Once real estate on most of the continental coasts of Spain fell in price, experts said that the same fate awaits and prestigious, expensive and popular markets of the Balearic Islands. Of course, the crisis has touched this Mediterranean archipelago, but things are still going much better here than on the mainland: in the main city of Mallorca – Palma – the situation is saved by the growing demand for property rent. The capital of the Balearic Islands, Palma de Mallorca, is deservedly compared with Barcelona. This elegant city is full of charm and has a rich history and tradition that lovers of the old days can’t help but worry – and at the same time it has the image of a completely modern and rapidly developing city. If you want to look at great real estate, mallorca property is a perfect solution.
The quintessence of anticipation
In many ways, Palma de Mallorca can be considered ideal for most property buyers, because this city combines security, popularity among tourists, transport accessibility, special chic in architecture and the centuries-old history of the old districts. Therefore, it is not surprising to call the experts’ assessment, according to which the number of Britons alone, owning real estate in Mallorca, is already 80 000, with a quarter of them chose the island as a permanent residence.
But the British are not the only investors in Balearics. According to most agents, in recent years, there have been changes in the national composition of buyers. If the main force that drove the local secondary housing market, were the Germans and the British, today most investors come from Eastern Europe. Naturally, the curative Mediterranean climate has always been one of the main reasons to settle on the island – especially for the inhabitants of countries with short summers and cold winters. But the flight to the island in the azure waters of the Mediterranean Sea is not so tiring and lasts just over four hours.
The city of Palma
The city of Palma itself, with a population of less than 400,000 people, stretches along the coast for 15 km, from the city of San Arsenal in the east to the resorts of Cala Mayor and San Augustine in the west. It takes only ten minutes to get to the airport from the capital Mallorca. Like most cities founded by the sea, Palma has expanded in semicircles and each part of the city has its own unique atmosphere. The once dilapidated and unmaintained Santa Catalina Street, west of the old city walls, has now changed shape, not least because of the bustling market and the many bars and restaurants.
The oldest and most popular tourist street in the city, La Lonia, has experienced a similar revival. As in Santa Catalina, there are chic cafes, restaurants and bars open at any time of the day, spurring demand and prices for property in the area. The central historical Calatrava area is currently undergoing the most intensive restoration work. This quarter contains a maze of narrow streets and alleyways, it is here that the cathedral is located and museums and mansions with centuries-old history are concentrated. Although historic mansions that have survived reconstruction usually find new owners even before they are officially put up for sale, less exclusive properties such as more modern apartments and townhouses can be found in Calatrava.
Situated on the eastern outskirts of Palma, the Portixol area has evolved in recent years from a poor fishing quarter to one of the favourite destinations for fashionable youth hangouts. There are very few fishing houses left near the marina. Like the once abandoned suburb of Terreno, Portixol is now collecting dividends from its unexpected popularity.