Mallorca and Ibiza are seeing something of a revival, according to Knight Frank’s Island Review 2015 released Monday. Ibiza’s luxury residential prices rose 5% between December 2013 and December 2014, according to the report. Mallorca saw a 2% decrease, but Knight Frank notes that in parts of the island, such as Andratx and Deia, “prices are firm, if not starting to record small increases.”
This Ibiza home in a gated community is on the market for about $13.5 million. View full listing. CHRISTIE’S INTERNATIONAL REAL ESTATE According to data by Knight Frank Research and the Spanish Ministry of Development, the Balearics Islands, of which Ibiza and Mallorca are two of the biggest, kept supply low in the years before the financial crisis in contrast to the rest of Spain. In 2007, new residential construction across Spain reached 532,117 while just 13,475 such builds began in the Balearics. As the country has started to recover, the volume of sales in the archipelago has also picked up with price growth outperforming the national average. In the first quarter of 2015, the average price per square meter in the islands was 1,505.10 euros (around $140 per square foot) while the rest of Spain saw an average of 1,264.50 euros (about $117.5 per square foot).
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This property, distributed over three floors and sitting on top of a hill, is selling for about $15.6 million features mountain and sea views as well as a home theater and temperature controlled wine cellar. View full listing. KRISTINA SZEKELY SOTHEBY´S INTERNATIONAL REALTY Increasing interest in the islands, which boast year-round flights to the rest of Europe, good international schools and strong information technology, is evidenced in growing tourism numbers. Tourists arrivals surged by 8% last year for Mallorca and 12% for Ibiza. The islands also recorded some of the strongest online viewings for island properties for sale via Knight Frank’s website. In the first quarter of 2015, Mallorca’s viewings went up 31% compared to the last quarter of 2014 while Ibiza’s rose by 11%. Overall, online viewings of island properties via Knight Frank went up 21%. View full listing (pictured top)