News that real estate on Mallorca is enjoying great buoyancy comes as no surprise; the Balearics have been eternally popular. 2016, however, is shaping up to be markedly better than the previous couple of years, with a combination of powerful factors resulting in the perfect selling storm.
Engel & Völkers reported its best year ever, with a 40% increase in properties sold on the island in 2015, and sales transactions advancing by 50% in the southwest.
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Spanish government figures indicated that sales made to foreigners in the Balearic Islands up until the third quarter of 2015 were in excess of 933 million euros. Foreign buying activity was higher here than in all of Spain, with 44% of purchases involving a non-Spanish national.
According to a report by the College of Registrars, the Germans led the way, followed by the British, Swedish, Italians and French.
The British bought more than a bolthole in 2015, with the highest demand for UK buyers being for country-style fincas, especially in the north and west. Encouraged by a strong pound sterling, Brits moved faster than usual on purchases to avoid losing out on a deal.
“The English were buying like hell due to the strength of the pound, though they have eased off somewhat for the first part of 2016 due to Brexit,” affirms Borja López from Casas Mallorca, which specialises in the areas of Sóller and the Tramuntana.
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This highly protected area enjoys an ever-more privileged market.
“99.9% of our buyers are people from abroad that don’t need finance,” says Borja, “and last year was just great. After the slowdown following the recession, during these last two years we have really noticed a difference.”
Mallorca real-estate groups agree that they are seeing greater numbers of families relocating to the island full time, which could partly account for the huge 50% increase of property sales in inland, rural areas. Some of the most expensive properties sold have been in this region, as buyers yearn for a settled sense of peace and safety.
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“There was huge demand in 2016,” comments Ann Kihlbom from Beaumount Properties. “People were very quick in making decisions. Portals, Illetas, Cala Major and San Agustin were real hotspots, and we saw that Santa Ponsa has again won popularity.”
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In Palma, the average selling period was between four and six months. “Things picked up considerably in the autumn,” says Ann, “because people were visiting in the summer, deciding they loved it, returning further on to hunt for a property.”
In the southwest, the average sales price dropped marginally in 2015 to 1.2 million euros. However the volume of sales increased, due to the fact that property in all price ranges sold. In the exclusive residential estate of Son Vida, sales doubled from 2014.
For MallorcaSite, a multi-functional outfit with offices in Calvià, the types of properties holding the most appeal were high-spec apartments in small, manageable complexes, villas with a distinctive design, and fresh new construction projects.
The MallorcaSite team stresses how clients very carefully and thoroughly explore the market. Ann at Beaumount agrees; “Clients are extremely well informed, more so than ever.”
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With a total of 23,745.131 passenger movements in 2015, Palma’s Son Sant Joan Airport reported the highest figures in its entire history. However, judging by the current optimistic feeling in the real estate arena, it would appear that not only are the numbers increasing, but also the sophistication of international buyers arriving on the property purchasing scene.
Did someone say Swedish? According to Borja López, “The Scandinavian thirst for quality homes here is only going to get stronger.”
To see more luxury homes for sale & to rent on Mallorca, visit the abcMallorca Property Portal now.