The housing market in Spain has fortunately stabilised somewhat in 2016, and house prices are slowly increasing. However, this does seem to be presently only be in the more prominent locations of the island such as the city of Palma de Majorca and popular seaside resorts such as Magaluf and Cala d’Or.
Experts are hoping that the trend will eventually spread to the smaller towns and less prominent locations during 2017 and beyond. Therefore if you were hoping to find a bargain in Majorca’s property market in 2017, it is still perfectly possible but you may have two restrict your search to the less popular locations as the real bargains can only be found some distance away from the classiest and most popular areas. In the most prominent locations high-end properties are similar to those extremely high prices we saw in 2008, and in some cases even higher.
Away from these luxury locations, you only need to look at the bank websites to see there are many lower budget apartments available in the suburbs or small villages. Older buildings are also very cheaply priced, but if you were hoping for a bargain on a luxury villa and with a sea view then you are likely to be disappointed. Real estate experts in Spain expect Majorca’s residential property market to continue to pick up during the remainder of this year, and predict an rise in the sale of investment residential portfolios over the course of the next year.
Palma de Mallorca is the capital of the province and of the autonomic province of Baleares Isles. It has about 350 000 inhabitants, but the number of people that decided to choose this country as a retirement place is a lot bigger. It is estimated that thousands of people from all over the world decide to buy a villa here for living or for retirement, especially because of the favorable weather, and because of the great number of facilities that are offered to tourists here.
The port of Mallorca is dominated by the La Seu Cathedral, having the shape of a fortification. Palma de Mallorca is an important resort, and in the city, you can visit one of the summer residences of the Royal Spanish family, the Marivent Palace. Half of the population lives in Palma de Mallorca, but if you decide to buy a villa for retirement here, you should know that there are many other interesting destinations to try.
The villas and apartments in Palma de Mallorca are a lot more expensive compared with other smaller cities on the island, so if you are looking for a quiet place close to the beach, you will have to find the agencies offering accommodations and villas in other parts of the islands. Don’t worry, as the infrastructure is perfect here, so you can reach any Balearic island in the shortest time possible. You will probably have some Hollywood starts as neighbors, so there is no reason for you not to look for the best retirement villas right now. Mallorca property may be out of your reach, price wise.