Luxury property in Mallorca

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Andrew EdePalma16/03/2023 08:06
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A study by the German Steinbeis-Transfer-Institut Centre for Real Estate Studies, commissioned by the agency Porta Mallorquina, has analysed over 4,600 properties for sale in Mallorca which have the profile of second residence holiday home.

This has found that the average price of such properties in 2022 was 5,696 euros per square metre. This was eleven per cent more than in 2021 and 52% more when compared with 2015. Being an average, there are significant variations depending on the area of Mallorca. The highest was in Andratx and Calvia - 7,733 euros; prices here have gone up by some 30%.

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The director of the study, Marco Wölfle, says that “the market for holiday properties in Mallorca is extremely solid". "Prices depend a great deal on sea views and swimming pools, which, among other things, explain why the cheapest houses are in the centre of the island (3,668 euros)."

The increase in price is set to continue over the coming years, according to the report, although not by the same degree. The expectation is that there will be fewer developments, Timo Weibel of Porta Mallorquina observing that these will be "superior and luxury" category.

Germany is the largest market for these holiday homes, the study also noting that there is interest in properties that are licensed for holiday rental. Up to thirteen per cent more is paid for these than for others.