The transformation of Palma de Mallorca’s beach area will give it an ‘urban resort’ feel like Barcelona and Miami.
Playa de Palma – a five kilometre stretch of coastline to the south east of the city and near the airport – has a bright future and compelling investment case as the area goes more upmarket, claim local agents.
Engel & Völkers, a global network of estate agents, has opened its first Residential Property Shop on Playa de Palma, to take advantage of the area’s potential.
“Playa de Palma is currently undergoing transformation into a quality city beach area on a par with urban beach regions such as Miami South Beach,” says Terence Panton, Managing Partner of Engel & Völkers Palma Beach. “It’s great for this particular region of the island to experience such a renaissance.”
Led by the Palma Beach Consortium, millions of Euro are being invested in the area upgrading hotels, restaurantes, cafes and shops. Just 10 minutes from the city centre, Palma Beach already has a selection of four and five-star hotels, a golf course, and two marinas.
Playa de Palma house prices
House prices in the Playa de Palma area are relatively low compared to other areas in and around Palma, meaning a positive transformation of the area could boost prices, argue Engel & Völkers.
“Playa de Palma is one of the few areas of coastline on Mallorca where property prices remain moderate, in spite of the close proximity to the sea, the international airport and the capital,” says Panton.
“This period of change is set to trigger a real boom in the property market in Palma Beach. We forecast that prices will rise significantly over the next three years. With this in mind, now is a good time to invest in property here,” he argues.
Prices for freehold apartments needing renovation currently start at around 1,500 €/m2. Premium apartments with sea views are fetching up to 5,000 €/m2. Villas currently cost upwards of 500,000 euro, depending on their location, state, size and amenities.
For properties for sale in Playa de Palma visit Engel & Völkers Palma.
