Majorca ended 2022 as one of the top 25 most luxurious holiday destinations in the world and the increasingly popular destination to buy luxury property for sale in Spain.
The boom in sales of luxury real estate in Majorca over the last few years has had a huge impact on its property market, presently, one of the strongest in Europe. Savvy investors are reaping financial reward and securing healthy and safe future investment for their money. If you are looking to make a luxury property investment in Mallorca then 2023 is the year and here is why...
Mallorca, beautiful Mallorca. An island so rich and diverse. Its varied and colourful landscape a mix of quiet rocky coves, azure blue crystalline waters, fine sandy beaches, open flat land populated by olive groves, almond blossom and fruit trees. Majestic mountains holding secrets to be discovered looming over a sparkling sapphire sea. A capital city with a rich history reflected in its exquisite architecture. Charming fishing villages stood still in time. Roads made for driving that cut through striking scenery, stunning sunrises, spectacular sunsets and a clear skies strewn with silvery stars.
A Mediterranean lifestyle benefitting from 300 days of sunshine a year, a mild climate in winter, an abundance of fresh island produce, fine dining experiences, safe crystal clear bathing waters and outdoor living and entertaining are at its core. It’s home to some of the best golf courses in Europe, designer shopping and is the perfect yachting and water themed activity playground.
It’s infrastructure, one of the best in Europe with great road and public transport connections, modern day services available throughout the island, first class medical and educational facilities and its international airport Son Sant Joan now offers direct flights to 167 countries. On top of the emotional interest and quality of life benefits, it is also deemed a ‘safe place’ with a relatively low threat from terror attacks, political and religious unrest.
The popularity of this charming and rich little island has become the choice destination for global investors to buy luxury real estate in Mallorca. The pandemic made investors consider medium to long term investments such as luxury property, in place of shorter term market and trade investments which have become less stable. Super high end luxury real estate with the value of €10M and above is an increasing trend and there is now a rise in demand for luxury properties for sale in Mallorca of €20M and above, a trend coming from new markets amongst American and Scandinavian investors. The result of this international demand is consistently increasing prices, which of course, makes this island an even more attractive prospect for investors.
In the last couple of years alone, property prices in Majorca have rocketed. Mallorca is home to 4 of the top 10 most expensive luxury villas within the whole of Spain. The most popular locations to buy a luxury frontline villa with direct sea access in Majorca are Puerto Andratx, Camp de Mar, Santa Ponsa, Bendinat and Portals, with many potential clients wanting to invest more than €8 million euros into property here. The highest increase of ROI in the luxury property market has been in Palma, where the price has gone up 29.1%, the biggest percentage rise for a Spanish capital city property investment.
A luxury villa with sea view for sale on the coast in Mallorca is becoming more expensive. The strict Spanish coastal protection legislation and restrictive building regulations throughout the Balearic Islands has protected the over expansion of real estate developments on the first line, limiting its supply and increasing its value and desirability. A premium location like this in Majorca can almost double the value of a property, depending on the region. The most expensive location is south west Majorca where a first line to the sea luxury property for sale with panoramic views can cost just over 100% more. Although a higher initial investment is required to buy a luxury villa in such a prime location, the benefit to this privilege is security and long term growth of your property investment in Mallorca. Because of these advantages, asking prices and agreed sale prices have never been closer and it really is a case of the higher the investment, the higher the return.
Those seeking a financially healthy real estate investment are coming to Mallorca from UK, France, Germany, Netherlands, Belgium and Nordic countries and also from China, Russia, Eastern Europe, USA and Latin America, a proportion of whom are investing into the Golden Visa Spain. This is a Spanish property visa that, for a minimum property investment of €500,000, affords the investor and their families the right to live, work, trade and travel freely throughout the Schengen state in Europe, be granted Spanish Residency and eventually Spanish Citizenship - an increasingly attractive prospect to international business owners and large companies wanting to expand trade into Europe.
There has never been a more attractive time to buy luxury real estate for sale in Mallorca. This prime location is a safe haven in which to make a luxury property investment in Spain, with prices and ROI expected to continue to rise in 2023. All indicators for the future of this Spanish property market are looking very positive, with luxury real estate for sale in Majorca continually proving to be a wise, multi beneficial and excellent choice of investment.