Changing the way people view real estate in Mallorca.
Real estate in general has always been a great option when thinking about investment. In Mallorca alone, the market has seen a steady increase over the past 5 years. However, after being hit with the Covid pandemic there was a lot of uncertainty with both residents and holiday homeowners questioning their futures on the island.
As it is expected, overseas property investors have halted any purchases while the market is unstable, though surprisingly this has made way for the underdog property hot spots to come to the fore.
Yes, the luxurious areas of Son Vida, Bendinat and Port d’ Andratx will always catch the eye of foreign investors, but we believe that the more unassuming areas may become hot property after the pandemic lifts.
An area to highlight at the moment are the resort towns of Magaluf and Palmanova. Renamed Playa de Calvia, the area was totally shut down during the pandemic lockdown in 2020 and since then Calvia council have not indicated whether they will be allowing businesses to reopen permanently.
Developers have already started surveying the areas in hopes that owners will decide to sell properties and in turn the outdated and unsightly skyline of the resorts can be altered to attract a different type of clientele.
On a lower scale, small apartments and duplexes could make perfect holiday investments for any family that are looking for a break away at any time. The higher priced properties will always attract permanent residents or anyone looking to develop a holiday let for others to enjoy.
Other areas that we feel will advance over the next 5 – 10 years in the Southwest include Son Ferrer, El Toro and central Santa Ponsa. As mentioned before, these pockets of the Southwest may not have the exclusivity of other towns, but what cannot be ignored is the convenience of the location. They all sit within a 20-minute car drive from central Palma and 25-minute drive to the airport.
In conclusion, these areas that have for so long been overlooked due to bad press coverage and a culture of excess, are in the stages of drastic changes and this could be highly beneficial for the real estate market.
