9 reasons Mallorca property is in demand
Apparently nothing can temper the allure of Mallorca, the largest and most popular island of the Balearics.
Why does everyone want to own a house in Mallorca?
Mallorca property market figures
The real estate market in Mallorca has remained buoyant throughout the property crisis, which cannot be said for the rest of the country. It is stable and showing signs of a healthy and vibrant recovery after the boom and bust of recent years. House sales in the Balearics are now rising 32.3 per cent year on year (according to the National Statistics Institute).
Increased sales activity and growing optimism have been reported by Mallorca based real estate agents over the last 18 months, with more viewings and enquiries and faster sales turnover than the previous year. Property prices which were forced to dip around 15-30% in some areas in Mallorca, compared with 40-70% drops in mainland Spain now appear to have bottomed out and are beginning to creep up again, presenting an auspicious moment for house buyers and investors in Mallorca.
It isn't difficult to see why either. Mallorca packs a great deal into its relatively small frame.
9 reasons why Mallorca property is in such high demand
Amazing Mediterranean weather
Possibly the biggest draw of all, a climate which offers 300 days of sunshine a year a mere 2,5 hours flight from the UK and most major European cities. There are rainy days of course (65 of them to be exact) but easily avoided and apart from the dramatic rainstorms of recent weeks, the rainy season tends to be during the winter months.
Cosmopolitan lifestyle and community
One of the main reasons Mallorca presents itself as such a strong candidate for property investment abroad is that the island is a melting pot of nationalities and continues to draw visitors from Europe and all over the world. This keeps the Mallorca property market active and dynamic and draws a continuous flow of funds through the island.
Limited building space
Mallorca's varied natural landscape, strict building laws in protected rural areas and reduced size create a powerful mix, with high demand for limited space and property changing hands rapidly as opportunities arise. Increased sales activity reflects this growing trend, prices continuing to rise as demand outstrips supply.
Good connections and infrastructure
Mallorca has come a long way since its 80's hangover of sun and booze, evolving into the chic, modern luxury destination it is today. The fallout however has left the island with some very positive side effects, namely, a strong infrastructure and excellent flight connection links to the rest of the world. Palma de Mallorca's large, revamped, international airport receives tens of millions of visitors a year, with a large percentage of them renting a car and taking to the roads and new motorways that crisscross the island from point to point.
Wide choice of property listings
Mallorca is undoubtedly a prime real estate market because of the vast and varied choice of property for sale. Buying property in Mallorca doesn't mean you have to buy a villa, a chalet or a bungalow on the beach; you are not limited to any particular type of house nor to any specific area. From ancient townhouses hidden down cobbled village streets to luxury pads perched on hilltops overlooking the sea, modern apartments and rambling country estates, villas with pools in gated residential areas and remote farms in the Tramuntana foothills, there are bargains, investment opportunities and new lives to experience dotted all over the island, in the olive and almond groves and along the golden coastline of this magnificent Mediterranean island.
Communications and internet providers
Palma has modernised significantly over the past 20 years and can compete today with most European cities, the island however is rural in areas and there are remote parts which are less well connected than others. having said that, most of the larger towns and villages have good internet access, fibre optics and communication networks.
Strong sales and rentals market
Real estate agencies provide expertise and local know-how, as well as connections to English speaking lawyers, financial consultants, banks and architects. Their experience in the property market makes the buying process easy and hassle-free, and often necessary given the intricacies of Spanish bureaucracy.
International & local schools
This may or may not be a priority for you. Some families moving to Mallorca wish to school their children in English speaking schools, sometimes because they feel they offer a better quality education and others because they are not certain how long they will be staying on the island and don't want to put their kids through the stress of a new language. Local schools vary but the level is generally mediocre and teaching methods are antiquated, while the international schools tend to offer a more open minded attitude and advanced teaching methods. Having said that, the benefit of sending the kids to a local school is that they will learn Spanish and Catalan fluently in no time at all.
The majority of the international schools on the island are located in the south. If it's the north of the island you are after, then you will be happy to know about My School, the area's new international primary/secondary school in Crestatx, which opened 2 years ago and is receiving glowing reports.
State of the art hospitals & clinics
Serviced by several private and public hospitals, the island offers excellent medical care and affordable private health cover. Though the largest state hospital Son Espases is in Palma, as is Son Llatzer, on the road to the airport, the north of the island has the new Inca hospital as well as the private hospital of Muro. For local GPs and emergency care, every town and village has a drop in PAC clinic.