Which is the current buyer profile?
What are they looking for when buying a house in Mallorca?
The demand for housing in Mallorca has increased and continues to do so, a fact that confirms the recovery of the real estate sector on the island. No doubt it’s good news, and there’s some more! The demand is growing for all types of properties over a wide range of prices from flats and second-hand homes to new homes and luxury properties.
New homes and new development areas are the point of focus of many buyers looking for a permanent home or one exclusively for the summer months. This is encouraging construction, a fundamental pillar of economic recovery. In spite of this effort to build, the previous years are difficult to forget and the housing of new construction does not yet reach its maximum. This small shortage is compensated by the second-hand housing that also enjoys its particular increase. It´s an attractive option for both buying and investing as many decide to reform these homes and thus increase their value.
We must not forget the luxury housing, which grows favoured by the good state of the real estate sector, giving a strong boost to the construction activity of the island. Germans, Swiss, British and Scandinavians are the most interested in this type of housing that offers them the tranquillity and comfort they are looking for. The most attractive area is the southwest of the island, where Port D’Andrtax, Santa Ponça, Bendinat and Portals lead the sales. In Palma, the old town and areas like Son Vida, Portixol and Sa Guerreira remain the jewel of the crown.
It´s worth mentioning a small change in the age of the average buyer, with an increase in the demand of families who seek to settle in the island to live all year around. This type of buyers are looking for good connections to travel to their country of origin so the southwest of the island, with proximity to the airport, is usually an interesting option. The other side of the coin are the second residences, options for those who spend the summer months on the island or couples looking for some days of tranquillity in the colder months of their countries of origin.
The nationals are also contributing to the impulse of the purchase of housing as they show an increasing interest in acquiring a second residence on the island. For all these reasons, the real estate market is stabilizing and the demand for housing is boosting. Enough reasons to be happy and expect the best for the future of the sector!!