January 22, 2018 from Sabine AsshauerThe real estate market in Majorca is changing
Picturesque landscape meets rustic, dreamy architectural style.
Majorca is more versatile than you might think at first. Far from Ballermann and tourist beaches in the greener northeast of the island, opens up the picturesque landscape of the Llevant.
The northeast of Majorca, which is also called by the locals Llevant (translated: East), has much to offer. The municipalities of Capdepera, Artá, Manacor, Son Servera and Sant Llorenç des Cardassar belong to this island zone.
Llevant is known among other things for the enchanted dragon caves, colorful weekly markets, secluded bays and most beautiful landscapes which are lined with rustic, dreamy fincas.
Not to be despised here is the fact that there is a lot of history in these places, which gives the northeast another special charm.
The landscape in general is characterized by beautiful mountains and hills as well as sandy beaches, cliffs and agricultural land. The flora of the gentle hills is very diverse and typically Mediterranean, you can find for example yellowish shrubs of broom or mastic with gnarled wild olive trees, tree heath, pines and pine trees. Even bird enthusiasts will get their money's worth here. Majorca is home to a total of amazing 230 species of birds, of course, the bird migration times are highly recommended for a break in nature.
The climate is probably one of the most frequently mentioned reasons for a property in the region. The northeast is based on the generally milder climate of Spain and has already in January the first pink-white flowering valleys with the well-known almond blossom. In summer, it can sometimes be up to 40 degrees, which means that it hardly drops below 10 degrees in winter.
In addition to the numerous excellent restaurants in the region, Llevant also has culinary specialties, such as the Ensaïmades (pastry in worm form), or the Sobrassada (sausage specialty from dried pork). Not to be forgotten is also the well-loved Sea Fennel, which necessarily belongs to the Majorcan cuisine.
Houses, villas and fincas in the northeast of Majorca reflect the charm of history, which is why the interest in real estate in this area is still quite high. Of course, there are also all sorts of construction, from luxury real estate, to simple elegance, to traditional objects. But the structural history of the zones still reminds of peace and contentment.
In the Mediterranean, life still seems easier and after all, the sun shines about 300 days a year. In addition, the northeast of Majorca in terms of real estate acquisition offers a significant advantage over the southwest: The price! Prices are still significantly cheaper on average than on the other side of the island.
For three to four years, Majorca is being rebuilt. Even the northeast of Majorca can enjoy new real estate again and thus joins the coveted residential areas. The majority of the buildings in Majorca is limited to single-family homes, which is viewed critically by the construction industry in addition to politically left-oriented road construction projects, but also here the economy is positive again, which lifts the overall mood.
A significant change in the buyer is currently being recorded, which additionally influences the market. The private buyers have become younger. Even 15 years ago, private buyers were in the 60s and above, today in 2017 we are in the 40 and 50 age groups. All sorts of real estate is being bought, from the oceanfront apartment to the golf course villa, towards the rustic finca in the traditional style, or just the well-known luxury villa in the first beach line. Tastes are different, fortunately. But beware! The supply is getting scarcer and the prices are increasing. In some market segments, the buyer's market is currently changing to a seller's market.
What does that mean? The seller market is generally a good time to buy a property.
In the country of origin, the economy runs good. The company is in the black and solid wealth has been developed. But often your own country (for example Germany) does not offer enough secure investments, so the property in Majorca is regarded as a valuable investment with some potential returns and on top of that there is the emotional return, the purchased quality of life.
Building plots for villas with sea views are now almost sold out, with the result that it has led in some parts at a considerable increases in the square meter prices. In some places we are talking about an increase of up to 3000 € / m² or even higher. Many are therefore already going now to the green villa neighborhoods not far from the sea, but where the m² is still occasionally to buy from 500 € / m².
Conclusion: Now and in the near future 2017/2018 is a good time to buy with realistic prices, low interest rates and a potential gain in value, but do not be dazzled by the sun and the sea, talk to experienced brokers, lawyers and accountants and act thoughtfully in order to enjoy carefree the achieved happiness, and not to end up in one of the legal traps.