Engel & Völkers Mallorca reports spring surge in sales
Engel & Völkers, Mallorca’s largest international real estate company with 16 shops on the island, is reporting a welcome spring surge in sales and interest this first quarter. A harsh winter in northern Europe, increased flight connections and stronger currency outside the Euro has brought 50% more requests from all over Europe and sales are up over this period last year in the south west, south east and Palma Old Town.
In Mallorca’s south west, an area renowned for some of the island’s most expensive property, sales targets have already surpassed expectations in the first two months of the year with completed sales of 8 and 7 million Euros for two seafront villas in prime locations in Puerto Andratx. According to Engel & Völkers the upward price bracket appears to have no limits – the big buyers are back.
Towards the centre and south of the island, Engel & Völkers offices sold a property a week in the first quarter varying from 240,000 Euros up to 4.2 million Euros. The majority of these sales have been made to German speaking buyers although Scandinavians are increasingly becoming an important market.
Over to the west coast, covering some of the island’s most picturesque villages of Deia and Valldemossa through to Puerto Soller, there is a substantial increase in movement from Germany, the UK and Scandinavia with sales from 360,000 Euros to 1.5 million Euros. The majority of enquiries are for rural fincas with views or seafront apartments.
In the north of the island there have been enquiries for all types of property from Germany, Switzerland and the UK with a marked increase in requests from Scandinavia and the Netherlands. Sales to date have been for townhouses, country fincas and apartments in a price range from 185,000 Euros to 2.2 million Euros.
Demand in Palma’s city centre has been for attics and penthouses with outside space and views over the old city. Sales have included properties from 250,000 through to 3 million Euros. Currently Scandinavians and German speaking clients are the main buyers.
In the exclusive Son Vida residential area close to Palma, property valued between 1.3 – 4 million Euros have been sold. There’s increasing demand for villas in the 1.5 - 3.5 million price range and for plots of all sizes from 300,000 up to 1.8 million Euros.
Mallorca’s warm spring weather brought more clients at Easter than ever before to the lesser known north east of the island where they have seen increased interest from British clients along with German speaking clients. Demand is focused on fincas and villas and properties sold in this period have ranged from 250,000 to 1.2 million Euros.
Further down the coast to the south east, which features some of the island’s best beaches, there’s increased demand from a mix of German speaking, Scandinavian, French and British clients mainly looking for front sea line villas and rural fincas. Sales to date have been made in the 1-2 million Euro price range.
Says David Scheffler, Director General of Engel & Völkers Spain; “Mallorca’s experience is being echoed around the Engel & Völkers Group which has reported the best first quarter in its 35 year history with over 12% rise (approximately 54 million Euros) in commission revenues worldwide. Mallorca is a leading second home destination where demand for top property in prime locations has seen a dramatic increase in the last few months.
We are seeing a renewed confidence in the island’s second home residential market as clients want to put their money into safe investments which they can either enjoy or earn a rental income. In addition, prices have levelled out since the highs of 2007 and investors can now find excellent value”.
For more information, visit engelvoelkers.com/mallorca.
