The Balearic island of Mallorca has been popular with overseas buyers for many years, and it has one of the most buoyant property markets in all of Spain. Its success has led some buyers to fear that they are priced out of the Mallorcan market, but there are corners of this beautiful island where you are still able to find properties that are still affordable.
The obvious area to avoid if you are looking for a less expensive residence on Mallorca is the southwest where the capital Palma and the resort of Magaluf are located. This stretch of coastline has become extremely fashionable and although Palma city used to be ignored in the past, it is now very ‘des res’ and prices have been shooting up since 2013.
Playa de Palma rebranded as Palma Beach
However, the beach areas on either side of the city may still have some bargains, particularly if you look in Playa de Palma, which has a five-kilometre, sandy beach with clear water and plenty of beach bars. Plus an enviable promenade for strolls at any time of day. When Mallorca became popular in the 1970s, this area became a favourite with German tourists—it had German beer halls and its own Oktoberfest—and for this reason, visitors from other countries ignored it.
Now is the time to rethink Playa de Palma, which is being rebranded as Palma Beach. It has a Blue Flag beach, it is great for families and there are a rising number of five star hotels. It is also only a 10-minute drive from the international airport. A private consortium is leading the €350 million upgrade which includes five-star hotels, and the newly opened Starbucks.
The consortium decided that this was an ideal time to lift Playa de Palma out of its image as “downmarket, driven by offers of free beer and all-inclusive hotel deals,” and follow in the footsteps of Playa d’en Bossa on Ibiza, which buzzes with celebrities during the summer.
Mika Ferrer, a consortium member, suggests that it will take up to 10 years for the full transformation to come into effect, and for that reason, if you want an affordable home on Mallorca in an area where property promises to increase significantly in value, then now is the time to buy, especially if you want a front line beach apartment for less than €300,000.
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