The Sunday Times recently reported that Palma de Mallorca, capital city of the Balearic Island of Mallorca, was the best place to live in the world. But what about the rest of the island? Does this island paradise make sense as an investment destination, as well as somewhere that’s wonderful to live? Absolutely!
Marc Pritchard, island resident and marketing director at Taylor Wimpey España, tells us why Mallorca is more than just an island paradise.
Tell us about Mallorca: an absolutely stunning island with a fantastic climate, but there’s so much more to it than just scenery and sunshine. It has a fantastic food, a vibrant nightlife and a range of stunning ancient towns for visitors to explore. It is also quickly becoming one of the film industry’s favourite sun-kissed spots for everything from Hollywood blockbusters to gritty British gangster flicks.
What kind of crowd does the island attract? As one of the Mediterranean’s most beautiful islands, Mallorca attracts its fair share of wealthy holidaymakers, many of whom opt to visit the island by yacht. The airport at Palma de Mallorca is also kept very busy, with millions of passengers passing through each month. Mallorca draws a significant crowd of property investors too. Some base themselves here and operate holiday rental properties, others see an opportunity to pick up apartments before prices go up in anticipation of capital growth over the next few years.
So is now the right time to buy in Mallorca? Definitely! If investment interest is used as a guide then now is the right time to put your money into property on the island. In fact, Banco de España is projecting growth of 4.2% for residential investment during 2015 and of 6.6% in 2016. Prices in Mallorca dropped along with those across the rest of Spain in recent years, but all signs are now pointing to the market having bottomed out, making it the ideal time to buy property here.
What’s on offer for investors? Beachfront properties are always popular with investors, like Cala Anguila II near Porto Cristo. Golf apartments are also really popular and Mallorca is blessed with numerous championship grade golf courses, so properties like Camp de Mar Beach are much in demand by those who have an eye for a good investment. Taylor Wimpey España’s apartments on the island start from a price of €230,000.
What to opt for on the island: Whether you are an investor who prefers to buy off-plan or are looking for a key-ready property, Mallorca has something to suit every preference and budget. Costa Beach at Port Vell is a great key-ready option for investment, as it is not only a first-line resort, but also has four excellent golf courses within a ten minute drive.
What do you love about Mallorca? The pace of life, the sun, the gorgeous beachscapes, the huge variety of water sports, the foodie scene… I could spend all day listing this magical island’s charms!