Sotheby’s predicts bright future for Balearic property in 2013
In a “crisis” the wealthy tend to hold firm. According to Sotheby’s International Realty this is certainly the case and nothing can dent the love affair that well-heeled Europeans, and now Americans, Russians and Chinese, have with the sunshine and lifestyle offered by Mallorca and Ibiza.
Daniel Chavarria Waschke, Managing Director of Sotheby’s International Realty with offices in both Ibiza and neighbouring Mallorca, has been keeping a close eye on the property markets amidst so-called global crisis. “Ibiza had its recovery year in 2012, light years ahead of faltering markets on Spanish mainland, and is already ‘booming out’ again. Even off-plan and in-construction property is selling at remarkable pace, usually the hardest product to sell in a typical holiday home market as buyers tend to want something tangible and finished. This proves Ibiza’s reputation as a safe haven for real estate investment.”
This observation is substantiated nicely at the gated condominium resort of Cala Conta on Ibiza’s western coastline. 95% of phase one sold out off-plan in less than a year at prices of 1.6 million euros or more for each villa. Comparatively high prices are not putting buyers off, in fact Island-wide the most substantial homes are in greatest demand for 2013 – in particular from celebrities.
“Take the security-conscious gated community of Vista Alegre on Ibiza’s south coast as an example,” says Daniel, “Here a finished villa may sell for anything between two and 25 million euros but sales are brisk, with interest from all nationalities including a handful of footballers from the Spanish national team. Nine sales went through in 2011, when the Island was supposed to still be in a time of economic adjustment.”
Turning attention to Mallorca this, the largest of the Balearic archipelago, also has a bright future but is not quite out of the recovery stage just yet.
Daniel continues, “Mallorca is basically one year behind Ibiza in terms of recovery. At the top end of Mallorca’s property market the worst is over and actually never went through the massive corrections of mainland. Most luxury homes haven’t dropped more than 15% in price and some seafront apartments or villas with panoramic views have even increased in value. Whilst there are currently some great opportunities for buyers, once these have been snapped up Mallorca’s recovery will accelerate in 2013.”
Throughout the “crisis”, demand for holiday homes in Mallorca has remained high, largely due to the mix of nationalities involved. An easy two hours flying time from most northern European cities, more than 80% of buyers in Mallorca are not Spanish with German speakers such as the Austrians, Swiss and Germans (of course) featuring heavily alongside British and a recent surge from Scandinavia.
The Island is already blessed with stunning inland villages, beautiful coves, marinas and beaches, fertile agricultural plains, an impressive capital city, imposing mountain ranges and 24 golf courses, but, in 2012, things got even better. Mallorca has made a coordinated effort to orientate itself towards the most discerning clientele with Philippe Starck-designed superyacht marina Port Adriano, the self-styled “sexiest place on earth” Nikki Beach and Jumeirah Port Soller Hotel & Spa all opening in 2012.
The venues are proving to be a hit, in particular, with the Russians, 200,000 of whom visited Mallorca last year - out of almost 23 million passengers using Palma International Airport. The Airport itself has been extended and refurbished with brand new flights for 2013 including London Heathrow, Vienna, Helsinki and Belfast. In a similar fashion to Mallorca, Ibiza is also enjoying a surge in flights with British Airways adding a direct London Heathrow service to their hugely popular London Gatwick and London City Flyer timetables. The Balearics have never had it so good.
On the Market Mallorca:
Ref 5724 – Penthouse, Cala Moragues, Andratx, Mallorca
Stunning southwest facing contemporary penthouse with incredible sea views from ample terraces. Just two minutes drive from the harbour side bars and restaurants of Port Andratx, this home is in a select, newly completed community with two swimming pools set in lush gardens. The bright and sunny home has a lift from road level to the entrance and into the spacious living room with fireplace, dining area and fully fitted American-style kitchen. The master suite has sea views and there are two further bedrooms, bathroom and guest WC. A covered dine-out terrace accesses the vast roof terrace with summer kitchen – all with sound system installed. Two parking spaces complete the offer.
Three bedrooms, three bathrooms
Built area 145m²
Price 990,000 euros (approx 832,000 GBP)
Ref 5801 – Villa, Port Andratx, Mallorca
South facing newly built villa in Cala Marmacen, Port Andratx, with panoramic views of Dragonera national park and the Mediterranean. Offering absolute privacy, to include a guest apartment with en-suite bedroom and separate entrance, the property is set in a quiet residential cul-de-sac populated only by luxurious villas. The ground floor has an open plan kitchen-dining set-up and a large living room with fireplace opening onto terraces. One has a sauna with sea views, a small gymnasium and outdoor lounge whilst the other has a wide covered porch. Upstairs there are three en-suite bedrooms, the master having a large sun terrace. Fully, and tastefully, decorated and furnished, the property also has a heated infinity swimming pool, underfloor heating, exterior and interior sound system, a spacious garage and enough room to install a lift in the stairwell.
Four bedrooms, four bathrooms
Built area 500m², Plot size 1,000m²
Price 6.85mn euros (approx 5.75mn GBP)
On the Market Ibiza:
Ref 5512 - Villa, Jesus, Santa Eulalia del Rio, Ibiza
Stunning modernistic whitewashed villa conveniently located just five minutes from the vibrant town of Nuestra Señora de Jesus with its restaurants, cafés, golf course as well as Talamanca Beach and Ibiza Town’s smart Marina Botafoch. Accessed by a private road, the brand new property is built on one level with the ample entrance leading to a very large open plan living room with separate dining area flooded with light coming through floor to ceiling windows. The kitchen is completely equipped with Gaggenau appliances and a separate TV room and double bedroom are ideal for guests or service accommodation. A hallway leads to four double en-suite bedrooms, all of which have access to the exterior. Outside, the southeast facing gardens contain an attractive lap swimming pool surrounded by wooden decking with views of the Mediterranean, Ibiza Town and the Island of Formentera.
Five bedrooms, four bathrooms
Built area 420m², Plot size 8,386m²
Price 2,900,000 euros (approx 2.4mn GBP)
For more information, visit mallorca-sothebysrealty.com and ibiza-sothebysrealty.com.
