Property still booming

Jason MoorePalma25/11/2016 00:00

Every real estate agent I meet tells me that they can't keep up with demand for properties on the island. It appears that the whole world wants to move to Majorca and buy a home. For years the property market was dominated by the Germans and Britons but these days other nationalities such as the Scandinavians, Swiss and Russians are gaining in strength. In fact, the drop in demand from British buyers following the Brexit vote was easily counterbalanced by growth in other markets.

We all know why Majorca is so popular and property prices are rising quite rapidly in many parts of the island. Palma is exceptionally popular and the cosmopolitan mix of the city continues to grow. One agent joked recently that the Santa Catalina part of the city has become a "mini Scandinavia". The property boom also means that many more older buildings are being restored to their former glory, which is fantastic news.

But another agent told me that he was concerned that Palma could become too overcrowded during the summer months as a result of cruise ship passengers disembarking in their thousands. He told me that the port authority and the council must resolve this situation to ensure that the city still maintained its charm. Nevertheless, while other areas of Europe may have reasons for economic concern it appears that Majorca is enjoying yet another golden period. Great news and we are very lucky to live here.