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The flight from New York to Palma has significantly increased the interest of Americans to change their place of residence or even buy a second home in Mallorca thanks to the improved connections between the Balearic capital and the city of skyscrapers. The areas preferred by Americans are the interior of the island, the Serra de Tramuntana or Son Vida in Palma, all of them privileged places that have a considerable number of high standing homes with a clear Mediterranean style. According to an article in the Wall Street Journal, the climate and the island lifestyle are some of the main attractions that make the American public choose Mallorca as their favorite investment destination. Once again, Mallorca is positioned as one of the star locations to acquire a property for a visitor who respects the destination, is interested in its historical heritage and is a lover of culture, gastronomy and good weather. At CT we offer a selection of services that cover both the purchase or sale of properties, as well as the management of real estate in Mallorca and the rest of the peninsula through the Family Office service. El vuelo de Nueva York a Palma ha incrementado notablemente el interés de los estadounidenses por cambiar el lugar de residencia o incluso adquirir una segunda vivienda en Mallorca gracias a la mejora de las conexiones que une la capital balear con la ciudad de los rascacielos. Las zonas preferidas por los americanos son el interior de la isla, la Serra de Tramuntana o Son Vida en Palma, todos ellos lugares privilegiados que cuentan con un número considerable de viviendas de alto standing de claro estilo mediterráneo. Según un artículo del Wall Street Journal, el clima y el estilo de vida isleño, son algunos de los principales atractivos que hacen que el público estadounidense se decante por Mallorca como destino favorito para invertir. Y es que una temporada más, Mallorca se posiciona como uno de los emplazamientos estrella para adquirir una vivienda en propiedad por un visitante respetuoso con el destino, interesado en su patrimonio histórico y amante de la cultura, la gastronomía y el buen clima. En CT ofrecemos una selección se servicios que abarcan tanto la compra o venta de propiedades, como la gestión de bienes inmuebles en Mallorca y el resto del territorio peninsular a través del servicio Family Office.
2022 was quite an active one for the real estate business in Spain. According to a study by Solvia, one of biggest real estate agencies in the country, around 640.000 operations were completed during the year. That means an increase of 13% compared to 2021. Very positive indicators that reinforce the “boom moment” felt after the pandemic of 2020. This growth trend is expected to slow down in 2023 and the study foresees that the number of deals will be cut to some 580.000. So, what are the key factors to potentially have an impact on the real estate business in Mallorca?
- Restrictions to non-resident buyers This is still far from becoming a reality. In any case, the Balearic Government is currently considering passing a new law that would require non-Spanish buyers to have been registered as a resident for a minimum number of years.
- Euribor will continue to go up For the first time in more than a decade, the reference for the borrowing rate amongst European banks went back to positive numbers in 2022. Banks and European financial institutions expect that it will continue to go up, but at a slower pace and according to some of these organisms it will eventually stabilize.
- Tougher requirements on mortgages The higher costs of the mortgage payments experienced last year and the prospect that this is a trend that will continue in 2023, even if the spike occurs at a lower speed, will translate into higher risks too for banks. Therefore, they will very likely harden the requirements for their mortgages. That means more legally binding commitments, guarantees, higher interests…
- European funds and energy consumption The financing coming from the EU through the Next Generation funds will potentially mean new business opportunities. This is because of remodelling and works on properties, which will also likely create a new segment withing the real state sector and motivate many professionals to specialize and work mostly with foreign buyers or investors. Digitalization and adapting capabilities to the clients’ new needs, as always, will also be key to reaching successful deals through this financing.
- Fewer new constructions The rampant inflation that has been affecting the global economy last year has also made construction materials more expensive. In the case of the Balearic Islands, the number of new construction permits been decreasing since the pandemic. In 2022 this decline was even bigger than during the Covid 19 crisis in 2020 and 2021. To the contrary, remodelling licenses have gone up slightly.
Cómo buscar un buen inmobiliario en Mallorca
 22/08/2021
El sector de real estate está lleno de agencias inmobiliarias, agentes independientes, profesionales dedicados a sectores relacionados con el real estate y ¿cómo elegir? Las inmobiliarias se centran en el producto, mucho producto a gran escala lo que provoca que las redes sean tan amplias que el “pez” pueda caer y así consiguen su objetivo. Otros utilizan su profesión principal para captar el interés de sus propios clientes y convencerles de un product por el que han sido activamente promovidos. |
