- Record price achieved on Mallorca of 27,000 Euros per m²
- German, British & Scandinavian buyers strongest
After a long hot summer Engel & Völkers, with 16 shops in Mallorca, is reporting a strong sales outlook over the same period last year with a final rush of deals leading up to the close of this year. This movement is reflected by figures released last month by the Spanish National Statistics Office indicating an upturn in sales for the month of August in this region.
In Mallorca, the demand for property over 1M Euros continues the trend with the average spend ranging from just under 1M Euros in the north to 1.9M Euros in the south west representing a 27% rise over the average spend in 2013.
In the south west a record square metre price of 27,000 Euros m² was achieved this summer for a sea front villa in Puerto Andratx and all sea frontline locations and are in demand. In this corner of the island where over 40% of all sales to overseas buyers are made. Investors are attracted to the unique combination of quality property, excellent lifestyle options and infrastructure.
In Palma sales are on a par with last year rising by approximately 10% for the Portixol/Molinar areas just outside the city’s old town. Demand is focused on penthouses and apartments with outside space and views. Buyers are this year now making decisions faster as they realise that property is not staying on the market as long.
In the centre and south of the island E&V is reporting more sales activity for properties and increased demand for plots. Prices are stable with exceptional price increases for sea frontline positions. Some non European investors, from America, Canada and Australia have been encouraged by the Golden Visa and buyers are spending from 500,000 – 2M Euros with an average spend of approximately 1M Euros.
In the north sales activity has doubled with more interest from British clients. Prices for apartments remain stable in this area with increases for quality rural properties. This year the average spend is approximately 838,000 Euros with buyers’ making decisions faster. Historically this last quarter is our best and we expect this to be the case.
Along the coast to the north east although sales activity has focused on the top end with demand in the 2 – 4M Euros bracket. This year there has been more interest in good plots and clients are mainly German speaking.
Down to the south east around Santanyi the demand is for all types of property from 500.000Euro – 1,2 M Euros. Everyone wants a sea view whether it’s a villa or a rural property and more buyers this year are looking for a rental investment. All sales have been made to European buyers and average spend is just over 1M Euros.
Generally prospects for the year end remain positive with more sales expected to close at the notary over the Christmas/New Year period.
Be inspired by our Mallorca-Properties and get closer to your home of your dreams on this wonderful island!
Our extensive property portfolio and lots of interesting information about the Mallorca real estate market are available on: www.engelvoelkers.com/mallorca/southwest