Palma Market Report

Palma de Mallorca

MarketReport

Palma de Mallorca has become one of the Mediterranean’s most popular cities. The old town, with its narrow alleys, quaint bars, tantalising restaurants and creative businesses, not only tempts visitors, but has also made the city attractive to real estate buyers. In 2019, the transaction volume exceeded again the 1 billion euro mark. The growing attractiveness of the city can also be attributed to another factor; a lot of investment is currently being made, for example in the renovation of the seaside promenade Paseo Marítimo. The demand for properties across all price ranges is high, with buyers increasingly placing value on sustainable architecture. In prime locations such as the old town and Génova, an apartment costs 800,000 euros on average.

Average asking prices — Town houses

Data Sources: Engel & Volkers Market Report, Spanish Ministry of Development, Balearic Islands Tourism Agency, AENA S.A., Casafari LLC

10

Reasons to Invest

in Mallorca

Source: Engel & Volkers Market Report

Key factors

1Easy access — Palma’s International Airport is one of the leading airports in Europe and ofers hundreds of routes to over 70 destinations, now with increased fight schedules and new routes. Direct flights to all major European cities operate throughout the year enabling investors to travel for short stays or even commute.

3Safety — Security forces have years of experience in keeping the island safe for visitors including the Spanish Royal Family and security is easier to control and enforce at the island’s borders. Traditional family ethics and values are very much a part of everyday life particularly in the villages. 2 Climate — Mallorca’s climate ofers an average of 300 days of sunshine per year with warm summers and mild winters where temperatures rarely fall below 12 degrees - providing perfect conditions to enjoy outdoor life and sports year-round. The island’s natural light has inspired many artists over the years and is a welcome relief for northern European visitors.

4Varied Landscape — Mallorca’s attraction lies in its varied landscape creating completely diferent areas; the Serra de Tramuntana Mountains dominate the centre of the island extending over 92 km from the southwest to the far northern tip. Mountain scenery gives way to the flat planes ending at the coast that dramatically change from the rugged west to the sandy beaches of the east.

5Sporty Mallorca — The island enjoys a reputation as a leading destination for sports with top facilities and sports centres including the Rafa Nadal Tennis Academy. Mallorca hosts many events throughout the year and international teams make it their base for winter training.

6Transport Infrastructure — Thanks to Mallorca’s

tourist industry, it has a sophisticated, fast network of motorways connecting Palma to the farthest points of the island within an hour and a half by car.

7Capital City — A destination in its own right, Palma ofers a combination of culture, architecture, boutique hotels, shopping and gastronomy. The city has developed around its Old Town dominated by Palma’s Cathedral. Many historic buildings have been restored and the city is thriving with regular new openings and social/cultural activities yearround.

9Education — There are 15 international schools in Mallorca ofering pre-school to pre-university education catering to overseas and local residents. Children can be taught in their mother tongue whilst learning Spanish and other languages. The University of the Balearics ofers a range of degrees together with a reputable catering and hospitality college. 8 Healthcare — Mallorca ofers a high level of professional healthcare in quality private and social security hospitals and clinics. The main international hospitals have multilingual departments. In addition, there are leading European specialists working here who have also made the island their home.

10Cultural and Social Life — There is plenty to do in Mallorca with a year-round social/cultural calendar of events, that appeals to a wide audience, from concerts, wine and gastronomy to sports tournaments, beach parties in summer and traditional festas throughout the year. The yacht marinas of Puerto Portals and Port Adriano also organise music, classic car and sports events.