Pollensa property report 2008

Set against a dramatic mountain backdrop, the historic town of Pollensa remains popular with discerning buyers who love its colourful market, boutique hotels, restaurants and bars and summer concerts. Nearby is the Pollensa Golf Course and the Relais Chateau Hotel Son Brull and Spa.

Report prepared by local estate agents

Last year the market started to stabilise for apartments with little change in values but there was a significant increase for villas of around 8% and almost 12% for plots of land. There is also demand for top end unique historic properties with land. Most property under a €1 million sells within the year and prices are holding well.

The most requested property types are country houses, villas, townhouses and properties that need to be renovated. The buyer can expect to pay around €300,000 for apartment and up to €2 million plus for a top quality villa in a good location. The most requested areas are Vall d’Aixartell and Vall d’en March.

This area attracts a wide age range of buyers from 30 to 50 plus. The majority are buying a holiday home whilst 25% of investors rent out their properties. Many areas remain a safe investment although S’Ubach, Sa Pobla and Crestatx are particularly interesting for potential buyers.

Puerto Pollensa Property

Located a few kilometres along from Pollensa town, this traditional Mallorcan seaside resort is located north of the island and has benefited from the new motorway, which has dramatically reduced travelling time to around 40 minutes from Palma. Further north, via the mountain road, lies the magnificent Caribbean style beach of Formentor where one of the island’s first luxury hotels was opened.

A new road is currently being completed here to re-direct traffic for Formentor away from the town centre and the front line of Puerto Pollensa. The Hotel Formentor is currently undergoing extensive refurbishment and there is much interest in the immediate area as a result. The Port is popular because of its long stretch of clean, sandy beaches, good variety of restaurants and bars, its sailing club and the picturesque Pine Walk promenade around the top end of Pollensa Bay and it is ideal for families.

After large increases in property values, prices have now stabilised. Recently, demand has increased at the exclusive end of the market where clients are willing to spend large budgets on penthouses with sea views and properties close to the beach. The majority of buyers are British or Spanish and 95% of all buyers are buying a second home. Although the average spend is around €550,000, there are plenty of buyers spending €2 million plus for a large finca or villa with direct access to the sea. The most requested areas are Formentor and properties along the Pine Walk and the beachfront.

There are still some good buys for apartments in the town of Puerto Pollensa. Furthermore, with such little land available for construction, plots are potentially one of the best investments here.

Pollensa Property Prices

Villa with views, 4 bed, 350m21.800.0008-12%4 – 8
Villa no views, 4 bed, 350m21.000.0006-8%6 – 12
Apartment with views, 2 bed, 100m2300.0006-8%6 – 12
Apartment no views, 2 bed, 100m2220.0002%4 – 8
Country house, 3 bed, 350m22.100.00010%4 – 8
Townhouse, 3 bed, 180m2690.00010%4 – 8
Plot m2 (rustic / urban)45/38010-12%4 – 8

Puerto Pollensa Property Prices

Villa with views, 4 bed, 350m21.850.0008-12%4- 8
Villa no views, 4 bed, 350m21.400.0006-8%6 – 12
Apartment with views, 2 bed, 100m2580.0006-8%6 – 12
Apartment no views, 2 bed, 100m2210.0002%4- 8
Country house, 3 bed, 350m22.200.00010%4- 8
Townhouse, 3 bed, 180m2
Plot m2 (rustic / urban)45/37510-12%4- 8

About Mark Stücklin

Mark Stücklin is a Barcelona-based Spanish property market analyst, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008). He can be reached by email on ms@spanishpropertyinsight.com. All articles published in good faith as a general guide but no substitute for professional advice. Please read the SPI disclaimer

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