Buy property in Mallorca for foreigners – one of the best options. Mallorca is a “state within a state”, it has its real estate prices, is a calm haven that is not affected by crises. Mallorca is traditionally included in the ranking of the most expensive regions, second only to Madrid, Barcelona, and the Basque Country.
Island overview
Mallorca is the main island of the Balearic archipelago located in the warm Mediterranean Sea. Mallorca is a warm island, heating costs are much lower than, for example, in Germany. The island is a favorite vacation spot of Hollywood and movie stars. All conditions for obtaining a “Golden Visa” and a residence permit have been preserved.
The attractiveness of Mallorca
- Good infrastructure.
- More than 325 sunny days a year.
- High level of security.
- Favorable ecology.
- Thoughtful management.
- Advertising policy to attract investors.
- The status of a Premium class resort.
In the real estate market in Spain, prices may decrease, often in other areas of the country there is even a decline in demand. Prices on the island never fall and stay at the same level. Many investors use this fact as a tool to save capital and earn money.
This region is well known in the world, and has received sacred significance as a symbol of luxury and he high cost of real estate. The elite resort continues to attract the attention of investors. The market after COVID-19 began to grow again, and foreigners are interested in the predictability and growth of their investments. In 2023, Mallorca real estate prices show a positive trend, which will continue in the foreseeable future.
In the Balearic Islands, even during the pandemic in 2021, there was no decrease in demand (growth +1.21%). In the European Union, real estate prices have dropped significantly.
At the beginning of this year, the average price per square meter was 3.7 thousand euros. Over the past year, prices have increased by more than 10%. For Spain, such an indicator is a record, since the growth in the country was only 5%.
Currently, the economy is not doing so well in the European Union. In Germany, for example, energy prices have increased significantly, which means that mortgage interest rates have increased. All this has led to the fact that the cost of housing has decreased, as well as a lot of purchases.
Price dynamics
There was an opinion that, since Mallorca is an island, there is always a shortage of space there. Hence, an erroneous conclusion is made: the lack of building places generate an increase in prices. There is a lot of free land on the island. The real estate market of Mallorca is reliable and predictable, which cannot be said about the state of real estate in the European Union. The rise in prices for houses and apartments in Mallorca symbolizes the safety of investments.
One of the latest summaries of the Bankinter portal reads: the consumer price index in Spain for 2022 will be 7.2% against 6.51% for 2021. The forecast for 2023 is +4.91%. Many experts predict a decrease in demand for real estate in 2024 by 10-15%.
The situation in Mallorca is noticeably better than in the mainland part of the country. The increase in prices for new buildings in 2022 amounted to 11.1%. Many users in the European Union view the island as a kind of bank where they can keep their assets.
Inflation in Europe will increase in 2024. Last year, the cost per square meter in Mallorca was a record: 3.71 thousand euro m2, and the number of transactions increased by 14.1%.
Conclusion
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