Sales of holiday real estate in Majorca rise in 2014

2014 has been a positive year for the entire real estate market in Majorca. As announced by the Spanish Statistical Office, INE, real estate sales rose throughout the Balearic Islands by 18.5% compared with the previous year.

Majorca and its neighbouring islands thus stand significantly apart from market developments in the rest of the country; in Spain as a whole real estate sales rose by 2.2% – the first gain in four years.

9,281 properties were sold in Majorca and its neighbouring islands in 2014, a year-on-year increase of 18.5%.

Spanish notaries registered 9,281 property sales in 2014 – 1,450 more than in 2013. It may be assumed that the proportion of foreigners buying property remains high: as early as Q1 2014 the Spanish Chamber of Notaries reported that around one-third of properties sold were bought by foreign non-residents, representing an increase of 36% compared with the same period in the previous year.

Sales up significantly at Porta Mallorquina

For Porta Mallorquina 2014 was a record year with sales up by over 40%. In 2015 the real estate company which operates island-wide will be celebrating its 10th anniversary. Porta Mallorquina’s Head of Sales & Marketing Jan Diedrich has a lot planned for the anniversary year:

Positive business development last year has continued during the first two months of 2015. Owing to high demand, we are currently expanding our team of Sales Consultants throughout the island, and are planning to open a further sales office. We will be using a large number of additional marketing activities to further expand our leading online position, and also to boost our brand presence in Majorca.

Apart from that, we want to step up our collaboration with Porta Holiday: our sister company, founded at the end of 2013, specialises in the holiday letting of houses and fincas in Majorca, an activity that was recently legalised. Porta Mallorquina is thus one of the few real estate agents on the island who not only source suitable properties for investors, but also ensure rental income by means of holiday lets.

Most properties bought by Germans and British

More than half of Porta Mallorquina’s clients come from Germany, Austria or Switzerland, followed by the British. The Scandinavians are, however, also an important buyer group in Majorca. Together with the British, they represent around one-third of Porta Mallorquina’s client structure.

Since the property crisis in 2009 the Spanish themselves have largely remained hesitant about buying. At Porta Mallorquina, locals or mainland Spanish tend to be vendors rather than buyers. Russian buyers make up a small proportion of Porta Mallorquina’s clients; demand from the former CIS states remained constant. Overall Majorca continues to be mainly popular with buyers from Europe; only 1% of Porta Mallorquina’s clients come from Asia and overseas.