NEWS ABOUT THE REAL ESTATE MARKET / 18 December, 2015
Luxury property in Mallorca is by now part of the island as much as the "ensaimada" is. Nearly everyone would enjoy living in one of the majestic villas in sea frontline or in a contemporary Palma penthouse with views to the cathedral. The process of buying a luxury property differs though slightly to first time buyers. The luxury property client has specific needs and hence different criteria to buy a luxury property in Mallorca or elsewhere in the world. The luxury Real Estate sector can be defined as the top 5% of sold homes in regards to value.
First of all even though 9 out of 10 home seekers find their new property online, this option may not be the chosen or best one for the high end client. Many owners decide not to publish their luxury properties online due to privacy. The most common option is to rely on a trustful real estate agency which focuses on luxury property and can offer a holistic service including detailled information and advice on the most suitable property and location.
Mallorca has become particularly interesting for luxury property buyers due to its high level of building restrictions, its fabulous flight connection to all major European cities, 300 days of sunshine and enormous privacy on the often spacious plots. Many of our luxury property buyers decide to use a private jet though to arrive to their new home. This is confirmed by the increase of Net Jets from 2004 – 2014 which reports a 100% plus rate on flights to Mallorca.
The location seems to be important, however tastes vary a lot. Equally popular amongst the buyers are luxury properties in sea frontline along the southwest coast, in the mountains for example in Deia and penthouses in Palma. Our personal experience shows that luxury property buyers enjoy a personal service including pick up from the airport, viewing the different areas in order to get a feeling for the island and a professional opinion, after all time is often the most valuable resource of our clients which needs to be spent wisely.
With over 15 years of experience in the luxury real estate sector, Balearhouse is the perfect address for anyone looking to buy or rent luxury property. Please feel free to contact us anytime for further information or bespoke advice.
Knight & Frank Spanish Prime Residential Insight Report 2013
Knight & Frank The Island Review Report 2015
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