The Edition 2024: Mallorca, Spain - A Haven for High-Net-Worth Buyers
Reviewed by Tony Forsell, Co-owner of Mallorca Life Real Estate 
We are pleased to introduce The Edition 2024: the latest JamesEdition magazine issue that guides you to the top destinations for luxury real estate. Mallorca, one of this season’s hotspots, reports the highest and fastest-growing property prices in Spain.
Tony ForsellCo-owner and CEO of Mallorca Life Real Estate"Each area presents distinct characteristics and advantages, contributing to the island’s diverse appeal. This multifaceted nature is one of the aspects that make Mallorca truly remarkable."
Mallorca’s Housing Market Overview
It is telling of just how super-prime a destination Mallorca has discreetly become that, as of January this year, the Balearic Government raised the Wealth Tax threshold from €700,000 ($757,000) to €3m ($3.2m) per person. That means a home-owning couple – whether resident or non-resident – is now exempt from paying wealth tax on assets worth up to €6m ($6.5m).
Though the average price is €5,700/m2 ($6,100/m2), premium listings such as huge country estates in the likes of Puigpunyent or luxurious new mansions in Son Vida, close to Palma, exceed €13,000/m2 ($14,000/m2) and fetch €20-30m ($21.5m-$32.5m).
This fiscal carrot is so new, most high-net-worth buyers have yet to latch on to it. But they do know that Mallorca offers among the best quality of life, most beautiful coastline and enchanting towns in the Mediterranean.
Due to strict restrictions on new development and a limited amount of available stock, demand continues apace from foreign buyers. Germans still dominate the picture, accounting for 44% of foreign sales, followed by British buyers at 10%. And their searches are spread across the island, from super-prime Port Andratx in the southwest, to more value-for-money East Coast towns such as Santanyí and up-and-coming Artà in the northeast.
The Cathedral of Santa Maria of Palma, Mallorca
In fact, the choice of beautiful locations is limitless, including historic, vibrant Pollensa, and nearby Port de Pollensa set on a spectacular bay, and Soller, with its stone houses among the lemon and orange groves.
Average Prices in Prime Locations
For many HNW buyers, though, the island’s capital, Palma, is the perfect place for 15-minute city living. It has the old-town charm and stimulation of a mini-Barcelona, four Michelin-starred restaurants, an ever-growing array of boutique hotels and easy access to the airport and international schools.
Mallorca: Average Listing Price in Prime Locations
Calvià $2,673,000 Palma $1,443,000 Pollença $2,031,000 Port d’Andratx $4,009,000 Santa Ponça $2,853,000
Then there are the beaches and the prolific nautical scene, which are seeing big investments, from new moorings for yachts – including gigayachts of up to 170m in length – to the €43m revamp of the Paseo Marítimo, Palma’s 3.5km of seafront promenade.
