Mallorca is the capital of the Balearic Islands with a completely distinctive character to that of its neighbouring islands with a unique landscape and atmosphere. In recent years, Mallorca has been identified as the second best place to live in the world and outside investors are attracted to its easy lifestyle and mild sunny climate.
Recent figures issued by the National Spanish Notary Association demonstrate that foreign investment in residential property in the Balearic Islands has doubled since 2008 where foreigners bought a total of 3,571 properties. In Mallorca, foreign investment has grown from German speaking countries, the UK, Scandinavia and Russia and it is hoped that buyers from further afield will be encouraged to invest in this region with the Spanish Government‘s legislation for non-European investors.
The location of Mallorca in relation to its European neighbours: the island is strategically situated in Europe, easily accessible with a major international airport.
- Price adjustment during the crisis means residential property offers good investment opportunities before prices start to increase.
- Prices for prime property in Mallorca have enormous potential for growth.
- Climate, sophisticated infrastructure, quality lifestyle & security.
- Strict building regulations combined with the fact that 40% of the island is protected territory restricts development and maintains Mallorca‘s environment.
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In general the most requested properties for second homes are villas with sea views or countryside fincas that look over the Sierra Tramuntana, now a UNESCO World Heritage site, that provides 92 kms of protected territory running from the south west to the north of the island.
The island’s tourism industry with visitor figures approaching 10M and a resident population of over 1M drives national, local and foreign investment into the island providing a sophisticated infrastructure, good road links throughout the island, culture, social, health, education, sports facilities and security. Mallorca’s residential property market looks bright and the general consensus is that prices will start to rise towards the end of 2014.