A combination of rising construction costs and demand outstripping supply on the island of Mallorca is encouraging property buyers to act fast to secure the homes they want on the island, according to leading Spanish home builder Taylor Wimpey España.
The price of steel, cement, roof tiles and other construction materials surged across Europe in 2021 due to shortages of supply. Now, though supply issues are improving, rising energy, labour and freight costs continue to push up the cost of construction, according to the Construction Leadership Council.
“It’s becoming more expensive to build homes. In simple terms, this means that buyers who pay today’s prices are likely to be getting a good deal compared to what they would pay in, say, a year’s time. This makes buying off plan particularly appealing, as the buyer locks the price in now.”
Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España.
On the Balearic Island of Mallorca, demand for homes is outpacing supply, which is pushing prices up further still. According to Tinsa, the Balearics saw prices rise by 6.7% in the year to February 2022. With inflation rising around the world as well, the ‘safe haven’ of putting money into property is once again increasing its appeal.
But it’s not just monetary considerations that are driving interest in property ownership in Mallorca. TripAdvisor’s 2022 Travellers’ Choice Awards ranked the island among the world’s top ten destinations for sun seekers, while its Playa de Muro beach ranked as the third best beach in the world. Mallorca’s stunning beaches and family-friendly vibe are also attracting so much interest from tourists that the island was ranked as TripAdvisor’s number one trending destination in the world for 2022. That means Mallorca has seen more year-over-year growth in TripAdvisor reviews and ratings that anywhere else on the planet. And when visitor numbers increase, so does demand for second homes.
When it comes to those Mallorcan second homes, buyers are very keen to buy new, according to the Taylor Wimpey España team. Across Spain generally, in fact, buyers are seeking new homes rather than those that have been owned previously and this is being reflected in property prices. The cost per m2 of new properties rose by 3.0% during the last quarter of 2021, according to the College of Registrars, while the cost of used homes fell by 0.2%.
“Buyers are looking for open spaces and larger homes in which they can work as well as enjoy their leisure time. Properties with communal areas and plenty of room to enjoy the fresh air are very popular right now. We’re also seeing buyers prioritising energy saving and sustainability, which is further driving up demand for new homes rather than older properties.”
Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España
The focus on buying new doesn’t mean that families are limited in their options when looking for properties in Mallorca. Taylor Wimpey España is building everything from apartments close to the beach, to homes in a traditional village, to detached villas with private pools.
At Senses Cala Anguila, near Porto Cristo on the east coast of the island, two-bedroom apartments surrounded by communal gardens with a pool are providing buyers with easy access to the beach. Priced from €350,000 plus VAT, the homes are adjacent to the gorgeous coves at Cala Mandía and Cala Romántica, with their crystalline waters, white sands and spectacular scenery.
For buyers looking to enjoy traditional island life, The Village at Es Capdellá ticks all the right boxes. The ten semi-detached houses are built in authentic Mallorcan style, offering three spacious bedrooms, two bathrooms and spacious living/dining rooms that open onto southwest-facing terraces. Full of natural light and with lovely private gardens, including private pools, the homes are priced from €740,000 plus VAT.
Las Villas de Dalt de Sa Rápita, meanwhile, on Mallorca’s southern coast, provide contemporary, minimalist detached homes with three bedrooms and three bathrooms. Each villa features larger terraces, a private garden and private pool. Just a kilometre from the lovely Es Trenc, Ses Covetes and Sa Rápita beaches, the villas offer the perfect escape from modern life. Prices start at €670,000 plus VAT.
For more information, please contact Taylor Wimpey España on 08000 121 020 or visit https://www.taylorwimpeyspain.com/.
If you reside outside of the UK, you will need to call 00 34 971 706 972.