The current picture shows that property prices are at a similar level to 2008 with some discounts of around 10-15% on villas and fincas. Well located apartments, townhouses and plots of land in particular appear to be holding their prices with little or no change from the original asking price. Property is taking from 10 months to 18 months to sell.
In today’s property market, a well located villa will cost around €2 million and an apartment around 400,000. A three bedroom townhouse will cost an average of €650,000 and a good plot will cost in the region of €350 m².
One important development for this area is the new five star deluxe Jumeriah Port Soller Hotel which is scheduled to open early 2011. This project follows on from substantial foreign investment in the island primarily from major international hotel groups including Marriot, Arabella Sheraton, St Regis Resorts and Hilton.