Mallorca does it differently from Ibiza. This more low-key Balearic island is not about flash parties and showboating, though it certainly has its fair share of wealthy residents. In December, Richard Branson bought Son Bunyola, a 4,000 acre estate on the island’s northwest coast for £11.2 million.
Mallorca is quieter, calmer and more historic than its high-octane cousin. People come here for privacy, sea views, good food and a bit of culture. The property market has also far outperformed that of mainland Spain. Last year there was a 50 per cent increase in property sales in Palma, the island’s capital, placing it in the top three cities in Spain for volume of sales, according to property valuation company Tinsa.
The island’s wealthiest hotspots are Calvià, Andratx, Santanyí and Alcúdia. Property in these areas averages €2,000-€2,500 per square metre, says Tinsa. The Spanish government is also encouraging more buyers from abroad with its “golden visa” law that allows non-EU buyers purchasing properties above €500,000 to become Spanish residents.
According to Mark Harvey, of the estate agent Knight Frank, buyers look here for the long term and they stay all year round, not just for the summer: “Many of our clients use Mallorca as a place to winter their yachts because there is so much going on over Christmas as well.” An island for every season, then.