Engel & Völkers has opened the first Residential Property Shop on Playa de Palma. From here the “Engel & Völkers Palma Beach” shop will be brokering premium residential property between the resorts of Can Pastilla and El Arenal. “Playa de Palma is currently undergoing transformation into an upmarket city beach on a par with urban beach regions such as Miami South Beach,” said Terence Panton, Managing Partner of Engel & Völkers Palma Beach, adding: “It’s great for this particular region of the island to experience such a renaissance.”
Upmarket residential address in a few years
Palma is profiting from the consistently high demand for residential property on the Balearic island. Its excellent location in the Mediterranean, the all year round warm climate, its economic and political stability make Majorca one of the most desirable second home markets in Europe. In an effort by the Palma Beach Consortium to enhance quality tourism on the island, the famous stretch of coastline known as Playa de Palma is now being rejuvenated. Just ten minutes from the centre of the city, this beach is quickly evolving into an area with exclusive residential properties, four-star and five-star hotels, gourmet restaurants and a high-end nightclub scene. Engel & Völkers estimates that this period of revitalisation is set to continue over the next five to ten years.
Prices remain relatively moderate for homes close to the beach
“This period of change is set to trigger a real boom on the property market in Palma Beach. We forecast that prices will rise significantly, as soon as in the next three years. With this in mind, now is a good time to invest in property here.” said Terence Panton. Prices for freehold apartments in need of renovation currently start at around 1,500 euros per square metre. Premium apartments with sea views are fetching up to 5,000 euros per square metre. Villas currently cost upwards of 500,000 euros, depending on their location, state, size and amenities. “Playa de Palma is one of the few regions on Majorca where property prices remain moderate, in spite of the close proximity to the sea and the centre of the capital,” Terence Panton continued.
First international location for Engel & Völkers
Engel & Völkers has been operational in Palma de Mallorca since 1990. It was here that the Germany-based property company opened its first office in a foreign market. With a total of 17 residential property shops, Majorca is one of the most important markets in the Engel & Völkers network.