Mallorca property market gains momentum

PROMOTION

With 25 years of service on Mallorca, Engel & Völkers are looking forward to another busy summer after record-breaking sales activity in 2015 for the firm.

There is no doubt in anyone’s mind that the property market on the Balearic island of Mallorca is thriving. According to Engel & Völkers Mallorca, with 16 offices across the island, the appetite for property across the board from entry-level apartments to Palma pied-a-terres and luxury seafront villas was on the move during 2015; the firm handled a total of €292m worth of transactions.

This marked a 40% increase in properties sold, with sales in the trendy south west of the island–where activity focuses around the glamorous yachting resort of Port d’Andratx–rising by 50% year-on-year.

The reason for this wave of success has, according to Hans Lenz of Engel & Völkers Mallorca, a lot to do with the ‘professional local know-how’ of the team. He continues: ‘We envisage continued interested from primarily overseas buyers fuelled by strong currencies outside of the Euro, the enduring appeal of Mallorca and the desire to own a place in the sun that is safe, secure and easily accessible.’

This rise in sales transactions has coincided with a record-breaking year in the island’s tourism industry. This is set to increase this year with the opening of several luxury hotels–not to mention the island looking spectacularly beguiling in BBC One’s recent adaptation of John Le Carré’s novel The Night Manager

Mallorca Hotspots in 2016

While the capital, Palma, Son Vida and the South West are expected to brisk with interested buyers this year, the news that Sir Richard Branson has acquired an estate in Banyalbufar on the west coast will, no doubt, focus interest again on the hill towns including Deià and Fornalutx–the latter is benefitting from better shops and cafes.

The team at Engel & Völkers also expect to see their buyers looking outside the traditional areas this year in places such as Canyamel, in the north-east, which represents good value for seafront properties and where there are some exciting new developments underway or nearing completion, as well as the opening of the new Hyatt Park this spring.

Meanwhile, the traditional hill top villages of Campanet and Búger, in the north of the island, are up and coming as they are within an easy distance of the buzzing resort of Puerto Pollensa. And, it’s worth noting that Cala d’Or, in the south-east, is becoming increasingly upmarket, and you can still find a villa with sea views in this area for €1.5m.

Search more beautiful houses for sale at www.engelvoelkers.com/mallorca

To download the latest market report, visit www.countrylife.co.uk/engelvoelkers