Investing in Mallorca’s real estate scene continues to be a captivating opportunity. Each passing year sees property prices on the rise, driven by the island’s undeniable charm–alluring Mediterranean waters, majestic mountains, and quaint villages steeped in history and culture. 2024 is no different: property values here are surging while the rest of Spain experiences only modest growth or stagnation. Who could resist the allure of owning a slice of Mallorcan paradise in these conditions?
Mallorca’s upward trend in property values isn’t just a passing phase; experts predict it’s here to stay. With investors from all over the world clamouring for the best properties, demand far exceeds the available villas. In an otherwise tumultuous global real estate market, the Balearics shine as a prime investment opportunity.
Continued growth in 2024
Forecasts for the Mallorcan property market have surpassed all previous estimations, rendering investment in the island’s real estate exceptionally lucrative. Most of Spain is seeing its property values begin to moderate – this is not the case for Mallorca.
The staggering increase in property values becomes evident when examining the price per square meter. In early 2022, the average price per square meter in Mallorca stood at €3,459, whereas by January 2024, it had surged to €4,083.
This substantial rise starkly contrasts with Spain’s average housing cost per square meter in January 2024, which was €2,042. In the first quarter of 2024, property values in the Balearics rose five per cent higher than in the rest of Spain.
“In an otherwise tumultuous global real estate market, the Balearics shine as a prime investment opportunity”
Best areas for investment
According to Tasalia experts, Andratx, currently the most expensive area, is predicted to be overtaken by Calvià in 2024. Andratx’s prices are expected to rise by 17.21% over three years, while Calvià’s are projected to surge by 32.22% over the same period.
The Southwest region of Mallorca is also promising for potential investors. Municipalities such as Andratx, Port Adriano, Sol de Mallorca, Santa Ponsa, Palmanova, Port d’Andratx, and Cala Vinyes continue to be prime focal points for smart investors seeking promising investment options.
Who is buying in 2024
Recent years have seen a noticeable shift in the demographic of property buyers in Mallorca. Once largely dominated by older retirees, the current market has seen an influx of younger individuals that have found success in the tech world. This emerging demographic brings new energy and preferences to the real estate landscape, influencing trends and demand in notable ways. The predominance of foreign home buyers underscores Mallorca’s reputation as an attractive and profitable destination for real estate investments on a global stage.
Text by Lydia Carey
