Mallorca is the largest and most popular island in the Balearics. It was voted one of the best places to live in 2014, and it continues to attract tourists and long-term residents alike due to its exceptional quality of life and overall beauty. The mixture of convenience, comfort, and safety are just a few reasons why it attracts people from around the world. Here are four reasons you should buy property in Mallorca.
There Is a Large Expatriate Community
Mallorca’s trendy, cosmopolitan lifestyle makes it a popular destination for tourists and expats alike. The large expat community stabilizes the local real estate market relative to tourism hot spots. A large number of people who buy apartments for sale in Mallorca on the expectation of coming to stay long-term also keeps prices relatively high. The large permanent community of expats gives Mallorca a more stable economy than just tourism as well.
The strong local economy explains why many young Spaniards move to Mallorca too. They may have to rely on an estate agency in Mallorca to find a place to live, as it is a necessity to work with professionals if you want to buy house Mallorca either to live in or rent out.
Properties Are a Deal Right Now
Mainland Spain saw housing prices drop anywhere from 40% to 70%. Mallorca’s stronger economy and a more diversified population of property buyers meant prices only fell 15% to, at most, 30%. This explains the roughly one-third increase in house sales in Mallorca, though property sales in Spain are bottoming out. There is a steady demand for properties here, and people are snapping up the relative bargains while they can. They know that they want to live here eventually, and they understand that there is limited building space. The island has strict building laws that limit building in rural areas, while the fact that it is an island puts an absolute limit on building spots. In short, supply couldn’t possibly match the full demand when the economy recovers.
Buying Is Now Easier than Ever
Buying today is better than it ever was because the purchasing procedures in Mallorca have been dramatically simplified. They’re now catering to foreign client sales. In fact, businesses have popped up to make the buying process hassle-free and as easy as possible for foreign buyers. Compare this to international markets that are shutting them out.
The Diverse Opportunities for Real Estate Owners Make It Worth Buying
Many people who want to live permanently in Mallorca or live here long term end up buying property. That is a viable alternative here given the strong connections to the rest of Europe with its great international airport, good infrastructure, and a network of international schools. The state-of-the-art hospitals and clinics make Mallorca a viable place to spend retirement. The strong rental market means that many who may want to visit Mallorca can seriously consider buying the property to rent it out to tourists when they are not there themselves. After all, more than six million people visit the island each year. The diverse property market, ranging from cheap little apartments to luxury villas, makes buying investment property near the beach a possibility regardless of your budget.
There’s never been a better time to buy property in Mallorca. Expect prices to rise because demand is outstripping supply.