Mallorca property market ‘richer’ than ever, says luxury estate agents

Mallorca has become one of the most sought-after islands in the Mediterranean over recent years, with many famous visitors and residents making it an internationally glamourous location for first and second homes, according to Engel & Völkers.

Speaking on the island’s growing popularity, Florian Hofer, managing director of Engel & Völkers on the Balearic Islands, commented: “Mallorca boasts many historic properties and offers celebrities peace and security where they can relax in privacy.”

With this in mind, Engel & Völkers provides a regional breakdown of the residential market on the bustling island.

The north: Hideaway of royal guests and Hollywood stars

Located at the northernmost tip of Mallorca, Cap de Formentor has attracted many famous names, including Grace Kelly and Prince Rainier of Monaco, who spent their honeymoon here in 1956.

Over the years, the iconic Formentor Royal Hideaway hotel has welcomed esteemed guests such as Sir Winston Churchill and Charlie Chaplin, as well as Hollywood stars like Elizabeth Taylor and Audrey Hepburn.

“The north offers more property for your money from traditional finca estates to modern minimalist villas and apartments,” Gary Hobson, managing director of Engel & Völkers Majorca North, said.

The average listing price of villas in Pollensa was between €1.5-€2.5 million in 2018. However, prices can exceed the average in Formentor, where property rarely comes onto the market.

Palma Son Vida: The Beverly Hills of the Balearic Islands

The upmarket residential area of Son Vida – which lies in the southwest of Majorca – is also known as the ‘Beverly Hills of the Balearic Islands’ and is an exclusive meeting place for wealthy clientele and golf lovers.

In 1964, Prince Rainier officially inaugurated ‘Golf Son Vida’ accompanied by his son Albert, now the reigning Prince of Monaco. The average listing price for properties here was €4.7 million in 2018.

Gabriela Munoz, managing partner of Engel & Völkers PalmaSon Vida, commented: “Prospective buyers and investors are looking for exceptional homes close to the golf courses and with panoramic views over the Bay of Palma.”

The southwest: Magnet for the international jet set and luminaries of the past

Mallorca’s southwest region includes the Santa Ponsa resort and Puerto de Andratx, which rank among the most expensive residential areas on the island. In the 1950s, villages and marinas along this stretch of coastline were already popular destinations for Hollywood stars such as Errol Flynn and his friends including Orson Welles and Rita Hayworth.

The Oscar-winning actor Peter Ustinov was one of the first to own a villa in the upmarket area of La Mola - and did so for 40 years. Bond film director, Guy Hamilton, also had his permanent residence in Puerto de Andratx.

Villas in top locations in the southwest of Mallorca command average prices of €4.5 million. In 2018, Engel & Völkers secured the highest sale price on the island at over €30 million.

“High-quality new developments with sea views, outstanding designs and high-tech amenities are particularly attractive as a first or second home,” said Hans Lenz, managing director of Engel & Völkers Mallorca Southwest.

“These properties meet the requirements of international buyers looking for a secure long-term investment.”

The west: Historic manor houses make for romantic retreat

Traditional Mallorcan country estates with large plots of land – some with their own vineyards and olive groves – are found predominantly on the west coast along the Serra de Tramuntana. These so-called ‘posesiónes’ were historically owned by aristocratic families, and are now occasionally coming onto the market.

“Posesiónes are dream homes for buyers who love history and architecture. They combine luxury, privacy and natural scenery in a uniquely romantic way,” said Eddy Barrera, managing director of Engel & Völkers Majorca West.

In 2018, the average listing price for property in top locations such as Deià and its surroundings was €3.5 million. However, because of their size and the land with the property, posesiónes can be listed in excess of €10 million.

One of the most famous estates on the island is S’Estaca, which was acquired by Archduke Ludwig Salvator of Austria back in 1887. Many famous names have stayed at S’Estaca, including Empress Elisabeth Austria (Sisi), who even had her own bathing house built by the Archduke. The secluded property is tucked away between Deià and Valldemossa in the northwest of Majorca.

‘Son Galceran’ is another country estate with historical links to the Austrian Archduke, situated in a prime location in Valldemossa. The property, which is nestled in the Tramuntana Mountains, features outstanding sea views.

The 1,000 square metres of interiors include seven en-suite bedrooms, numerous living rooms, a spacious dining room, a private library, a home cinema and a fitness studio. The grounds span some 70 hectares in total, with impressively-landscaped park gardens where Empress Sisi once walked.