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Engel & Völkers & Mallorca, a perfect match

As we step into 2024, let’s take a moment to reflect on the developments that shaped the real estate landscape in Mallorca during 2023.

Informe de Mercado E&V

Mallorca: A Beacon of Growth

With Mallorca holding approximately 78% of the Balearic Islands’ real estate market, it’s no surprise that the island continues to be a focal point for investment and lifestyle opportunities. According to the Spanish Ministry of Housing, total sales transactions in Mallorca during the first three quarters of 2023 amounted to €3.3 billion. This figure, standing 38% above the ten-year average, underscores Mallorca’s resilience and allure as a premier destination for property ownership.

Engel & Völkers Mallorca’s Success

In 2023, Engel & Völkers Mallorca achieved remarkable milestones, posting a total sales transaction volume of €662 million. This represented a notable 38% increase over the 10-year average, making it the third-best year in Engel & Völkers’ 34-year history in Mallorca. Additionally, the average price of properties brokered by Engel & Völkers Mallorca rose by 14% compared to 2022.

A Welcomed Transition and New Opportunities

2023 brought about a welcome “soft landing” post-boom, fostering a more balanced and sustainable real estate environment. Notably, new wealth and inheritance tax breaks were introduced, aimed at stimulating investment and permanent residency. These changes further enhanced Mallorca’s appeal as a premier destination for property ownership. With robust demand and limited supply, premium real estate continued to flourish, presenting enticing prospects for investment and lifestyle enhancement.

Explore Further Insights

In summary, Mallorca remains a top destination for real estate investment and lifestyle enrichment. For those eager to delve deeper into the market trends and opportunities, we invite you to explore our Engel & Völkers Market Report Mallorca 2022/23.

Thank you for being a part of our real estate journey in Mallorca!