Property on the West coast of Mallorca

2008 report

This report was prepared by Engel & Völkers, a real estate agency with offices in many of Spain’s most popular destinations. It is reproduced here with permission. More information on Englel & Völkers

Mallorca West Coast Properties

The sheer beauty of the Mallorca’s wild, west coastal area and magical light has been attracting artists to the region for many years and the VIPS among them have contributed enormously to gaining international publicity for the region.

Here properties tend to be traditional, in the Mallorcan style although recently there is evidence of more contemporary design property coming onto the market. There are also many grand historic houses as the region has a long history of wealth and trade, particularly with France and this influence can be seen in areas such as Soller Town.

Last year, a project to restore the Port of Soller was completed and military buildings around the port on the seafront were knocked down. In addition, a new tunnel was completed to take traffic away from the Port’s promenade area. At the same time, the Dubai based Jumeirah Group of hotels, announced that it had bought the existing site of a partially constructed building high above the harbour entrance to the Port, to convert this into Spain’s most exclusive hotel.

The region has always attracted a wide spread of international clientele who love its distinctive traditional Mallorcan atmosphere which is maintained by the local community made up of some of the oldest local families on the island.

The market here is very stable and in 2007 in most property categories prices stayed the same or increased slightly. The average price of an apartment is just under €400.000 rising to over €1 million for a villa. Townhouses are in demand and average around €600.000. There is also a lot of interest in restoring properties old properties, which can be picked up for around €385.000.

Currently the main markets are British (40%), German (20%) and Spanish (20%), followed by a mix of Swiss, Scandinavian, Dutch, French, Irish, American and Russian. Over 80% of all clients are buying a second holiday home and the majority (60%) are aged between 40-50. The Spanish spend an average of €690.000 on a property, followed by the British €550.000 and German €430.000.

Although nothing dramatic is happening here but there is a feeling that the best is yet to come and future indicators point to the excellent potential of this region. The local offices advise buyers to investigate in Puerto Soller and the classic villages of Deia and Valdemossa.