Most need no finance and are prepared to pay whatever it takes for a prime property in a prime sea-view location- whether that’s chichi Puerto Portals in Calvia or coastal seclusion in the UNESCO-protected Tramuntana. With high-end Mallorca, money really is no object.”
Further examination of the findings from Tinsa suggest that the Balearics weathered the storm of the Spanish property market price ‘correction’ more positively than the rest of the country. While the average drop in prices across the whole country stands at 42%, in the Balearic Islands most regions registered less than a 35% decline. Particularly strong performers in this respect were Alcudia (-15%), Calvia and Soller (both -26%).
Palma was also highlighted by Tinsa as property transactions increased by more than 50% in 2014, higher even than the mass-volume markets of Torremolinos and Benalmadena. In fact, luxury bricks and mortar is seen as one of the main drivers behind the strength of the Balearic property market. Tinsa’s Balearic Director Jose Antonio Lopez states that the luxury coastal market is one of the areas where the turnaround is most clearly seen, owing to the differing dynamics at the top of the market.
This news coincides with figures released by Enaire stating that a record number of private jets and air taxis used Palma and Ibiza International Airports in 2014, mainly due to luxury residential tourism attracting wealthy visitors from Germany, the UK, France, Switzerland and Italy.
On the Market in Mallorca:
Ref 7159 – Villa, Son Vida
This villa with wonderful views of the bay of Palma and the Cathedral is situated in the golfing residential community of Son Vida, just a few minutes from the city centre. With spacious and airy accommodation and high-end fittings in a traditional style, the interior is as impressive and the views from the large terraces. With its own gym, sauna, wine cellar and separate conference room, this property is ready for work and play.
Five Bedrooms, Five Bathrooms
Built Area 880m², Plot Size 3,000m²
Price 3.5 million euros (approx 2.45 million pounds)
Contact Mallorca Sotheby’s International Realty on (+34) 971 721 000
Ref 6988 – Villa, Port Andratx
Stunning villa in an excellent location, with unique sea views towards the Yacht Club of Port Andratx.
Set on a plot of land with an impressive entrance and beautiful gardens, this all-en-suite four-bedroom property was completely renovated using high quality materials. There is also an illuminated infinity pool, rooftop terrace with Jacuzzi and plans in place for an additional guest house in the grounds.
Four Bedrooms, Four Bathrooms
Built area 350m², plot size 2,374m²
Price 8.8 million euros (approx 6.1 million pounds)
Contact Mallorca Sotheby’s International Realty on (+34) 971 674 807