Riding on the back of a hugely successful 2016, Mallorca looks to be the one to watch for overseas property investors in the coming year.
11.5 million tourists visited the island last year, a figure projected to have risen to 15 million this year with continued growth anticipated. Fueled by interest from Brits, Germans and Scandinavians, Mallorca is continuing to eclipse its neighbor Ibiza as prices rise across all sectors of the market. Transactions are also up a staggering 50 per cent this year.
Marc Pritchard, sales and marketing director of Taylor Wimpey España, the developer, explained: ‘The Germans are going mad for Mallorca at the moment: I haven’t seen this sort of appetite from them since the mid 1990s. Everything we have is selling in Mallorca right now. We have been increasing the prices on our new schemes between the release of their first and second phases.’
On a general level, Mallorca offers much appeal, with a well connected airport. Palma hosts the most frequent arrivals from the UK to Spain, and Mallorca as a whole far exceeds Ibiza with regards to infrastructure, medical facilities and property quality.
Regionally, there is much variation across the island, catering for all audiences. Palma, the swiftly growing capital, offers a year round destination, boasting marinas, golf courses and sports facilities. For the more intrepid explorers, it is also home to the Tramuntana mountains which offer excellent cycle routes.
For value living, the east and north east coasts are an opportunity for low cost investment. The former is a mere 30-45 minutes from the airport, with a heavily Mediterranean feel, littered with bays, fishing villages and beautiful landscape.
The coastal city of Porto Cristo as well as the medieval cities of Arta, Capdepera and Son Servera are ones to watch, whilst further down the coast, Porto Colom offers a taste of the ‘real Mallorca,’ with rolling green hills contrasted with hidden gems of beaches. The area is popular for UK buyers and Scandianvians, yet also Mallorca locals seeking weekend getaway, meaning demand is high, especially in anticipation of a new highway between Llucmajor and Campos, set to reduce the journey from the airport from its current 40-45 minutes.
For those with more glamourous taste, Puerto Andratx is rumored to host Brad Pitt and Angelina Jolie’s new summer villa, however those who are looking for the best of the bargains should instead head towards the southwest.
Hans Lenz, managing director of the Taylor Wimpey España Mallorca area, says: ‘Santa Ponsa is more affordable than Andratx and Bendinat but a good, established area. You’ll find newer projects like Pueblo that you won’t find in those areas either, due to lack of space.’
Mallorca has long been a favourite of British property investors and it looks to be coming back into vogue.