Mallorca property sales have soared by over 25 per cent in the past year.
Engel & Völkers’ latest market report shows that a rush of German, British and Scandinavian buyers have swooped upon the Spanish island, driving both sales and prices up. Transactions in the first half of 2015 have risen 27 per cent compared to the same period in 2014, notes the agency, while values have increased between 10 and 15 per cent for top quality properties in high demand prime locations.
Hot spots tend to be coastal locations such as Andratx in the south west of the island where, according to the latest Spanish land registry figures for 2014, Engel & Völkers dominated the market in Andratx and accounted for 70 per cent of transaction volumes.
Palma, the historic old town and the fashionable port areas of Portixol and Molinar apartments, have seen prices rise 10 per cent, pushed up by the shortage of outdoor space.
In the South West, where over 40 cer cent of all sales are made to foreigners, has also seen prices climb by around 10 per cent. Main hotspots are Andratx, Bendinat, Portals and Santa Ponsa. Entry price for villas start at 4,000 – 12,000 euroes per square metre.
“Customers are demanding top quality, sea views and Mediterranean design and new trends include concierge serviced apartments,” notes the agency, predicting a further rise of 10 per cent in price for top properties.
In the West, prices are stable, with villas ranging from 1 million euroes to between 3 and 6 million euros, if they have sea views.
The Centre & South of the island is having its best year in trading history with sales up by over 120 per cent over this time last year. Prices are stable with increases of up to 10% for top locations. Entry price for a top villa with views (or frontline in the south) starts at between 4 and 6 million euros.
“This year there’s more interest for townhouses and apartments in the centre of the island. In the south the relatively unknown coastal area of Puig den Ros is attracting buyers,” notes the agency.
Source:: The Movechannel