The demand for residential property in the southwest of Majorca has risen sharply again since the beginning of the year. “Prices in the region have risen further in parallel. Compared to the previous year we have seen an increase of 25 percent in the average sale price in the southwest”, says Hans Lenz, Managing Director at Engel & Völkers Majorca Southwest. As a result the average price here has gone from 1.68 million euros in 2016 to 2.11 million euros this year. New-build apartments, in particular, recorded strong price increases.
Properties in the top segment in great demand
The most desirable locations in the southwest continue to be Puerto de Andratx, Santa Ponsa, Bendinat and Portals. In the premium segment, many potential clients set out to invest more than 8 million euros in a property. “We are also seeing a rise in demand for properties over 20 million euros, including from new source markets such as the USA and Scandinavia”, explains Hans Lenz. Luxury properties in this price range are usually brokered with extreme discretion and only presented to a select clientele.
Buyers from Europe dominate the market
Buyers from Germany, Switzerland and Great Britain in particular are interested in high quality residential property in the southwest of Majorca, with occasional clients from the Middle East. The most desirable properties are those that offer a sophisticated design and a harmonious layout along with ocean views and a high degree of privacy. Buyers also look for the latest technical amenities, a wine cellar, a home cinema, a fitness and spa area as well as a multi-car garage. The living space of such exclusive properties often exceeds 1,000 square metres.
As the year goes on, Engel & Völkers expects to see a continued upward trend in the residential property market in the southwest of Majorca.