The Balearic island of Mallorca offers a sunny escape at the heart of the Mediterranean. Easy to get to, notoriously safe, culturally vibrant and enjoying a high-end tourism boom, Elizabeth Finney discovers what you should know about buying property in Mallorca.
Traditionally an island popular with Germans and the British, the island’s growth into a more luxury destination has gained interest from a number of different markets.
“From a macro point of view, seeing it from a global perspective, we’ve seen that Mallorca and the greater Balearic Islands have shown a great increase in international buyers,” says Michael Valdes, global vice president of Sotheby’s International Realty.
In the last five to ten years, it seems a new breed of buyer has started to take notice of the stunning surroundings, the exciting new build properties that perfectly blend traditional Mediterranean and modern design and the plentiful superyacht marinas peppered around the coastlines. While Mallorca offers plenty of rental opportunities, the island boasts a sense of community that international visitors return to regularly, especially in Port Andratx on the south-western side.
“Before, it was a very German market in Port Andratx, but it’s completely changing now,” says Mallorca Sotheby’s International Realty (SIR) sales manager Simon Bugge Jensen. “In previous years there have been a lot of British buyers – that went on hold a little after Brexit but now they’re coming back again. A lot of Swiss people are buying here and there is also a whole Danish and Scandinavian hub growing.”
“Mallorca is a destination that has grown in popularity and has grown in everything it has to offer,” adds Valdes. “It’s incredibly cosmopolitan and its gastronomic scene has increased exponentially. All that really attracts a very sophisticated international buyer looking for a secondary or even tertiary home. You start seeing the stability of this market on a luxury scale and it’s impressive.”
Picture courtesy of Mallorca SIR