Luxury homes in Majorca continue to be attractive to foreign buyers.

Luxury homes in Majorca continue to be attractive to foreign buyers.

Majorca Daily Bulletin reporterPalma30/05/2017 00:00
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The value of the purchase of homes in the Balearics by foreign buyers last year exceeded 1,600 million euros. These purchases, mainly by Europeans, meant that 2016 was a record year, with the total value some 50% higher than it had been two years before.

The information comes from the national ministry of development and has been gathered by the real-estate agency Engel & Völkers, which has seventeen offices in the Balearics and 29% of the foreign market.

Hans Lenz, the director for southwest Majorca - mainly Andratx and Calvia - says that the market is currently experiencing very good times, thanks mainly to foreign investment. He adds, though, that there has been increased interest from Spanish buyers in recent months.

Luxury homes are the most sought-after properties. Foreign purchasers are looking to buy rather than rent, and this has led to a notable increase in the average price in Majorca's southwest over the past year. It went up by 21% from around 1.7 million to 2.1 million euros.

The southwest is where there is the greatest demand. Transactions in the area were worth 740 million euros last year, a value which is higher than for all sales in Ibiza. The main attractions are sea views, proximity to Palma and the airport and the level of services.