Last week we reported the results based on a recent study “Positive year for property on the Balearic Islands: Attractive market for second homes”
from 20 Engel & Völkers shops concerning Majorca, Ibiza and Menorca. Today’s article will focus on Menorca.
Menorca is known for its collection of megalithic stone monuments: navetes, taules and talaiots, which speak of a very early prehistoric human activity. Clearly, it’s been a tourist destination for a very long time.
For Engel & Völkers information about property sales on Menorca are most important. The study shows that sales on Menorca are increasing. Buyers are coming mostly from England, with German, French and Russian buyers in recent times.
“This positive development indicates that buyers still have confidence in the property market on the Balearics. The islands rank amongst the most popular holiday regions and most sought-after locations for second homes in the world. With growing turbulence in the Eurozone and fears for the stability of the common currency, the prospect of buying a house on any of the three Balearic Islands is increasingly seen as an attractive asset investment”, said David Scheffler, Director of Expansion for Europe, Middle East and Africa at Engel & Völkers. The Balearics continue to offer outstanding medium and long-term opportunities for secure and stable property investments.
In Menorca, we expect an increase of almost 30% this year, specifically in prime locations where the prices have remained stable. The average price of sale is current 780,000 euros with homes that offer expanding ocean views, or direct beach access is the most popular. These properties are securing the highest purchase prices.
Additionally, the long luxurious coastal regions are also cherished by second home buyers, who are paying up to 14,550 euros per sq metre for beautiful spaces with an ocean outlook.
Just like our Engel & Völkers partners on the other Balearic Islands, the Menorca Shop recorded a growth in revenues in the medium and upper price segment of 35%. For 2013, there is an expectation of more than 27% growth in interest for the island.
If you’re looking for some specific search words, look up the other locations where we are noticing a high demand especially in Binisafua, Alcaufar and Cala Sant Esteve. If you’re the type to appreciate your secluded privacy, have a look at rural areas along the south coast between Mahón and San Luis.
The larger towns of Ciutadella and Mahón located at the western and eastern ends of the island respectively, have a good selection of high-end properties for those with a luxury holiday wish. Sa Mesquida, Port Mahón and Sant Antoni in particular, all located around Mahón, also rank amongst the most desirable locations for upmarket second homes on Menorca.
The island’s north coast is enjoying a growing level of demand. Less developed for tourists than the south, this region is particularly interesting for clients seeking secluded finca estates in rural locations. Cala Morell in particular, is the most sought-after area along this stretch of coastline.
As a second home, Menorca is great. Fiestas take place throughout the summer in different towns around the island and the international opera week is not to be missed. Festivals in Mahon host a variety of standards and the summer music festival in Ciutadella is one long party you can bring your family to and enjoy.
If you have your own stories about property on Majorca, please share it with: firstname.lastname@example.org
For more information about the study contact: Julia.Grobecker@engelvoelkers.com