That the luxury real estate market in Baleares knows no crisis is an indisputable fact, and contrasts the fact that the purchase and sale of homes worth over one million euros have been kept upward during the economic crisis, being Mallorca leader of such transactions to foreign nationals causing a significant rise in prices. Baleares closed 2015 with more than 3,000 foreign nationals transactions amounting to exceed 1,000 million euros.
According to a recent report published by Idealist prices, the price of second-hand housing in the Balearic Islands has experienced this year an increase of 3.3% to stand at 1,874 euros per square meter. Spain's most expensive house is located in Palma, with a price of 39.5 million euros.
Prices have risen between 10 and 15%, areas that concentrate greater predilection are the southwest of Mallorca, such as the Port d'Andratx, Bendinat, Portals and Santa Ponsa, Port Andratx being the most desired area, even the appearance of a new segment in such properties, which is around five million euros. Behind are some municipalities in the north of Mallorca and Palma and Pollença.
The same report highlights Puerto de Andratx as Balears area with the highest average price of existing homes, with 2,830 euros per square meter. In the case of Calvia, the average price is 2,464 euros per square meter, and is followed by the Port of Pollença with 2,144 euros. In Palma, the average price is 1,865 euros per square meter.
The biggest increase has occurred in Andratx with an increase of 8.3% over 2014. This is followed by increases of Port d'Alcudia (5.0%), Calvia (4.2%) and Mahon (4.1 %). In Palma de Mallorca the rise was 3.3%. On the other hand, are the falling prices of Inca (-4.2%), Manacor (-2.1%), Llucmajor (-0.7%) and Colonia de Sant Jordi (-0.5%).
Port d’Andratx resort is the perfect choice for property investments in Mallorca. Property for sale in Puerto Andratx are perfect if you want to enjoy a lifestyle in an international location and like to be close to the glamorous yacht club. If you´re interested on it contact PortAndratx.com this website is part of the Balearic Properties Real Estate Network, exclusive for clients looking to buy a house, villa or apartment in the most exclusive area in Mallorca.
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