Palma
Palma de Mallorca is not only attracting visitors from all over Europe, but more foreign residents as well. Its beautiful harbor, the romantic old town, a lively Mediterranean atmosphere and the increase in daily flights make Palma accessible and ideal for those wanting to reside in the Mediterranean.
The city of Palma has changed considerably, thanks to consequent city planning and extensive renovation measures in the old town. The so-called "pearl of the Mediterranean" is today more beautiful than ever, and the Mediterranean flair which attracts thousands of visitors can be felt in every corner.
The narrow alleys around the Plaza Mayor are lined with small boutiques and shops, while Palma´s high streets, Jaime III and Paseo del Borne, offer the elegant labels of the fashion world. Culture abounds, with numerous galleries having opened during past few years, and museums Es Baluard and Palau March offer diverse exhibitions and classical music concerts throughout the year. The quarters of El Terreno, Santa Catalina and La Llona, as well as the bustling Paseo Maritimo on Palma´s seafront, are thriving with an abundance of new restaurants and bars, making them popular areas with the party crowd. The music bars offer live entertainment from rock and Cuban sounds to flamenco and young Spanish bands, and stay lively until the early morning hours.the city vibrates with energy
Property owners in Palma can arrive from the airport, open the door and relax immediately without the hassles that go along with a high-maintenance finca. And those who live and work here can enjoy their weekends without having to do the inevitable chores that are required in larger homes. The popularity of Palma is reflected in the variety of properties offered and their prices. abc-mallorca investigates Palma´s quarters and surrounding neighborhoods.
The actual old town "Casco Antiguo" and the quarter of Calatrava start directly behind the Cathedral. Here, majestic town palaces line the narrow, quiet alleyways. Many have been renovated over the past few years and have been turned into luxury apartments, fitted with all the modern amenities. Those on the seafront offer spectacular views of the sea and the harbor and are in high demand, as are the top floor apartments of the houses which have fabulous roof terraces and full or partial sea views. Those apartments with views of the harbor will begin at about 5,000 to 6,000 euro per sqm, while those with partial or no view start at around 3,000 euro per sqm. Generally speaking, two to three bedroom apartments with a terrace, elevator and garage are offered at a starting price of 600,000 euro, depending on fittings and features, while smaller apartments with approximately 70 sqm and terrace start at 30,000 euro. Many of the old townhouses have no lift, little parking space and cumbersome access. The medieval old town with its beautiful squares, cafés and bars, however, has a unique atmosphere and many don’t mind these inconveniences.
Another top location, unrivalled in its popularity, is the Paseo Marítimo with its magnificent views over the harbor. The planned construction of an underground tunnel below the six-lane road will increase its appeal even more. Prices here range from 2,500 to 4,500 euro per sqm. Luxury apartments meet the highest of expectations and it is not impossible to find penthouses with large roof terraces and even a private pool. Community pools and fitness centers are common in many of the more modern buildings as well as underground parking and private elevators.
Portixól, located further South in the direction of the airport, is similar to Santa Catalina as one of the trendy places to live. Two to three-story fishing houses are clustered around the beach and small harbor and have seen a massive surge in renovation. A lovely promenade begins here, over Cala Gamba up to the Ciudad Jardín, and is ideal for long walks, jogging or inline skating.
There are limited properties on offer at the moment, and those houses for sale are expensive for what one gets. Prices per sqm range from 3,000 to 4,000 euro.
Directly north of Palma are Genova and Son Vida, both suiting those who want to be close to Palma yet prefer to live in more peaceful surroundings. Genova has a genuine village centre, good infrastructure and proximity to the heart of Palma. Many of the villas have nice gardens and are particularly suitable for families. Some of the spectacular penthouses available have magnificent views over Palma, its harbor and the cathedral, as well as the Tramuntana mountains. Even though entry prices are relatively expensive at 470,000 euro to 1 million euro, the value for money here is justified compared to locations like the Paseo Marítimo. A penthouse at a price of 1 million euro in Genova would sell for 1.5 million euro on the Paseo Marítimo.
Its goes without saying that properties in Palma offer an ideal opportunity to potential investors.
El Terreno, for example, is a well-known nightlife area and not especially attractive at first glance. Above the main road, however, there are some very nice houses, some with a garden and sea views. Most of them need to be renovated and prices are comparably low at 150,000 euro (without sea views) to 250,000 euro with. Baring in mind that the council of Palma continues to invest in the improvement of the town, it should only be a matter of time before El Terreno is improved as well.
In the old town, there are still a few town palaces in ned of renovation which are interesting as an investment. One should expect to pay no more than 1,000 euro per sqm for an average dwelling, and up to 1,500 euro per sqm for top locations.
A lot of new building projects have been developed in the Ciudad Jardín during the past few years. The high-quality apartments, close to the beachfront, are usually sold long before completion of the development. For newly built apartments of high quality, prices range from 1,500 to 3.500 euro per sqm, while apartments in older buildings sell for 1,000 euro per sqm. The advantage of this location is obvious: quick access to the beach, a short commute to Palma, proximity to the airport, shopping facilities, and cafés and restaurants, all without the hassle and noise of Palma itself. There are still building plots available and further developments underway.
The quarter around the new Palace of Justice, which was run-down only a few years ago, is in the process of being renovated, offering investors properties in need of renovation at 1,000 to 1,200 euro per sqm. These buildings, however, are in a miserable state, but when renovated will sell for 3,000 to 5,000 euro per sqm thanks to their central location.
In conclusion, those looking for property in Palma are spoilt for choice. Each area has its unique charm, advantages and shortcomings. But there is one thing they all have in common – the Mediterranean flair and the quality of life which attract thousands of foreigners every year from around the world.
By Bettina Stapel
