PROPERTY IN PALMA
Palma, the island’s capital with a population of 300,000, is developing a reputation as “the new Barcelona” - albeit a smaller version. This beautiful, historic town on the coast is increasingly asserting itself as a cultural capital (not least since the opening of the trendy Es Baluard art museum) and a chic and cosmopolitan city, as seen in the proliferation of exquisite boutique hotels in converted palaces. As a result, growing numbers of new converts to Mallorca are seeking holiday homes around the capital instead of scooting off to other areas of the island. Though Palma’s boundaries stretch 15km along the coastline from s’Arenal in the east to the cosmopolitan districts of Cala Mayor and San Agustin in the west, the city itself is relatively small, so everything is within walking distance (underground parking is abundant making access by car easy). Palma boasts the largest medieval old town in Europe, a maze of grand mansions, museums, fashionable shops, tapas bars and restaurants set around in picturesque old squares. Palma’s waterside position means there are plenty of boating and water sports facilities, including two yacht clubs. Prices are relatively high, with properties with harbour views starting at around 5,000 euros per m2, and apartments with more urban views at 3,000 per m2. Palma’s buildings are, however, full of character, and properties for sale are usually in historic buildings which have been stylishly converted, particularly near the cathedral around the popular La Llonja and up-and-coming Santa Catalina. Be prepared though for steep, narrow staircases without lifts and probably no parking space nearby.
Many old palaces and villas in Palma are now being renovated, and the neglected suburban areas of Portixol Property and Terreno Properties are undergoing facelifts. In the old town you will find small studio or one-bedroom apartments for around 150,000-200,000 euros and two-bedroom apartments of about 100m2 from about 250,000 euros. Palma is also seeing its fair share of loft-style penthouses in converted palaces, with panoramic views of the town and sea from their roof terraces. Price tags for such properties usually escalate into the millions. City palace in need of refurbishment near the cathedral This historic building to refurbish is located in the area of the cathedral, which was originally inhabited by noble Majorcan families centuries ago. This house has a lot of potential with many original features such as high ceilings and seasoned pine wooden doors. This property is ideal for a large family home or for a developer. Included there is a project by an architect and approved by the town hall, providing all necessary Licences.
Mallorca Property Market in 2009
