Playground for the rich and famous, the Balearic Islands, spearheaded by Mallorca, is outperforming the rest of Spain in terms of property growth.
According to the latest National House Price Index by Spain’s National Institute of Statistics (NIE), house prices in the Balearics rose 7.3 per cent in the 12 months to the end of the second quarter 2015 – the highest regional rise in all of Spain, where the average rise nationally was four per cent. Looking closer, price growth in the Balearics’ new-build sector was 7.8 per cent for the period and 7.4 per cent for the resale market.
While the Balearics includes Ibiza, Menorca and Formentera, it is the largest and most developed island Mallorca that drives the property market in the archipelago. This is thanks largely to Mallorca’s popularity with the world’s rich and famous, many of whom come for holidays but end up snapping up a home there! Over the decades, models, actresses, sporting heroes and royalty have all have been wooed by the balmy breezes and stunning scenery of Mallorca, adding to the island’s cultural heritage.
Claudia Schiffer, for example, has a home on the island, in the lovely Camp de Mar area at Puerto Andratx, while Michael Douglas and Catherine Zeta Jones are reported to be selling their villa on the island for a cool $60 million. As well as fashion royalty, Mallorca is well used to hosting actual royalty. King Felipe VI of Spain and his family regularly holiday on the island, enjoying its sunshine, relaxed atmosphere and plentiful historical sites. Other recent famous visitors include Claire Sweeney, Steve McFadden and Anthea Turner, while Andrew Lloyd Webber owns several homes on the island. Rewinding a few decades, notable holidaymakers to Mallorca have included Winston Churchill, Grace Kelly and even Charlie Chaplin.