The prices of luxury homes in Mallorca have risen sharply in June. Foreign buyers drive up prices, according to Bloomberg.
The prices of luxury properties in Mallorca increased sharply in June. Photo: ENRIQUE CALVO / Reuters / NTBPublished: Published:
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– We have had our second best year since we came to the island over 20 years ago, says managing director Florian Hofer of the German real estate company Engel & Völker in the Balearic archipelago to Bloomberg.
Since the pandemic, the company has experienced increased demand for housing in Mallorca, which in turn leads to strong price growth.
According to the estate agency Savills, prices for luxury homes increased by 15 per cent in the past year.
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Lots of foreigners
People from outside Spain accounted for 36 percent of property purchases in Mallorca and the neighboring Balearic Islands in the fourth quarter of 2022, according to Bloomberg.
– The majority are British buyers looking for holiday homes, says Alice Storrie in Savills to the news agency.
Since United started direct flights to Palma from the USA, there has also been a strong growth in American buyers, according to Storrie.
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– Hot
– The market is very hot, and homes in the 4-5 million euro price range are moving quickly, says Storrie.
The homes in Port Andratx in the south-west of the island were put up for an average of 5 million euros last year, according to Engel & Völker. In comparison, the average was 4.5 million the previous year.
There has been concern that the galloping prices are squeezing out locals. Earlier this year, it was discussed to ban people who do not come from the islands from buying up property, wrote The Guardian.
2023-08-07 20:31:05
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