Before you buy a property in Menorca, find out everything you need to know about the local property market from the latest Engel & Völkers Market Report Menorca 2020/21.
As well as being a wonderful holiday destination Menorca is also considered to be one of THE BEST PLACES in Spain to own property. This little Balearic Island has biosphere status, beautiful landscapes, virgin beaches, diverse flora and fauna, and a sustainable development strategy amongst many other interesting features, which are attracting buyers from all over the world. Engel & Völkers Menorca’s latest blog highlights the most important developments within the islands property market, touches on price trends and introduces Engel & Völkers newest market report.
Real estate agent Engel & Völkers report that the high demand for properties in Menorca has not been dampened by the pandemic. Property prices have continued to rise during 2020, particularly in the premium segment, with the average selling price rising from 890,000 € to 1,000.000 €. At the top end of the market most planned sales completed in 2020, whilst transactions in the mid-range and lower market segment were notably affected. Finding only solutions, for buyers wishing to continue their property search despite restrictions, Engel & Völkers quickly put into place live online viewings and Menorca closed three deals before the buyer had even seen the property first-hand.
Finding the right property to buy in Menorca also means finding the right location. To get you started the real estate agents at Engel & Völkers Menorca will give you a brief summing up of the property market in the most sought-after locations on the island.
Menorca's principal residential area is Ciutadella, which represents 37% of the overall Menorcan property market. In Ciutadella town centre, townhouse prices start at around 300,000€ and can go up to 500,000€ depending on location and build quality. If you want to buy a flat in Ciutadella, you should expect to pay at least 200,000€. In the residential locations of Son Xoriguer and Cala Morell along the coastline, the maximum price for villas is up to 1.35 million euros. Many properties in Ciutadella are fortunate enough to have licences for holiday rentals making them an excellent property investment with the potential to profit in the long term.
Mahon and its surrounding areas account for 27% of the Menorcan residential property market. Demand is continuously increasing, especially in the Port area, where flats, in particular, are a favourite amongst buyers, with the top price for this type of property being around 400,000€. Townhouses are selling from 550,000€, while beachfront villas command prices between 600,000€ and upward to 1.25 million euros. Property owners in the centre of Menorca; namely Es Mercadal and Fornells, where you will find predominantly historic country houses in the traditional Menorcan style, can demand a price tag of up to 2.5 million euros.
Located in the east of Menorca are the towns of Es Castell and Sant Luís, where you will also find high-quality properties for sale. The most popular area is Biniancolla, where you will find properties for sale for over 500,000€. If you prefer to buy a villa take a look at Alcaufar where there are high quality beach villas available. Country estates can be found for sale outside Es Castell, with a purchase prices ranging up to 1.8 million euros.
For buyers and investors, Menorca a safe haven even in the face of the pandemic, remains an excellent property location option. Discerning buyers continue to invest in property in Menorca and high demand and stable property prices are expected to continue into the future. Would you like more information, facts and figures regarding the real estate market and other developments in Menorca? Then please click here for the Engel & Völkers MENORCA MARKET REPORT 2020/21.
Team Engel & Völkers in Menorca keeping you in the loop – we look forward to helping you further regarding buying or selling on Menorca. Contact us today!