This is an exciting area south east of Palma, which is ripe for further investment with improved infrastructure and new highways. Recently, the area has attracted investment by hotel groups with the established Son Antem Marriott Resort and the luxury Son Julia Hotel. This spring, Hilton will open its first hotel in the Balearics here.
In 2007 prices increases in all categories by 3 -10%. The most requested properties are any first line penthouses or vil-las and properties that need renovation. Prices of villas start at around €500,000 up to €2 million and apartments will average €300,000. Fincas can range from €850,000 to €1.6 million depending on plot size and location.
Here the Spanish dominate the market (65%) followed by Germans (25%) and the British buyer is just starting to discover the area and accounts for 5% of the current market. The rest of the market is made up of a mix of Scandinavians, Swiss, Austrian, Dutch and Belgian.
The majority of buyers are aged over 50 and 65% are buying a first home with 30% of buyers looking for a holiday home. The Spanish will spend an average of €350,000; the German buyers spend an average of €1 million reflecting the fact that many of them will use this property as a first home. British buyers spend an average of €650,000.
The most requested areas are: Son Veri Nou, Cala Blava, Vista Alegre and Son Monserrat. However, the local office reports that the entire region is still well priced bearing in mind its close proximity to Palma, it is an interesting area for investors particularly for front line sea side properties and historical houses.
Llucmajor Property Prices
|TYPE||AV. PRICE €||PRICE INCREASE 2006 VS. 2007||AV SALE PERIOD IN MONTHS|
|Villa with views, 4 bed, 350m2||1.200.000||10-15%||6 – 18|
|Villa no views, 4 bed, 350m2||750.000||5-8%||6 – 18|
|Apartment with views, 2 bed, 100m2||475.000||10-15%||6 – 18|
|Apartment no views, 2 bed, 100m2||265.000||5-10%||6 – 18|
|Country house, 3 bed, 350m2||1.100.000||8-12%||6 – 18|
|Townhouse, 3 bed, 180m2||375.000||5-8%||6 – 18|
|Plot m2 (rustic / urban)||15/600||5-8%||6 – 18|