Mallorca properties – outlook for 2017
Property prices in Mallorca have been rising again quite significantly for the last 3 years. The island is one of the safest investment locations in Europe. The dramatic global political situation clearly favours Mallorca and the low interest rates from the banks ensure that plenty of investment is being made in real estate. The property market in Mallorca has undergone a revival - attractive villas and fincas in privileged locations are no longer easy to buy, and in some areas, such as the old town of Palma or the Santa Catalina district, it is difficult to find anything at a reasonable price. Prices in the luxury segment will continue to rise in the coming years and demand is enormous. With the continuing tourist boom, the trend increasingly moves towards private accommodation and the main reasons are obvious - the attractiveness of the island, excellent accessibility and the tense political situation that continues to affect countries such as Tunisia or Turkey. In addition, the property price rises are an important factor to take into account. As a result of the post-recession reforms, the Spanish economy registered a growth of 3% in 2016, and maintains an upward trend. And finally, the wide range of nationalities purchasing properties in Mallorca also plays a role – whilst previously the market consisted of mainly German and British citizens buying holiday homes, today there are many interested clients from Sweden, northern Europe, France and even the United States and China who have now discovered the Mallorcan property market.