1.2. Mallorca property market
Apparently nothing can temper the allure of Mallorca, the largest and most popular island of the Balearic archipelago, its autonomous community capital and its heart.
The real estate market in Mallorca has remained buoyant throughout the property crisis, which cannot be said for the rest of the country. It is stable and showing signs of a healthy and vibrant recovery after the boom and bust of recent years. House sales in the Balearics are now rising 32.3 per cent year on year (according to the National Statistics Institute).
Increased sales activity and growing optimism have been reported by Mallorca based real estate agents over the last 18 months, with more viewings and enquiries and faster sales turnover than the previous year. Property prices which were forced to dip around 15-30% in some areas in Mallorca, compared with 40-70% drops in mainland Spain now appear to have bottomed out and are beginning to creep up again, presenting an auspicious moment for house buyers and investors in Mallorca.
It isn't difficult to see why either. Mallorca packs a great deal into its relatively small frame. Ammenities, services, good communications and internet providers, a strong sales and rentals market, international schools and state of the art hospitals, a wide international community to keep you in touch with home and last but not least, possibly the biggest draw of all, a climate which offers 300 days of sunshine a year a mere 2,5 hours flight from the UK and most major European cities.
Cosmopolitan
One of the main reasons Mallorca presents itself as such a strong candidate for property investment abroad is that the island is a melting pot of nationalities and continues to draw visitors from Europe and all over the world. This keeps the Mallorca property market active and dinamic and draws a continuous flow of funds through the island.
Limited Space
Mallorca's varied natural landscape, strict building laws in protected rural areas and reduced size create a powerful mix, with high demand for limited space and property changing hands rapidly as opportunities arise. Increased sales activity reflects this growing trend, prices continuing to rise as demand outstrips supply.
Good Connections and Infrastructure
Mallorca has come a long way since its 80's hangover of sun and booze, evolving into the chic, modern luxury destination it is today. The fallout however has left the island with some very positive side effects, namely, a strong infrastructure and excellent flight connection links to the rest of the world. Palma de Mallorca's large, revamped, international airport receives around 10 million visitors a year, with a large percentage of them renting a car and taking to the roads and new motorways that criss cross the island from point to point.
Choice of Property
Buying property in Mallorca doesn't mean you have to buy a villa, a chalet or a bungalow on the beach, you are not limited to any particular type of house nor to any specific area. Mallorca is undoubtedly a prime real estate market because of this vast and varied choice of property for sale. From ancient townhouses hidden down cobbled village streets to luxury pads perched on hilltops overlooking the sea, modern apartments and rambling country estates, villas with pools in gated residential areas and remote farms in the Tramuntana foothills, there are bargains, investment opportunities and new lives to experience dotted all over the island, in the olive and almond groves and along the golden coastline of this magnificent mediterranean island.