The Mallorca real estate market is benefiting from the financial strength of European buyers and is undergoing a significant boom in demand at present, according to Engel & Völkers Mallorca. In Q1 2021, Engel & Völkers Mallorca recorded a 66 percent increase in online client enquiries compared to the same period last year.
Florian Hofer, managing director of Engel & Völkers Balearic Islands, said: “The all-time high in enquiries from prospective buyers reflects the desirability of refined living on Mallorca and the security the island offers. The market for luxury property is resilient and the prices remain stable, even in times of challenging economic turmoil. Coronavirus has increased the focus towards sustainability on the island. Clients are increasingly looking for homes for their own private use and they are also becoming more environmentally aware and this factor is increasingly guiding their investment decisions.”
The company reported that it had ended the last financial year on a high note, with a transaction volume of 410 million euros. The slight decrease in transactions compared to the previous year (2019: 470 million euros) was attributed both to travel restrictions and the limited availability of properties on the market.
Considering the high number of client enquiries at the start of the year, and with the experience gained from past lockdowns, Engel & Völkers predict that Mallorca will continue to develop on a positive course.
This post has originally been featured in Property Wire.