A spectacular luxury villa in the hills of Palma’s exclusive Son Vida was the venue for this Engel & Völkers press breakfast. The event was to mark the launch of their most recent report: ‘Real Estate Market Mallorca 2018/19‘.
The press briefing on Mallorca’s real estate market was presented by the Managing Director of Engel & Völkers Balearic Islands, Florian Hofer, together with Gabí Muñoz and Hans Lenz.
This much anticipated annual report by Engel & Völkers details the trends in the property market on Mallorca, which highlighted their on-going confidence in the marketplace in 2019 after a record volume of transactions handled and continued growth in sales last year.
The real estate report numbers the total number of transactions in 2018 at 15,000 while the high price level of the previous year remained stable. Average prices too continued to rise across all areas of the island, with the southwest remaining the most desirable region. The fastest growing region, however, is the north particularly around Pollensa, which has seen the market grow by an impressive 24 percent.
The report also points to the excess of demand leading to a lack of available homes in many regions, further pushing up prices. Top prices of up to €30million were reached in premium locations.
“The stable development of prices on the Mallorcan market in recent years reflects the enormous potential that the island holds. Based on the strong interest from affluent investors, Engel & Völkers expects prices to remain high in 2019,” said Florian Hofer.