Increase in prices for luxury properties in Mallorca
In the first half of 2015, prices have continued to increase by 10-15% for real estate in the international luxury segment. According a study up to 12,000 € for the square metre will be paid. This trend is also confirmed by the chamber of real estate brokers in the Balearic Islands. The buyers of these luxury properties are primarily Germans, British and Scandinavians. There is especially great interest among the buyers for objects in the areas of Port Andratx, Bendinat, Santa Ponsa, Portals Nous and also Pollenca. Furthermore, there is also a high demand for luxury real estate in the historic center of Palma and the residential district of Son Vida.
According to the Chamber of construction managers, the interest in luxury real estate on Mallorca is also reflected in new construction projects. So there are seven of ten new buildings in the Balearic Islands villas. From 386 completed construction projects in the first half, 269 project were villas, 26 townhouses and 91 apartment buildings. On the other hand, developers with projects for apartment residences have problems because of funding difficulties. Also there is a huge amount of bank properties on the market which still need to be sold.