Market Report 2017 Son Vida
Son Vida was one of the first exclusive residential areas in Spain established over 60 years ago. Today, Son Vida is a name synonymous with unique luxury properties in the island, stunning golf courses and five star hotel services. The area is only five-minute drive from Palma's old town, the airport, private hospitals, international schools, good beaches and super yacht marinas. It has been developed as a secure community alongside three top ranking golf courses offering panoramic views across Palma Bay, the golf courses and the Sierra Tramuntana.
Over the past 12 months, Son Vida has undergone a boom with the most discerning top overseas buyers who are looking for large designers properties in contemporary or classic Mediterranean style. They are wealthy individuals who want a long-term investment with a secure return either as part of their property portfolio or as a base to settle with their families in a safe and warm Mediterranean environment within easy distance of all facilities. Part of SonVida's attraction is the "caché" of becoming part of an international community of like-minded residents.
Today, property is selling faster, within approximately 0-6 months for new and modern villas, and 6 month to two years for second hand classic villas.The prices are slowly increasing at a steady pace with German speaking investors as the main buyers followed by French, British and Scandinavians who are increasingly coming into the market here attracted by its lifestyle and exciting new development projects.
In 2016, 44 properties were sold in Son Vida with a total value of aproximatly 90 million euro that included villas, plots, apartments and penthouses. It’s difficult to talk about average m2 prices in this area or even per house as each property is sounique. There are diverse factors that considerably affect the prices of these properties such as sea or golf views, no views, orientation, privacy, the general state, the year of construction and finally the dimensions in terms of constructed area and surrounding grounds. In Son Vida, views to the sea and Palma will increase the price by 20% for villas and a 30% for plots. This year several exciting bespoke projects are being constructed in Son Vida and generally new constructions will influence the price for new villas by approximately 25%.
However Son Vida remains one of the most expensive areas for real estate in Palma´s outskirts with the average sea view villa price at approximately 4 million euro plus in the highest part of Son Vida known as "Son Vida Hills", 2,500,000 -3,500,000 euro in the middle and lower part of Son Vida and 600,000 euro plus for apartments. In terms of plots, the average price ranges from 650,000 euro for plots without views to approximately 950,000 euro for plots with sea views. Various factors such as the geographical location,views, orientation and slope can all significantly affect these prices.
The asking prices of properties in the lower and middle part of Son Vida surrounding the golf course start at approximately 1.4 million rising to 12 million euro whilst properties with sea views in the higher part of Son Vida (Son Vida Hills), range from 1.4 to 29.5 million euro.
The nearby residential area of Arabella Park is less expensive and popular with the local community with an average price for a villa under 1 million euro and 350,000 - 600,000 euro for apartments.
However, there is increasing interest in this area from foreign investors in the surrounding villages of Establiments, Esporles and Puigpunyent. Buyers can get more property for their money with an average list price of 1,5 - 2,5 million euro for a finca. These villages are ideal for investors searching the authentic Mallorcan lifestyle and a traditional style of property, such as a town house or a finca with land and views across the mountains. In Establiments, the rural area of Palma, some properties have views across the bay of Palma and excellent road connections to Palma Center which is only at 15 minutes drive away. Many of the island's historic estates with large mansions and land are located in the surrounding areas of these villages.
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