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Tourism is Mallorca’s lifeline, the major industry and the big earner for thousands who work in the sector. The financial impact of tourism is also felt in Madrid, where the taxes generated by Mallorca, the Balearic Islands and all autonomous regions go to first to be then re-distributed by the central government. The percent statistics released throughout the season are generally related to the “bed occupancy” of the hotels. During a normal high season, the island is full-up, hotel occupancy being nearly 100% which is the perfect situation.
After the season ends, some individually or privately owned hotels may then be put up for sale, their performance and bed capacities being important factors that determine the sales price. Due to the current unfortunate Covid situation and that there was basically no tourist season this year, it is to be expected that quite a number of hotels will be up for sale all over the island.
These hotels in prime position by the sea are the most popular hotels for sale on the island. They can command higher room prices than hotels in not such elite locations, a fantastic sea view has its price on Mallorca. Mallorca’s coastline is remarkably diverse, so frontline hotels may not necessarily be on a beach, they may be perched on a cliff with winding stone steps leading to the sea.
Palma is the most emblematic city in the Med right now, popular as a shopping-spree city for fashionistas from all over Europe, as the city with a superb gastronomy second to none, and as if that were not enough praise, it also disposes of 3 top class marinas, that can berth even the world’s most famous super-yachts. No European capital can compete with the charm and cosmopolitan aura of this magic city. Palma’s hotel scene is simply fantastic, and many have fairy-tale roof terraces with spectacular views over the city and bay. Hotels for sale in Palma are high in demand and investment funds are descending upon the city, especially during these Covid times.
A particular favourite of privateers, who have left their routine behind them to become hotel owners on the island, albeit with little or no experience, has been now for many years the so-called “agrotourism”. In this case, run down country properties are bought and in the course of an extensive modernisation, become converted into exclusive country hotels or B&Bs. Now and then one of these unique finca hotels for sale in Mallorca hits the market and then generates a lot of interest.
In total contrast to these country gems: as in all major cities, Palma also has districts which are trendy and where prices for real estate have risen noticeably during these past years. One of these popular areas is called Santa Catalina, it has a unique and elegant Bohemian flair that is absolutely charming and attracts artistic residents from many countries. Restaurants and chic cafés have opened up all over Santa Catalina and it also disposes of a few boutique hotels which have an exclusivity about them in strong competition to some of the more famous hotels for sale in Palma centre. In this fashionable district, everything is within easy walking distance to the sea, roof terraces offer fabulous bay views – no wonder that these boutique hotels are well booked out during the whole year.
Mallorca’s tourist industry is a rock-solid income source, so investors and international funds are always looking to buy into the scene. We have an exclusive selection of hotels for sale in Mallorca, contact us now for further information.