IT is fast becoming one of the most sought-after areas in Mallorca. The stunning transformation of Playa de Palma is predicted to cause a property boom, as this scenic coastal spot continues to flourish.
With huge investment coming in, Engel & Völkers director Terence Panton believes these are exciting times for the fivekm-long stretch of the coast, which goes from C’an Pastilla to S’Arenal. He believes the changes could see the area becoming Palma’s answer to South Beach, in Miami. Internationally renowned real estate agency Engel & Völkers has just opened its first office in the area – its seventh in Mallorca – and Panton believes Playa de Palma is already enjoying real ‘momentum’.
“The area will develop within the next five years,” Panton told the Olive Press. “The question is not ‘if’ anymore. Absolutely not. The question is ‘when’. “This is a place where you can still get value for money and in terms of prices hitting their peak, three to five years is the best case, with the worst case five to ten years.”
With government and local business owners working together to improve the area, property prices have been rising over the past three years. Leading the charge has been Palma Beach Consortium, which has helped to inject millions of euros into the Playa de Palma area, situated a short ten-minute drive from Palma city centre.
The consistent upgrading of hotels to four and five stars has given the area a stylish makeover. And with a fine selection of quality, reasonably priced restaurants and outdoor leisure activities, such as cycling, windsurfing and kite-surfing, this is the ideal location for a family apartment. With prices in Palma out of some people’s budgets, now is the ideal time to snap up a property in Playa de Palma, says Panton, with buyers’ investments only increasing in value over time.
“It is still Palma and the beach here is the city’s best beach,” said Panton, adding: “Let’s face it: you don’t have a beach right next to you in Santa Catalina or the Old Town.” You can get a first-line apartment from €250,000 with a fantastic view of the sea. “If you buy now, you will reap the rewards within a few years,” he insists. Call the office on 971 412 925.