There is no denying that the property market all over Europe is registering a hiatus in increase, especially in countries where the growth was explosive in last years. Countries such as Spain, Portugal or Greece have been hit the hardest and even some islands that were tourist centers have began to feel the blows. An illustrative example is the Mallorca real estate market.
This year, there has been a decrease in the devaluation of property in Mallorca up to point of stagnation of prices, which is more than can be said about the properties on mainland Spain. Now, local realtors are trying their best to bring back customers to the islands and they’re especially eyeing the luxury market, the one that put Mallorca on the real estate investment map.
One special event the locals are using to their advantage is the Superyacht Cup, one of the very few superyacht events in the Mediterranean which this year reaches its 16th edition. Because the yachting event grows in importance and attendance from year to year, drawing more and more of the rich and famous from around the world, the local properties in Mallorca benefit not only from the exposure but also from the rising demands in accommodation.
Now, the local authorities are also trying to push a new program that advertizes Mallorca as a place for all seasons, not just for the summer months, which will undeniably have a positive impact on the Mallorca real estate.