Mallorca remains one of the most favoured islands of the Mediterranean for investors, second home buyers and holiday-makers alike. A lot has been written, many things said and numerous films and documentaries produced particularly in German – showing the so-called ‘negative sides’ of Mallorca, predicting a downturn in popularity or a slowdown of the property market – but nothing could ever really dent the image of such a consistently sought after holiday destination. Today, Mallorca is more international than ever, with a lively resident multinational community and a vibrant year round capital, it is well placed to compete with the emerging markets. We give you the top ten reasons why Mallorca is Number 1 when it comes to choosing a place for your second home.
Mallorca’s Cosmopolitan Lifestyle
The local government’s initiatives to bring quality tourists to the island are paying off and as a result Mallorca can now offer a very cosmopolitan lifestyle to the expatriate community. Every year 2.23 million British enjoy holidaying on Mallorca, which accounts for around 26% of the total tourist traffic. The major share is still the Germans with more than 3.4 million equating to 40% of the total. There are around 340,000 Scandinavians, 238,000 French, 160,000 Swiss, and 136,000 Irish and although small at present the number of Russian visitors to Mallorca is growing steadily. A considerable share of the tourist market is still attracted by the great deals on offer in the big resorts such as Arenal, Magaluf, and the popular family resort of Alcudia but the most important growth for the property market is coming from visitors seeking an alternative type of vacation in small countryside hotels, country homes or seaside apartments and villas to rent. This has obviously pushed the market for those buying for personal use as well as capital appreciation and the potential to cover expenses by letting the property for high rents during peak season. The last few years have seen most of the buying activity in Mallorca (apart from the locals) coming from British, followed by the Germans and mainland Spanish.
Buying a Property in Mallorca is Easy!
Mallorca is a mature market which has big advantages regarding the buying and selling process. There are set procedures, laws and routines in place, with minimum grey areas to worry about. There is a large selection of professional legal advisors, established real estate agents and mortgage consultants to choose from. There is a whole industry at your disposal for anything related to property, from legal aspects to rental agencies and home maintenance companies.