The Riverside Journals - Festivals Issue 38 - FULL | Page 119

Five of Spain’s Ten Most Expensive Property Hotspots are in the Balearics W Contact Mallorca Sotheby’s International Realty on ([phone], [email protected] or visit www.mallorca-sothebysrealty.com Social media: www.facebook.com/MallorcaSothebysRealty www.twitter.com/MallorcaSIR, https://plus.google.com/+Mallorca-SothebysRealty. 119 the riverside journals ith the Spanish property market recovery in full swing, new research has shown that five of the top ten most expensive property hotspots are located in the Balearic Islands. In addition, Palma has also been revealed as one of the three major cities in Spain where prices increased the most. Analysis by Tinsa, the specialist property valuation consultancy, put Calvia second in Spain for property values at €2,520 per square metre behind only Sitges at €2,694 per square metre. Following on behind in the top ten locations in Spain come Andratx (€2,422/m²), Alcudia (€2,410/m²), Soller (€1,984/m²) and Santanyi (€1,972/m²). Alejandra Vanoli, Managing Director of Mallorca Sotheby’s International Realty, says, “Believe it or not there are prices per square metre in these locations that far exceed Tinsa’s estimations. It’s not unheard of to reach as high as 30,000 euros per square metre for the most desirable Port Andratx home. Demand is strong from some of the wealthiest individuals and families in Europe, the US and beyond. Most need no finance and are prepared to pay whatever it takes for a prime property in a prime sea-view location – whether that’s chichi Puerto Portals in Calvia or coastal seclusion in the UNESCO-protected Tramuntana. With high-end Mallorca, money really is no object.” Further examination of the findings from Tinsa suggest that the Balearics weathered the storm of the Spanish property market price ‘correction’ more positively than the rest of the country. While the average drop in prices across the whole country stands at 42%, in the Balearic Islands most regions registered less than a 35% decline. Particularly strong performers in this respect were Alcudia (-15%), Calvia and Soller (both -26%). Palma was also highlighted by Tinsa as property transactions increased by more than 50% in 2014, higher even than the mass-volume markets of Torremolinos and Benalmadena. In fact, luxury bricks and mortar is seen as one of the main drivers behind the strength of the Balearic property market. Tinsa’s Balearic Director Jose Antonio Lopez states that the luxury coastal market is one of the areas where the turnaround is most clearly seen, owing to the differing dynamics at the top of the market. This news coincides with figures released by Enaire stating that a record number of private jets and air taxis used Palma and Ibiza International Airports in 2014, mainly due to luxury residential tourism attracting wealthy visitors from Germany, the UK, France, Switzerland and Italy.