Business increases by 79% in Mallorca
Without doubt, Mallorca is one of the key places that has shown great results for the German real estate company in Spain. With 16 offices across the island and an experience of 25 years, the volume of transactions is almost a third of the total recorded by Engel & Völkers in our country. In the first half of the year, the company brokered real estate amounting to 218.97 million euros, which represents an increase of 79% over the same period last year.
Among these sales, the most expensive property in Spain was sold by Engel & Völkers. The property, for which, 7.8 million euros was paid for, was located in Puerto de Andratx. This further strengthened the reputation of the company and proved that it's not only the most successful real estate brokerage in Spain, but it also ranks second as the best independent German company in the world.
The Mallorcan property market remains in top form and proof of this is in the average selling price obtained by the real estate on the island between January and June, which stood at 1.3 million euros. That's more than double for the entire Spain.
The profile of buyers is a mixture of various nationalities, including British, which continues to invest despite the recent volatility of sterling. Florian Hofer says: "As a result of Brexit, we have witnessed a significant increase in requests about properties through the Internet, which in some areas, the demand for information about properties has tripled." Florian Hofer, the director of Engel & Völkers Baleares, sees this as a clear indication that buyers are looking for a stable and safe place to invest in the real estate market.
The Balearic Islands have always been a major attraction for German, Scandinavians, and British. These customers are very interested in quality properties in exclusive locations. It is because of this high demand from foreign buyers that Mallorca has registered a double digit price increase in the first half of the year. The areas that attracted greater interest are on the southwest of the island, where prices have soared by 50%, followed by Palma and Son Vida, where the price increases were at around 10%.