Two substantial properties in Palma de Mallorca have been bought by foreign investors, indicating an increasing confidence in the island’s real estate market.
British investors have bought the 15th century building Can Puig, in the Paseo del Borne, from Banco Sabadell. It’s to be refurbished and turned into five luxury apartments, with the ground floor retained as a retail unit. German investors have bought a former bank headquarters building in Plaza de España, to refurbish and convert into a Müller store.
Mallorcan commercial property prices are now among Spain’s highest: the average commercial square metre here is valued at €1860; the Spanish average is €1420