Among the best deals in the Mallorca realty market today are luxury homes, despite the fact that all over the country prices for real estate are going down. This is due to the unique nature of the property market here on the island and the fact that it manages to retain its attractiveness to investors and rich homeowners alike.
Going up and down the coast of Mallorca one can easily spot the success of luxury homes on the island, with hundreds of beach homes perched high on the rocky coasts and glinting in the Balearic sun to the pride of their owners. There are so many luxury homes here that there is a local market for them and their demand and value seem to be very little affected by the recession.
A testament to the island’s popularity is also the large list of celebrities who bought luxury homes here: Rafael Nadal, Michael Schumacher, Annie Lennox, Michael Douglas and Catherina Zeta-Jones. The most popular regions are Puerto Portals and Andratx which are full of modern houses while the region of Palma and Puerto de Soller has more traditional homes known locally as fincas.
In fact, this is what the local real estate market is comprised of: either tastefully restored fincas or chic whitewashed houses with plenty of glass walls to take in as much as sunny weather as possible. This is considered to be one of the more active property markets in the Balearics islands, certainly much more dynamic than Menorca or even Ibiza where properties tend to stay longer on the market, sometimes even for years.
The idea is that even if prices for luxury property have decreased somewhat in later years, the value is still there and that’s why many investors in realty are considering this an auspicious time to purchase of what can be considered bargain prices.