Have you Caught the Balearics Bug?

Young couple playing in water at beautiful beachAs an already established holiday hotspot, it is no surprise that Mallorca and the neighbouring Balearic Islands are currently some of the hottest places to buy overseas property in Spain.

So far this year, the Balearics have enjoyed a boost in both tourist numbers and property sales.

According to the most recent data from travel performance marketing engine Sojern, Mallorca was one of the top destinations searched for during the second quarter (Q2) of the year.

Analysing international travel behaviour, Sojern found that Palma de Mallorca was the third most searched for destination by holidaymakers in Europe. The firm forecasts that Palma de Mallorca will be the leading short haul destination for Q3.

A Spanish specialist at the Overseas Guides Company, Laura Richards, agrees: “The Balearics have just about every corner of the market covered and can accommodate everyone. The Spanish royal family and celebrities are regulars in Mallorca, but so too are your typical families on their summer beach holiday.

“Then there is Ibiza, which attracts the hip young jet set, as well as arty types, who can hide away on the hillside somewhere. And Menorca’s laidback charm suits those after a more tranquil Mediterranean experience.”

Additionally, figures from Spain’s National Institute of Statistics (INE) show that property sales in the Balearics are growing at a faster rate than in any other part of Spain. By May this year, sales were up by 39% on last year.

The Sales and Marketing Director of developer Taylor Wimpey España, Marc Pritchard, responds to the data: “We have certainly experienced a growing interest in property on Mallorca as it becomes a prominent must-visit destination on the international stage. As popularity for the island continues to grow, we are determined to provide an array of high quality properties in locations that reflect the best of Mallorca’s culture, as well as its coastline.”

Reflecting this sentiment, international estate agent Engel & Völkers reports a huge 79% annual growth in sales in Mallorca for the first half of the year.

The Managing Director of the firm, Florian Hofer, comments: “In the aftermath of Brexit, our internet requests for property have increased, and in some shops, requests have even tripled, including requests from the UK.”

Hofer believes that this is a clear indication that buyers are seeking a stable and safe place to invest in overseas property.

The Balearic Islands have always been popular with German, Scandinavian and British buyers, who look for high quality holiday homes in exclusive locations.

Because of this demand, Mallorca has seen double-digit property price growth over the first half of the year, reports Engel & Völkers, which recently sold a property for €7.8m in Puerto de Andratx.

The areas attracting the greatest interest are in the southwest of the island,  where prices have soared by 50%, followed by Palma and Son Vida, where price rises of around 10% were recorded.

However, not all resorts in Mallorca demand high price tags – Puerto Pollensa is a favourite with British holiday homeowners. It is known for its beaches, marina, pretty old town and charming promenade.

Another option is the fishing village of Colonia de Sant Pere, on the northeast coast. Less than an hour from Palma’s international airport, it is an area famed for its outstanding natural beauty, particularly the Peninsula de Llevant Natural Park and beautiful coastline, including the white sandy beach of Sa Canova.

Have you caught the Balearics bug? If you do decide to buy a holiday home in Mallorca, remember to protect your new investment with market-leading Overseas Property Insurance from Insure My Villa.

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