Mallorca Property Prices Rocket

The Balearic island of Majorca has now become one of the most sought after property hot spots in Europe, attracting a wealthy international clientele looking to buy a home in the Med.

When you take a look at properties currently on the market like the stunning Mallorcan mansion in Mal Pas-Bonaire you can easily see why Mallorca is upping its game in the high-end property stakes. Enjoy the lap of luxury? Want to enjoy some of the best hilltop views in Majorca? Well, if you’ve got a cool 35 million (Euros) it’s yours.

It’s not just the nine state of the art bedrooms or the 12 luxury bathrooms. It’s not even just the two heated swimming pools or subterranean garage holding up to 30 cars. No, what really stops the conversation in its tracks is the private helipad making it posssible to be at Palma International Airport in minutes. Oh, and the views: overlooking the Bay of Pollensa and the Tramuntana mountains, they really are ‘to die for’.

Sure, to mere mortals the price tag may appear slightly eye-watering.

But it’s not such a big deal for the bijou Mediterranean island of Mallorca, where it is used to seeing the super rich pay top dollar in some of island’s property hot spots.

And it’s not hard to see why. Mallorca has a lovely climate, beautiful beaches, a rich culture and fabulous restaurants – a long way away from the sun, sea and Sangria days of yore.

What’s more, many wealthy businessmen and women want to live here full time and run their businesses from the island. (Ah, the joys of technology…)

During la crisis Mallorca’s property prices fell by up to a third. But now, as the economy is beginning to turn the corner, property prices are rising again – and quickly: 2013 alone saw prices rise by approximately 5%. All this represents particular good news as Spain was hit very hard by the recession.

Ipressively, one in four residential property sales in Spain last year occurred in the Balearic islands; amazing really when you consider that Mallorca is smaller than the English county of Devon and Ibiza even smaller!

Antonio Fuster, CEO of Majorcan Estate Agent Balearic Properties is impressed: “From our office in Pollensa we are currently seeing a lot of villas costing 5 million euros or more moving fast”, he says. “It’s quite astounding really, but because the Balearics have more foreign residents than the rest of Spain put together, it helps keep the property market in Mallorca pretty bouyant”.

Although German and British buyers tend to dominate the Majorcan property market, Chinese, Russian and Middle Eastern buyers are increasingly moving in, thanks to a new Spanish law which automatically grants resident status to foreigners who spend more than 500,000 euros on property.

So where is the current property hot spot in Mallorca? Where is it sexy to splash the house buying cash? Well it tends to be around the Puerto Andratx area in the southwest of the island. (An easy way to tell is to count the number of luxury super yachts anchored in the bays of Mallorca.)

Antonio Fuster of Balearic Properties again: “Mallorca is moving away from the traditional buyers’ market of Germany and the UK. We are now witnessing buyers coming in from Russia, China, the USA and the rest of Europe. They all want to come and live in Mallorca”, he says.

Take a look at some of Mallorca’s loveliest properties currently for sale here: vogueproperties.com

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