Buy a home in Majorca: look just outside swanky Palma for beachfront flats from £171k in one of the Spanish royal family's favourite spots
The Spanish island of Majorca attracts a wealthy international crowd who have helped property values almost double since 2013.
This safe Mediterranean island with easy access from across Europe has 300 sunny days a year, while high-quality infrastructure includes 24 golf courses, 46 marinas, nine Michelin-star restaurants and 13 international schools.
Another crucial part of Majorca’s appeal is Palma, its waterfront capital, which combines high-end and high street shops, everything from Zara to Burberry, with history and culture.
“Palma has become a year-round destination,” says Carlos Vásquez Martínez who promotes four boutique hotels there including the new Hotel Sant Jaume. “There are eight new boutique hotels opening just in the Old Town in the next year.” Penthouses here can cost millions but if your budget won’t stretch to a Palma home, or you are keen to invest in an area ripe for improvement, there are new options in older resorts 15 minutes’ drive from the city.
WEST OF PALMA
Cala Mayor was one of Majorca’s first holiday centres, developed 50 years ago. It is a beachfront suburb of Palma with some higher-rise buildings but also has a wonderful coastline, shops and restaurants and is home to Palacio de Marivent where the Spanish royal family holiday every July.
“If you want green countryside, Cala Mayor is not for you but if you want a holiday home directly on a lovely beach, it is an interesting choice,” says Hans Lenz of property agents Engel & Völkers. “You can see how it is changing as older hotels and Seventies blocks are upgraded and replaced. Considerable amounts of money are being spent.”
Casa Ferrari, a former family-run hotel, has been demolished and the site bought by a Swedish developer who has adopted an attractive Scandi-inspired design. On completion next year there will be 38 one- to three-bedroom light-filled flats in two south-west-facing buildings with pools and concierge. Prices start from £215,500 through Engel & Völkers and 16 homes are already sold, mostly to Swedes who like the clean lines, good-quality finishes and proximity to the beach.
A compact, well-refurbished two-bedroom flat, also in Cala Mayor but in an older block, with a large balcony offering beautiful sea views, plus communal pool and good local shops and services is £396,000 with £1,500 annual service charge. It would make an ideal lock-and-leave holiday home.
EAST OF PALMA
Palma Beach, a three-mile sweep of sand and sea bookended by C’an Pastilla and Arenal, lies east of the capital. Close to the airport, it is hugely popular with German tourists and includes certain roads notorious in high summer for alcohol-fuelled revellers. But choose carefully and you can bag a long-term bargain says Terence Panton of Engel & Völkers, the first luxury estate agent to open there.
“Palma Beach is at the very beginning of the wave but change has started with concerted efforts and investment from many significant private investors,” says Panton. “In the past two years, four five-star hotels have opened and there are now almost 50 four-star ones.”
You can see the change in the newly opened smart Llaut Palace Hotel, with five-star rooms from £150 a night, and revamped beach bars. Panton recommends concentrating property searches on C’an Pastilla.
A first-floor one-bedroom modernised flat above the beach sold within four weeks for £220,000 this summer. A two-bedroom fifth-floor flat of 721sq ft with good sea views and in need of modernisation seems like standout value at £171,500.
“For families and couples who like the outdoor beach life, close to Palma in an area that is growing fast, Palma Beach is a good choice,” says Panton.
Engel & Völkers: engelvoelkers.com/palma and engelvoelkers.com/majorca
St Jaume Hotel: boutiquehotelsantjaume.com
Casa Ferrari: casaferrarimallorca.com
