May 05, 2015
Now is the time to buy real estate in Spain as property prices finally start to climb in the aftermath of the European crisis; and some local markets are recovering faster than others. Property in the Balearic Islands is an excellent example: savvy investors are picking up luxury villas and sea view apartments at affordable prices but it won’t last long. The best examples of Spanish real estate including that on the Balearic Islands can be found at https://tranio.com/spain/.
This Mediterranean archipelago has long been a sought-after destination for its blue seas, sandy beaches, entertainment and nightlife, world-class restaurants, cultural attractions, watersports, marinas and luxury real estate. Each island is a distinct landmass that caters to buyers of all interests: Ibiza has a vibrant club scene hosting the world’s top DJs; Menorca has airs of tranquility with its bleached beaches, transparent waters, picturesque coves and traditional architecture; Mallorca caters to beach lovers, hikers, cyclists and shoppers alike with markets selling everything from local produce to pearls; Formentera has an atmosphere of simplicity with beautiful stretches of sand and rugged cliffs great for snorkeling and sailing.
Often compared to the Cote d’Azur in terms of lifestyle, glamour, ambiance and cuisine, Mallorca and Ibiza have earned themselves a reputation for the best property of the archipelago. The most desirable spots are found around Andratx on Mallorca and near Ibiza Town on Ibiza where wealthy foreigners flock to relax in their multimillion euro holiday homes.
According to Spanish Registrars (Registradores de España), the Balearic Islands were the most popular Spanish real estate markets among foreign property buyers in 2014. Nearly a third (32.6%) of all non-resident purchases were made here. While particularly popular with Germans who make up 34.6% of the foreign market, it is well loved by the British (19.4%), Swedes (7.0%), French (5.6%) and Italians (5.0%) too. Chinese, Middle Eastern and other non-European buyers were also active as Spanish law offers residency permits for property purchases over €500,000.
According to Fotocasa, a Spanish real estate portal, during Q1 2015, real estate on the Balearic Islands rose by 0.7% and the local market is on track for further growth. While property is still valued 30% below the 2007 prices, the average square metre is selling at €1,802 and low/midrange residences are still generally cheaper than in the Basque Country, Madrid or Catalonia. However, luxury villas on the archipelago are very expensive: Sotheby’s International Realty puts prime property at €9,000 per square metre which is as high as, say, Paris.
Tranio has an excellent selection of property on the Balearic Islands with apartments ranging from €40,000 to €2.8M and houses from €100,000 to €50M.
For instance, a 750 sq.m 5-bedroom villa under construction (to be completed by January 2017) on Ibiza from the Tranio catalogue costs €3.2M. This two-level house comes with its own private infinity pool and stunning panoramic views of the Mediterranean Sea. The property has one master bedroom, four guest suites, living room, kitchen, staff quarters, parking space and tennis court.