A brand new real estate investment is opening up in Mallorca, in Puerto Portals to be precise, a hotel of condos which is to be built on the site of the former 3-star Montemar Hotel. This new building will house 27 suites as well as 2 penthouses with prices ranging from 399,500 EUR to 1,650,000 EUR.
The old Montemar hotel has been providing accommodation to tourists coming to visit Mallorca for close to 40 years but it seems to have lived out its purpose and at the end of this year’s tourist season it closed its doors for the last time. It will be providing the structure for an ambitious project that sees it turned into a modern building with condominiums available for purchase.
The reasons the investors chose to keep the old structure of the hotel resides partly in the strict building laws that govern the Mallorca property market, while some other reasons may be more due to a financial situation. Regardless, the investors promise they will achieve the 4 star rating for the hotel and the condos that have planned.
There are many people already interested in one of the 27 condos each at 105 sq meters with an additional 100 sq meters in terrace area. The penthouses and the top floor condos seem to be attracting the most attention so far which the builder says will be decorated with Fendi designer furniture in a Mallorquin style.
However, once purchased, these condos have a special statute since the actual owner cannot use them for more than 60 days per year, the rest of the time having to operate as normal hotel rooms. The owner is entitled to 50% of the proceeds and the investors project the owners will get a full return on their purchase in roughly 11 years.
Already many of the condos have been reserved by Americansd, Brits, Germans, Swiss and Scandinavians.