THE average property price in the southwest of Mallorca has risen greatly since the start of the year.
Average property prices in the area are now €2.11 million, up from €1.68 million in 2016, according to leading international property agents Engel & Völkers.
In particular, new-build apartments have shown particularly strong price increases, the real estate giants say.
“Prices in the region have risen further in parallel. Compared to the previous year we have seen an increase of 25% in the average sale price in the southwest”, says Hans Lenz, Managing Director at Engel & Völkers Mallorca Southwest.
The most popular locations are Puerto de Andratx, Santa Ponsa, Bendinat and Portals, with many potential clients aiming to invest more than €8 million euros in a property.
German, Swiss and and British buyers, as well as some from the Middle East, are looking for sophisticated properties with ocean views and privacy.
“We are also seeing a rise in demand for properties over €20 million, including from new source markets such as the USA and Scandinavia”, said Lenz.
Amenities such as a wine cellar, home cinema and a fitness and spa area are highly sought after, with properties often over 1,000 square metres.
Going forward, Engel & Völkers expects to see continued growth in the residential property market in the southwest.