Majorca, the largest of the Balearic Islands, has a mysterious power that attracts Europeans, tourists and property buyers alike. Majorcan residents have included celebrities such as Michael Douglas, Claudia Schiffer, Andrew Lloyd Weber and Boris Becker for many years, but this does not mean that Mallorca is a heaven for the elite. Of course, it cannot be denied that the value of real estate on the island is about 30% higher than on the mainland, but even here the price range is quite wide. Everything under control Andrew Hawkins of Chesterton International cites the government moratorium on construction, which was lifted only in 2004, among the reasons for such a great popularity of Mallorca.According to him, this ban allowed the island to safely avoid the mistakes that many Mediterranean regions made, so quite it is understandable why the authorities decided to leave the restrictions on the height, the design of houses under construction and the density of building in force. Unlike other regions of Spain, in Mallorca, the authorities control the actions of developers, and recently the list of territories where the construction of new buildings is prohibited has been expanded. One of the reasons for this was several demonstrations last year against the implementation of large-scale projects, in particular the planned construction of 17 golf courses. Thus, now the coastal areas of the island are quite built up, have a developed infrastructure, at the same time, the number of new projects is small - therefore, according to Paul McMullen, representing Escapes2, today Mallorca is in much greater demand from investors than the rest of Spain. The market's response to the huge demand has been an increase in the value of local real estate by 12-15% per year over the past three years. Now such a decline in the real estate market, as in the Spanish mainland, is not observed in Mallorca, although here, too, the growth rate has decreased to 10%, and in order to stimulate buyers' interest, many developers offer free furnishings when selling objects. The attention of the authorities and measures to limit construction are justified, since they allow the island to preserve its pristine beauty. At the same time, Mallorca has many old buildings for sale that need to be modernized or completely renovated before they can generate income for aspiring Balearic investors. Most foreigners buy objects here for their own rest, but the owners are not at all opposed to the fact that in their absence the house or apartment will be rented out. Talking about the attractiveness of Mallorca for vacationers, Paul McMullen urges not to forget that the large number of cheap, year-round flights sets Mallorca apart from other favorite tourist destinations like island Greece or neighboring Ibiza. When buying real estate for rent, you can expect that the properties will be profitable all year round. On the east coast, the weekly income from a two-bedroom apartment is 380-630 euros, from a villa with four bedrooms - 760-1430 euros, and in the southwest, rents are about 150 euros higher. Resorts on the coast According to Paul McMullen, the western coast of the island is in greatest demand among wealthy clients, in particular the elite fishing village of Puerto Andratx with a large berth for luxury yachts. Here prices for one-bedroom apartments start at around 250,000 euros, standard apartments are priced at 380,000 euros, and villas cost around 635,000 euros. On the southeast coast, prices are noticeably lower: two-bedroom apartments start at 165,000 euros, more spacious housing - at least 215,000 euros. Due to the rise in prices in a number of cities in Majorca, small towns such as Cala d'Or and Cala Bona, located in the southeast of the island, have become more popular. In the vicinity of Cala d'Or, 10 min. from the beach, Escapes2 offers beautiful new two-bedroom apartments at prices from 215,000 euros, and nearby, in the village of Cala Murada, the same company has put up for sale a three-bedroom apartment from 250,000 euros. Buyers with moderate financial resources will also be interested in the northern territories: here you can get to know the real life in Mallorca and feel the local flavor. In this area, the city of Puerto Polensa should be distinguished, a large resort with excellent infrastructure, a fantastic huge beach and noisy bars and restaurants - thanks to all of the above, its rating, primarily in the family sector, is steadily growing. “People in the north of Mallorca,” says Andrew Hawkins, “breathe a different air. There are more mountainous areas here, the coast is impressive with unprecedented beauty, and prices are much lower than in other parts of the island. " In Puerto Polensa, two-bedroom apartments start at ˆ 180,000, and spacious three-bedroom apartments start at ˆ 250,000. Chesterton is currently selling two beautiful apartments here for 215,000 euros. The equally popular resort of Alcudia, located in the neighborhood, is distinguished by rather dense buildings and, as a result, lower property prices. As a result, apartments with one or two bedrooms can be bought here for 127,000 euros. On the other hand, prices may rise in the near future, this forecast is associated with the imminent commissioning of a new highway, along which it will be possible to get to Mallorca airport from Alcudia in just 35 minutes. An estate in the fields The less space is left on the coast, the more often potential buyers search a few kilometers from the sea and find colorful farmhouses and the serene charm of rural life here. One of the most famous rural areas of Mallorca is located at the foot of the Tramontana mountains, in the suburbs of the old town of Polensa, 20 minutes. drive from which the sea resort of the same name is located. This city is famous for its excellent restaurants, and there is also a weekly fair. Property prices in the center of Polensa start at 320,000 euros. At the exit from Polensa, among the fields, you can see picturesque stone villas and small village houses. The owners of properties in this area rely on foreigners who value the traditional lifestyle in Mallorca. Prices here start at ˆ 635,000 for an old farmhouse and run to over ˆ 1 million for a large estate with land and a swimming pool. One of the most attractive places in Mallorca, a few kilometers from the coast, is the valley in which the town of Soller and the popular village of Deia are located. Luxury hotels for wealthy foreigners are consistent with the high demand for local real estate and its high price. However, local real estate companies, including the Immobilaria Mas agency, also sell tiny houses - casitas - with an area of no more than 30 square meters. m and large plots (on average about 10,000 sq. m), set aside for olive and orange groves, at a price of only 130,000 euros. At the same time, the state allocates subsidies for the reconstruction of these houses, including the installation of solar panels and water supply, but the construction of additional residential premises is prohibited. Immobilaria Mas spokesman Tom Crawford warns investors: some agencies are selling these properties, promising buyers to expand them behind the back of the authorities, but the government makes regular checks, and it is unlikely that the law will be circumvented. In the old port city of Soller, 20 min. from Deia, several objects are offered for sale: for example, townhouses (without land plots) with two bedrooms in Soller cost from 255,000 euros, with five bedrooms - from 470,000 euros; buyers who are not in the mood for large spending should take a closer look at apartments in new buildings at a price of 140,000 euros. In the suburbs, a stone house of the 19th century. with two bedrooms and a plot of land of 400 sq. m is estimated at at least 280,000 euros. Tom Crawford says that sellers are ready to bargain and the price can be knocked down by 10%, but he warns that objects are snapped up here: “We have clients who went to discuss the deal over a cup of coffee, and when the cup was empty, it turned out that the house already purchased. Therefore, if you like the accommodation, it is better to conclude an agreement as soon as possible. " In the near future, the market in Soller is expected to change related to the recently established restrictions on construction - they will not affect only those objects whose projects are approved by the government. This will certainly lead to further growth in demand for real estate on the island.
