Son Vida 5, the luxury villa designed by Rafael Balageur Prunés, was the venue for this year’s Engel & Völkers press breakfast. The event, held in the luxury neighbourhood of Son Vida in Palma, was to mark the launch of their most recent report: ‘Real Estate Market Mallorca 2019/2020.’
The press briefing was presented by the Managing Director of Engel & Völkers Balearic Islands, Florian Hofer, together with Gabriela Muñoz and Hans Lenz. This much anticipated annual report by Engel & Völkers details the trends in the property market on Mallorca, and highlighted their on-going confidence in the marketplace for 2020.
Once again in 2019, the volume of real estate transactions on the market overall has seen positive growth, levelling out at a high of four billion euro. The ratio of foreign buyer is approximately 40 percent, constituting a transaction volume of 1.6 million euro.
The southwest continues to rank among the most expensive addresses on the island: Port d’Andratx, Santa Ponsa, Bendinat and Portals. Asking prices for villas in Port d’Andratx reached an average of 4.3 million euro in 2019.
There is an emerging trend towards a modern reinterpretation of Mediterranean architecture with large outdoor living areas, terraces and beautiful gardens. This avante-guide design is seen no more prominently than for residence in Son Vida where the average asking price was 4.7 million euro last year.
“The island is known for its superb quality of life, stable prices and strong economy. We are gradually seeing the availability of homes on the market come back in line with the level of demand,” says Florian.