We are pleased to introduce The Edition 2024: the latest JamesEdition magazine issue that guides you to the top destinations for luxury real estate.
For this issue, JamesEdition spoke with Tony Forsell, Co-Owner and CEO of Mallorca Life Real Estate, to discuss the latest trends, prime locations, and featured properties in Mallorca’s luxury real estate market.
Forsell shares insights on evolving buyer preferences, highlighting exquisite properties situated in the island’s rural heartland and near the capital. Discover more about the unique opportunities and challenges in this prestigious market.
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."
Q&A Highlights
How has the local real estate market changed in the past year, and what trends do you foresee shaping the market in the upcoming year?
The local real estate market has undergone significant changes in the past year. Previously, the typical buyer was primarily interested in acquiring a holiday home.
However, we now observe a clear trend where buyers seek properties where they can spend more time than just a few weeks a year. Today’s buyers have higher demands for comfort and are looking for homes where they can enjoy living year-round.
Another prominent trend is that we see buyers from a broader geographical spread than before, including buyers from countries outside the traditional markets, such as Germany, England, France, and Scandinavia. However, these still represent a significant portion of the international buyer pool.
What are the most popular neighborhoods or areas for homebuyers right now, and what factors drive this popularity?
We continue to observe significant interest in the southwestern parts of the island, stretching from Palma out towards Andratx and the southeastern region, encompassing villages such as Santanyi.
Delving further, our beautiful capital, Palma de Mallorca, remains immensely popular, with sought-after areas including the Old Town, Santa Catalina, Son Espanyolet, and El Terreno. In the southwest, Bendinat, Portals, Costa d’en Blanes, Son Vida, and Puerto Andratx stand out as some of the most coveted areas for buyers.
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. In the vicinity of Santanyi, we assist our clients in discovering exceptional fincas, often sourced through our extensive network and close relationships with sellers and property developers, even before they hit the market.
In locales like Bendinat, one can find villas boasting stunning sea views, proximity to beaches, and easy access to Palma. In summary, Mallorca offers something for everyone, from tranquil countryside retreats to vibrant coastal communities and everything in between.
Plane flying above Mallorca, Spain
In your experience, what are some common challenges that buyers face in today’s market, and how do you advise them to navigate them?
Many first-time buyers need help navigating the often complex housing market here on the island, and unfortunately, there are many pitfalls. Many describe a fear of Spanish bureaucracy and the often challenging administrative work required when purchasing a property. One needs to open a bank account, obtain an NIE number, etc.
However, with a good real estate agent, everything usually goes smoothly and feels safe. We help our clients navigate correctly and put them in touch with lawyers, technical architects, appraisers, banks, and so on to make the process as simple as possible.
The major challenge, as we see it, is for buyers to know what they want, i.e., if they wish to live in a finca in the countryside, an apartment in central Palma, or a villa with sea views in Bendinat. The island has so much to offer. That said, when we can sit down with the customer and listen to their preferences, we can create the best possible search profile for them, then we know how to find their dream home.
Are there any demographic shifts you’ve noticed in recent buyer profiles, such as an increase in first-time homebuyers or a surge in downsizing retirees?
Indeed, we have noticed a shift in recent years in the profiles of property buyers here on the island. Historically, many buyers were older individuals who may have retired or stopped working for other reasons, seeking a holiday home to spend a few months a year when it was cold in their home country.
Today, we see a broader geographical spread of our clients and a more diverse age distribution. Say what you will about COVID, but it forced people and businesses to rethink where and how they work.
With that said, there are now many buyers moving here who, even after COVID, continue to work remotely and seek a place to achieve a better work-life balance. As a result, we are seeing more and more buyers who are families with young children, young adults who have not yet started families, and individuals looking for a change in life.
What percentage of transactions in your market are cash purchases versus those involving financing, and how has this ratio changed over the past year?
We don’t have precise data on the percentage breakdown between cash purchases and financed transactions. However, it’s essential to recognize that each buyer’s financial situation and goals are unique. While purchasing a property outright with cash offers immediate ownership and eliminates the need for financing, it may not always be the most advantageous option financially.
Exploring different financing solutions tailored to individual profiles is highly recommended. Opting for a mortgage, for instance, allows buyers to spread the cost of homeownership over time, potentially preserving liquidity for other investments or financial needs.
At our firm, we understand the importance of guiding our clients through the complexities of real estate financing. Leveraging our extensive network of lenders and financial experts, we strive to provide our clients with tailored financing solutions that align with their needs and financial objectives.
Whether exploring different loan options, securing competitive interest rates, or navigating the intricacies of the mortgage process, we’re committed through our network to empowering our clients to make informed decisions.
Sunset Cap de Formentor, Mallorca
How does your agency approach client communication and support throughout the buying or selling journey, and what feedback have you received from clients about this approach?
As a real estate agent, I believe the most critical aspect is to be accessible to clients and guide them throughout the entire purchasing process. With that said, there are truly no offdays – if a client is visiting for a weekend and can only view properties on a Saturday afternoon, then that is what we accommodate, as I have planned for it as their agent.
We pride ourselves on being a one-stop shop for our clients, and through our network, we have access to all properties for sale on this island. We ensure everything is prepared for our clients when they visit during a limited time frame and desire on-site property viewings.
Our clients appreciate the dedication we put into our work and feel secure in the effort we make on their behalf. Our clients expect this service, particularly those leading busy lives who don’t have the time to search for the right property and manage the administrative aspects of the process themselves.
Premier Property Selections
The Exquisite and Elegant Finca
Price: €5,750,000
Location: Porreres, Mallorca
Welcome to this exquisite finca that will capture your heart with its elegance and extraordinary location atop a majestic hill, offering awe-inspiring panoramic views. What sets this property apart is the ownership of the entire hill, ensuring unparalleled privacy and tranquility for your enjoyment.
Indulge in the luxurious amenities of this top-tier property, which boasts a stunning main house and two self-sufficient guest apartments. With five bedrooms, each accompanied by a private bathroom, you and your guests will experience the epitome of comfort and relaxation.
Engage in friendly competition on the marvelous tennis court, complete with state-of-the-art floodlights, allowing for endless hours of play. Immerse yourself in the exclusive garden adorned with multiple terraces to unwind and revel in the enchanting surroundings.
Step outside to the meticulously landscaped garden, which is complemented by a delightful terrace, perfect for enjoying al fresco dining or sipping your morning coffee. The timeless elegance of the property is further enhanced by the presence of elegant wooden elements, exquisite Binissalem stone, and a stylish microcement floor.
Don’t miss your chance to own this exceptional finca with its captivating elegance, breathtaking views, and an array of exceptional amenities. Take the first step towards your dream lifestyle today and embrace the epitome of luxury living.
Stunning Villa Close To Palma
Price: €1,895,000
Location: Palma, Mallorca
Discover the epitome of slow living in Palma with our stunning villa that combines captivating charm, breathtaking views, and an array of exquisite features. Nestled in a serene location, this remarkable property presents an unparalleled opportunity for those seeking a slice of paradise.
As you step inside this enchanting villa, you’ll be instantly captivated by its timeless elegance and meticulous attention to detail. Boasting four spacious bedrooms, this residence provides ample space for relaxation and rejuvenation. Each room is thoughtfully designed to offer comfort, privacy, and a serene atmosphere, ensuring a tranquil haven for you and your loved ones.
Prepare to be mesmerized as you take in the magnificent vistas that unfold before your eyes. With unobstructed views of Palma’s stunning skyline, the villa offers a visual feast that will leave you spellbound.
For those seeking relaxation and tranquility, the villa offers three covered terraces where you can unwind and savor the balmy Mediterranean breeze. Whether you desire a quiet reading nook, an alfresco dining area, or a place to entertain guests, these charming spaces provide the perfect setting to create lasting memories.
Contact Mallorca Life Real Estate
Don’t miss the opportunity to call these dream villas your own and embark on a lifetime of unforgettable experiences. To arrange a viewing and make your dreams a reality, contact Mallorca Life Real Estate
For more insights on luxury real estate trends and this season’s hotspots, download The Edition 2024
