Property experts expect Mallorca to lead Spanish property revival

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Mallorca to lead Spanish property revival

Property buyers are shunning the mainland of Spain and looking instead at the Balearic island of Mallorca that has seen enquiries and visitor numbers increase in the last 12 months, according to a leading developer.

The reason, according to Ignacio Osle, sales and marketing director of Taylor Wimpey de España, is that the island offers something for everyone from sandy beaches to idyllic coves, traditional architecture and wide range of sports and leisure activities.

Palma de Mallorca, the island’s capital, has also recently been voted one of the five leading Spanish towns for travel and tourism in 2010 by Exceltur.

Over 21 million passengers pass through Son San Joan airport at Palma de Mallorca year making it Spain’s third busiest airport and in summer, the busiest. In response to demand numerous airlines have increased frequency and started new routes to the island making accessibility even easier.

Eastern Airways will be launching new weekly direct flights from London Oxford Airport to Palma this June, EasyJet is now operating a new flight from Manchester, tickets are on sale with Jet2.com from Glasgow to Palma and budget airline Ryanair will commence routes from Birmingham to the island this summer as well as a new national route from its base in Alicante.

In addition to air arrivals, Mallorca is also seeing significant numbers of visitor arrivals by sea with Palma receiving over 500 cruise ships last year, carrying some 1.3 million passengers. Docking in Palma has become so popular in fact that a designated berth is under construction at a cost of some €28 million by the Port Authority in the Poniente docks to accommodate up to five of the larger vessels.

One previous cruise ship regular, entertainer Claire Sweeney, stopped at Palma so regularly and fell in love with Mallorca so much so that she purchased a home at Cala Villas, just minutes from the capital.

The Balearics’ property market remains robust with a 145% increase in property sales in 2010 compared to 2009 recorded by the Public Works Ministry and Mallorca itself has the second highest average asking price in Spain at €428,300 according to the latest Kyero.com Spanish House Price Index covering the first three months of 2011.

Asking prices, however, have fallen over the last 24 months as the market has realigned and affordable properties are available. Taylor Wimpey de España is launching two new residential developments, Aires de Pollensa, just minutes from Pollensa beach in the north of the island and in respond to client demand, a new phase at Los Altos del Golf in Andratx, in the south west.

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2 Responses to “Property experts expect Mallorca to lead Spanish property revival”

  1. Don't forget the Canary Islands, thre is an all year round season so property investors have more income available for rentals and the tourist market here has been increasing rapidly of late.

    Reply
  2. Lemonvelvet

    If this is true how come we have not had one enquiry for our lovely 1st line apartment in Mallorca in the year it has been up for sale? We have reduced the price 3 times and it's now at a knock down price……..

    Reply

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