Properties in Rural Mallorca Are Being Snapped Up

Properties in Rural Mallorca Are Being Snapped Up. Image - Pixabay

The effects of the health crises and high house prices in Palma have been prompting people to buy properties in rural areas of Mallorca.


According to Mallorca Daily Bulletin, the effects of the health crises and high house prices in Palma have been prompting people to buy properties in rural areas of Mallorca, where houses are usually larger and have sizeable terraces or gardens.
Association of Real Estate Developers Vice President, Tolo Mayol says Santa Maria is now thought of as part of Palma and properties in campos that have been on the market for years are now being bought.
Estate Agent, Luis A Cabezas Echegoyen also agrees that an increasing number of buyers are choosing to move to Part Forana and that 90 per cent of clients are wanting properties with a garden, terrace or patio – which are approximately €60,000 more expensive.
Over the last three years, there has been an increase in 30 – 50 per cent in property prices in Inca, Llucmajor and Campos. Houses in Inca that previously cost €150,000 are now selling for €220,000 – €240,000.
“In Santa Maria, Binissalem and Consell, real estate has always been expensive,” says Cabezas Echegoyen, says Cabezas Echegoyen, who points out that regulations in construction make it difficult to build on rustic land.
The Balearic Islands, the Canary Islands and the Valencian Community are the communities where the number of properties bought or sold fell in the first 2021 quarter in comparison to 2020, according to INE and Ibestat.
During the first quarter of this year, 2,273 houses were bought or sold, compared to 2,720 in 2020 – a decrease of 16.44 per cent.
Tolo Mayol said the fall in due to rising property prices, movements of foreigners being restricted because of Covid and difficulties in obtaining a loan.
 

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Written by

Laura Kemp

Originally from UK, Laura is based in Axarquia and is a writer for the Euro Weekly News covering news and features. Got a news story you want to share? Then get in touch at [email protected]

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