Mallorca’s real estate market is in high demand. Factors such as its vaccination drive and the enduring allure of the Mediterranean lifestyle are seen as what is behind the ongoing interest in the island’s properties.
Real estate company, Engel & Völkers Mallorca, have reported hugely positive numbers for their turnover for the first half of the year, reflecting the island's market boom.
Engel & Völkers Mallorca have doubled transaction volumes since last year
From January to June 2021, Engel & Völkers Mallorca brokered a total transaction volume of approximately 341 million euros. This is more than double for the same time period last year, when it secured a transaction volume of 168 million euros.
Florian Hofer, managing director of Engel & Völkers Balearics, comments: “The transaction volume for real estate has doubled compared to the same period last year. We are on course for a financial year with the highest turnover in the company's history.”
Reasons cited for the Mallorca property boom range from a shorter timeframe to sell properties, international buyers' high mobility capabilities, and the increased readiness to buy in the premium segment. Between January and June 2021, the median sale price recorded by Engel & Völkers for residential properties in Mallorca was 1.68 million euros, an increase from the same time period last year where it was 1.63 million euros.
International buyers are boosting the market for luxury real estate
Hofer comments: “Some of our clients have now decided to relocate or even downsize their primary residence to be able to invest in larger holiday apartments or houses in Mallorca. The excellent infrastructure for remote working and the selection of 19 international schools mean that professionals and families, in particular, are tending to spend more time than ever at their second home in Mallorca.”
The surge in enquiries from potential buyers also reflects the strong level of interest in real estate on the Balearic island. In the first half of 2021, the number of online client enquiries received by Engel & Völkers grew by 275% over the same period last year.
These positive half-year performance figures give the experts at Engel & Völkers confidence that this positive buying trend will continue through to the end of the year.
Hofer says: “Once again, the island has proven its status as a safe haven for real estate investment. Our clients trust in our 30 years of market expertise on the island and are pressing ahead with their property plans.”