View through a palm tree, and onto the sea…
And the mountains – they are gentle in the east and unexpectedly high in the west – up to one and a half thousand meters above sea level. And overall, as "Real Estate Digest" notes, a typically Spanish landscape, typically Spanish settlements, resorts, cities. Except with a discernible Catalan accent and slightly greater pretensions to what is now fashionable to call glamour.
Everything as everywhere, but slightly more expensive
In Palma de Mallorca, the island's capital, celebrated in modern hits, Barcelona is unmistakably recognizable. The same narrow medieval labyrinths of the Old Town (they say it is almost the largest surviving one in Europe), the same motifs in ancient architecture and lively avenues reflected in endless shop and café windows.
"For Sale" – the facades of many city buildings are plastered with banners, even in the almost museum-like nooks of old Palma, where sunlight enters mostly in reflected form. However, here you can find a small, about 130 square meters, but very sunny penthouse with a spacious open terrace overlooking the bay. And this pleasure of rising above the heritage of past centuries, "starting" from the first coastline, will cost just over €1 million. For half that price, you can acquire a small (up to 100 sq m) apartment in a historic residence next to the main cathedral of Palma, by the way, founded in the 13th century and redesigned interior by Antoni Gaudí himself. And for a quarter – a very tiny apartment of 60 sq m, but still within the same limits of the Old Town.
A genuine ancient castle put up for sale on Mallorca is also not uncommon. Such relics can still be found in the interior of the island in some tiny quiet settlements. So quiet that there is no point in equipping the castle with security systems – it already has high walls and sturdy doors that, they say, can be left open. Crime is completely absent in such places.
The price of a castle primarily depends on whether it requires renovation, has interior decoration and furnishings. And if the historical building itself can be purchased for €2 million, then decorating the interior to match the castle status will require an additional around €300 thousand. If a castle is unaffordable but interest in historical homes prevails, then for €500 thousand you can find a 300-year-old reconstructed townhouse with a small plot of land on the island.
In short, everything as everywhere and for every taste, sold and bought, taken and rented: apartments, flats, floors, villas. The latter are in particular demand among foreigners. And the location of the property, in all likelihood, does not play a special role: the maximum distance from the capital in any case will not exceed 100 km. It is worth noting that Mallorca is a very compact island. Its length from east to west is 96 km, and from north to south only 76 km.
The predominant type of housing on the island is mansions. Most often these are two- or three-story buildings stylized as ancient "castillos" with a small (1-2 hundred square meters) plot. Exteriors are characterized by white, ochre, less often terracotta tones with traditional splashes of decorative azulejo tiles. Tiled roofs, terraces with openwork balustrades, garages in ground floors, well-kept patios hiding private pools from prying eyes, their turquoise-blue "lenses" are clearly visible from an airplane window.
Some modestly hide behind the first and second lines of hotels in resort areas like Playa de Palma, others approach the very edge of the sea, for example, in the prestigious area of Santa Ponsa. However, both are mostly pompous in style, almost equally rivaling the architectural refinements of southern Spain, so popular among wealthy "homebuilders". Including in prices.
"The cost of Mallorcan real estate can be compared to prices in Marbella," comments Jacqueline Schlag, a representative of the Spanish real estate agency Link Immobilien. "And overall, real estate here is more expensive than in other regions of Spain. In general, in this sense, only the tourist zone of Spain is perhaps comparable to Mallorca."
Geographical "scale of values"
On Mallorca, apart from the capital, there are not many settlements, and relatively large cities can be counted on the fingers of one hand: Inca, Sóller, Manacor, Pollença. Only the coastal zone is quite densely built up. The majority of new construction takes place here. Moreover, the types of housing under construction largely depend on the region. So, in the south of the island, apartments are mostly built, in the central part – estates surrounded by large land holdings, and in the southern and southwestern zones adjacent to the capital, characterized by developed infrastructure, the main construction object is villas.
"The most expensive villas are located slightly northwest of Palma, in the area of Son Vida," says Jacqueline Schlag. "Here, wealthy clients buy homes, for example, Madrid bankers and top managers, affluent foreigners who are interested in maximum comfort, absolute security, respectable neighborhood with the most developed infrastructure: near the capital, international airport, and intersection of highways oriented to all corners of the island." Plus golf courses, a full-scale panorama of the Bay of Palma with a marina filled with huge luxury yachts, and also the ancient white stone Bellver Castle – a unique monument of military Gothic, hovering literally over the multi-million villas of Son Vida.
So, for example, the cost of a villa with an area of half a thousand square meters, with a full set of amenities and equipment on a plot of 2,000 sq m, will be €2-3 million here. At the same time, a villa of the same area occupying a plot of 6,400 sq m will cost €6 million, and a mansion on the first line in Sol de Mallorca – €7.5 million.
Among the popular southwestern destinations for wealthy buyers are Santa Ponsa, Port Andratx, and Valldemossa. The latter was once discovered for the rest of Europe by Frederic Chopin and George Sand, who spent an entire subtropical winter in its beauty. Today, this one of the most picturesque towns in Mallorca has been adopted by almost all the world's bohemians, including American actor Michael Douglas, who not only acquired a luxurious villa here but also opened his own cinema. By the way, not the largest villa in Valldemossa is valued at €3 million.
In contrast to the expensive, prestigious southwest, the cheapest real estate is concentrated in the east of the island. Although all this is quite relative. For less than €100 thousand, it is hardly possible to buy anything on Mallorca at all. The minimum price for a studio is €110 thousand, for a semi-detached house – €200 thousand. The cheapest mansion will cost €300 thousand. Exactly the same will cost the cheapest apartments on the coastline in San Pedro.
By the way, it is on the eastern coast of the island, in the town of Cales de Mallorca, that one of the largest construction projects is currently unfolding – a village of 333 mansions. Relatively small houses (two to three bedrooms) are fully furnished and equipped with everything needed for living, down to a coffee spoon. The price for a mansion in such a village starts from ?327 thousand.
“Foreign” preferences
A significant share of real estate buyers on Mallorca are foreigners – by and large, they have already explored the entire island. Although the attractiveness of the south and southwest is quite clearly structured in the overall demand on the Mallorcan real estate market. It is understandable – these areas directly adjoin the capital region with its international airport, seaport, developed road network and other benefits of civilization.
“The share of foreigners purchasing real estate in the southern zone of the island is approximately 50% of the total number of buyers,” specifies Jacqueline Schlag. “In the southwest, this figure is even higher, in some places reaching 75%. By national composition, foreign clientele is very diverse: Italians, French, Americans, Germans, English, Austrians, Swiss, Russians. And although among the latter I personally have only had one actual buyer so far, nevertheless, many representatives of Russia show increased interest in local real estate.”
Russians, of course, show interest. And not only in words, but also in deeds: if there is an opportunity to move somewhere to San Pedro, having previously sold their property, few would refuse such a prospect. Therefore, it is not surprising that the total share of Russian property in the total volume of Mallorcan real estate is growing and increasing. Although not at the same pace as with some other admirers of these latitudes, who are developing the island in whole “colonies”. The British, for example, have taken a liking to Magaluf – a resort town southwest of Palma. The Germans have “secured” the southeastern suburban direction – the resort area of Playa de Palma. Moreover, this is felt not only in the street crowd. Signs and advertisements, price tags in stores and restaurant menus are often duplicated in German.
The increase in interest in residential real estate in Mallorca only spurs already impressive prices, which, by the way, continue to rise. As, indeed, throughout Spain. According to forecasts, no stop is expected. “Prices for Mallorcan real estate keep increasing,” confirms Jacqueline Schlag. “A brief halt happened only once, when the euro was introduced.”