Mallorca Real Estate market
Mallorca Real Estate market
The Real Estate market in Mallorca is quite different to that in mainland Spain according to long-time resident Marc Pritchard Sales and Marketing Director at Taylor Wimpey España.
Smaller developments than on the mainland
First and foremost, whilst on the mainland construction companies such as Taylor Wimpey tend to build large volumes of property, this doesn’t happen in Mallorca and their latest development, (one of six under construction on the island), Es Voltor consists of just 13 two storey town houses.
This low volume high quality building strategy is working very well and Marc explained that sales of Taylor Wimpey properties in 2021, 2022 and 2023 were exceptional and the best in 65 years that the company has operated in Spain.
The majority of property that the company sells is generally to overseas buyers looking to settle in Mallorca and there is not a great deal of residential tourism especially after Brexit as British buyers whilst still present have reduced in numbers.
Taylor Wimpey has during its busiest years sold to buyers from some 50 different nations and perhaps unsurprisingly, Germany supplies the largest number of buyers, although there has been a great deal of activity from Poles who are looking to move to the island.
Rentals are expensive and purchasing affordable property can be difficult for local people with most builders concentrating on luxury properties and in Marc’s opinion the authorities should allow for taller properties to be built, especially in Palma and for large apartments often with four bedrooms to be turned into two, two bedroom properties.
Currently, the market is relatively quiet but as we move towards Easter, things will start to hot up but prospective buyers need to act early to reserve but be patient.
Buyers should act fast but be patient
Due to various reasons including a halt on building during the tourist season, the properties on the Es Voltor development are unlikely to be ready to complete until the end of 2025, as what should be a 12 month build will take 24 months due to stoppages and a further three months to obtain final building certificates.
https://euroweeklynews.com/2024/03/05/mallorca-real-estate-market/