Jason Moore02/03/2017 00:00
TW
2

It is quite remarkable to think that in a few years' time almost one in two of the population of Palma will be non-Spanish, but I am not surprised. Palma is a fantastic place to live 12 months of the year. I know of a number of British residents who have left the traditional resorts to buy a home in the city, simply because it does not close during the winter. Foreign investment is flooding in and even some of the more untrendy neighbourhoods of Palma are become popular with foreign residents. The real-estate market is booming in the city at the moment and the opening of the new convention centre on 1 April is going to give the city an even bigger lift.

I was talking to a local businessman recently who told me that Palma was on course to be a new Monaco. Now, the fact that 40 per cent of Palma’s population will be non-Spanish may mean that the alarm bells will start ringing in some quarters. There has already been a slight backlash against tourism in the city. I can see some of the more nationalist and radical political parties calling for legislation to limit the amount of property which can be bought by foreigners. But this is pointless. Palma should welcome all the foreign investment with opened arms. It is the future. We must remember that the city is already one of the most sought-after places to live in the world and this trend will continue bringing in more foreign residents and businesses. The future for the city looks very bright.