Property Prices in Mallorca

The Engel & Völkers Market Report 2021/22 provides a detailed overview of the development of the property market in the Balearics and Mallorca and reveals some of the current market trends. To determine the supply of real estate in the various areas of Mallorca as well as the dynamics of the real estate market, the independent market research company Casafari LLC analysed 768 real estate agencies in Mallorca over the period 1 January 2021 to 30 November 2021.

In Palma de Mallorca, prices for apartments have reached a stable level. In the prime location of Génova, the average price for an apartment is 1 million euros. In very good locations, such as the historic centre, Portixol, Es Molinar, and Ciudad Jardín, asking prices are between 700,000 and 800,000 euros, as in the previous year. The neighbourhoods of Santa Catalina and San Agustín display average prices of between 600,000 and 700,000 euros. In El Terreno and La Bonanova, apartments are on the market for between 450,000 and 600,000 euros on average. The area around El Arenal continues to provide entry opportunities starting at 400,000 euros.

In Palma’s historic centre, town houses are on the market for an average of 3.4 million euros in the premium segment. On the Paseo Marítimo and in Santa Catalina, the asking prices remain unchanged at between 2 and 2.3 million euros. Prices in La Bonanova, Portixol, Es Molinar, and Ciudad Jardín have also remained stable: average asking prices are between 1.5 and 2 million euros on average. In the area surrounding Playa de Palma, houses are available for an average of 1 million euros.

Son Vida is recognised as one of the safest and most exclusive areas in Mallorca. In the prime location of Son Vida, exclusive villas can be acquired for an average price of 5 million euros. In the neighbouring villages of Puigpunyent, Establiments, and Esporles, asking prices for villas and fincas are between 2.3 and 3 million euros. In both locations, the prices have risen moderately in comparison to the previous years and are set to increase further. In the mountain village of Galilea and in Arabella Park, located beside Son Vida, average entry prices are stable at around 1.5 million euros.

In Son Vida, the average asking price for an apartment has risen in comparison to the previous year and is currently 900,000 euros. The prices in “Palma Golf” in neighbouring Arabella Park indicate an upward trend: here, apartments are placed on the market for between 500,000 and 700,000 euros. In the surrounding villages, entry prices are around 400,000 euros.

The average asking price for villas in the prime location of Port Andratx is 4.5 million euros. Due to their very good locations, neighboring areas to Palma including Bendinat, Portals and Costa d'en Blanes reach an average price level between 3 and 4 million euros. Asking prices also continue to rise in Santa Ponsa: here, a villa costs between 2 and 3 million euros on average. In the island’s interior, in the municipalities of Andratx and Calvià, average prices are between 1.5 and 2 million euros. In all the areas of the southwest, prices are expected to increase even further.

When it comes to apartments, Bendinat, Portals, and Costa d’en Blanes are the prime locations in the southwest. In comparison to the previous year, the average prices for apartments have risen to 1 million euros. It is also possible to recognise positive price development in Port Andratx, Camp de Mar, and Sol de Mallorca: here, properties are placed on the market for between 750,000 and 1 million euros. Entry prices in the southwest of Mallorca are currently around 500,000 euros and are expected to rise.

In 2021, slight price increases were recorded in the west of Mallorca. In the prime locations, such as Deià, George Sand, and Port de Sóller, the average asking price is 3.5 million euros. In Valldemossa, Banyalbufar, and Estellencs, villas and fincas with large amounts of land and views are priced at between 2.5 and 3 million euros. Around Sóller, prices are also rising slightly in comparison to previous years

Aside from the prime location of Port de Sóller, where the asking prices display an upward trend, prices remain stable in the property market in the west of Mallorca. In the region surrounding Deià, apartments are priced at between 400,000 and 450,000 euros on average. In Sóller, as well as in the villages of Fornalutx and Biniaraix, it is possible to find an apartment for a price between 380,000 and 400,000 euros, as in previous years.

There is a broad range of prices for villas and fincas in the north of Mallorca. In the prime location of Formentor, the average asking price is 6.5 million euros (2020: 6 million euros), due to the limited number of properties. The region around Pollensa continues to receive increased attention and, as such, average prices are between 2.5 and 3.8 million euros. In the coastal towns, such as Alcúdia, Puerto Alcúdia, and Puerto Pollensa, houses are on the market for between 2 and 2.7 million euros, with a further upswing expected. The rural areas towards the island’s interior provide a fair price-performance ratio, with properties priced between 1.1 and 1.5 million euros.

The average prices for apartments in this region have remained stable and are at the same level as in the prior year. In the prime locations Puerto de Pollensa, Alcanada, Puerto de Alcudia, and Playa de Muro, prices increased: here, asking prices are 450,000 euros on average. In very good locations, such as Alcúdia and Pollensa, the asking price is between 350,000 and 400,000 euros, as in the prior year. For apartments located inland and along the coast (Cala San Vicente, Can Picafort, Son Serra de Marina), prices remain unchanged at 300,000 euros.

In the sought-after locations in the northeast of Mallorca, the average prices are experiencing an upward trend. In the prime locations around Artà and Colònia de St. Pere, the average price for houses is 1.9 million euros—and this is set to increase. In the coastal towns between Cala Mesquida and Canyamel, there were slight price increases in comparison to the prior year. The same is true for Mallorca’s third largest municipality, Manacor: average asking prices for properties in this region are between 1.5 and 1.8 million euros. Entry prices for properties in the northeast remain stable at 1.4 million euros.

In comparison to 2020, the average prices have risen for apartments in Mallorca’s prime locations. These locations include the municipalities of Artà and Colònia de St. Pere, with average prices of 450,000 euros. In the coastal areas of Canyamel, Cala Millor, and Cala Ratjada, apartments are on the market for between 350,000 and 450,000 euros. Apartment prices also demonstrate high potential for development here. Entry prices for apartments in Manacor, Sant Llorenç and Son Carrió are similar to the prior year, at 300,000 euros.

In the centre of Mallorca, the average prices for fincas and villas are on the rise: in comparison to the previous year, properties in the prime location of Santa Maria are launched on the market for a higher average price of 3 million euros. In the municipalities of Alaró, Bunyola, and Puntiró, the asking prices for properties are between 2 and 3 million euros, which also indicates an increase in price. Prices for properties in the neighbouring municipalities, such as Algaida, Binissalem, and Consell, are between 1.5 and 2 million euros. Thanks to the fast road and train connections to the capital of Palma, prices in Marratxí have also risen: here, houses can be bought for between 1.2 and 1.5 million euros.

The average prices for apartments in Mallorca’s interior also demonstrate an upward trend: around Santa Maria, the average starting price for an apartment is 350,000 euros. Prices have also increased in the municipalities of Marratxí and Son Gual in comparison to the prior years and asking prices for apartments are between 320,000 and 350,000 euros. In Alaró and Bunyola, average purchase prices are between 280,000 and 320,000 euros. Prices are set to rise in all regions.

In the southeast of the island, asking prices for fincas and villas continue to be in the high-end segment and display a significant upward trend. For an average of 1.8 million euros, potential buyers can purchase their own home around Santanyí, Cala Llombards, Portopetro, or Portocolom. The same is true for the municipalities of Es Carritxo, Calonge, and S’Horta. In the southern coastal region near Sa Ràpita, Ses Salines, and Colonia San Jordi, the prices are between 1.5 and 1.75 million euros. Inland, around Campos and Porreres, houses are on the market for around 1.4 million euros. The investment prospects are considered to be very good in the southeast of Mallorca.

The prices for apartments in the southeast are also continuously rising in comparison to the previous years. The average sales price for an apartment in the coastal area between Cala Murada and Cala Llombards is around 400,000 euros. In the regions of Santanyí, Alqueria Blanca, Calonge, and Felanitx, it is possible to purchase an apartment for between 350,000 and 400,000 euros. The same applies to the southern coastal towns of Sa Ràpita, Ses Salines, and Colonia San Jordi. In Campos and Porreres, the average asking price is 350,000 euros.

In comparison to the previous years, the average prices for a villa in the south of the island display considerable development: buyers can find properties in Son Verí Nou and Cala Blava starting at 2.5 million euros. In the neighbouring municipalities of Maioris Dècima and Puig d’en Ros, asking prices for houses are between 2 and 2.5 million euros. The rural region surrounding the largest municipality, Llucmajor, has also experienced very good development—here, average prices are around 2 million euros. The demand for townhouses continued to rise over the past year. Generally, further price increases are to be expected in the south.

The average prices for apartments demonstrated considerable development in the south of Mallorca in 2021. Apartments located in the prime locations of Son Verí Nou and Cala Blava cost around 550,000 euros. The price level in the immediately adjacent towns, such as Maioris Dècima and Puig d’en Ros, is between 400,000 and 550,000 euros. In Llucmajor itself, as well the other coastal towns, there are some properties on the market for less than 400,000 euros. The same applies for apartments as for houses: the prospects for the residential market are very good.