Eastern Europe's rich seeking "refuge" properties in the Balearics

Mallorca offers a refuge for eastern European buyers. | Sonia Ribas

Andrew EdePalma30/08/2022 07:33

The president of the ABINI real estate agents association, Hans Lenz, points to a trend since the start of the war in Ukraine - wealthy eastern Europeans looking to acquire luxury properties in Mallorca and the Balearics.

As well as Ukrainians themselves, buyers from countries such as Poland are said to be seeking "safe houses" on the islands - a preventive measure in the event that the war threatens to spread from Ukraine.

Lenz believes that it is only "logical" that the Balearics are among the preferred refuges. "These are people who have decided to distance themselves from the war, and the Balearic Islands offer an attractive alternative. This is not just because of the climate, but also because of good education and health services, etc."

He explains that this represents growth of a market that until now hasn't had a particular impact on the Balearics. Eastern European countries haven't featured among the main foreign property buying markets, which are headed by Germany, followed by the UK and then - in order - by France, Sweden, Italy, the Netherlands, Switzerland, Austria, Denmark and Morocco.