The north of Mallorca is a hugely diverse region promising both adventure and relaxation with its magnificent Tramuntana mountain range, the lush valleys and arable plains, and its idyllic coves and gorgeous sandy beaches. It is therefore, no wonder that year after year, home buyers choose to invest in the region and enjoy the very good life this little Mediterranean Island has to offer. In 2022 the real estate agent, Engel & Völkers Mallorca North, recorded the highest turnover in 17 years, since that date activity in the sector has been gradually normalizing. Demand for residential property by both local and international buyers is still high and house prices have remained stable.
Interested in villas, fincas, or apartments for sale in the north of Mallorca? Discover the current trends and developments in the real estate market in our Market Report 2023/2024.
Buying Property in the North of Mallorca: Prices
With the exception of the pandemic years 2020 and 2021, the price of properties for sale in the most popular locations of Mallorca have experienced a steady increase since 2015: The high demand for property, the limited supply of available properties for sale, and a decline in new construction have put pressure on house prices. The year 2023 showed a change in this dynamic. In the third quarter, house prices remained unchanged compared to the previous year. In the sought-after coastal towns, such as Pollensa, Puerto Pollensa, and Puerto Alcúdia, buyers paid an average of 1,026,000 euros for apartments and 1,830,000 euros for houses.
The municipality of Alcudia is a versatile location with some of the best beaches and amazing places to swim on the island, it is also home to a wonderful, walled old town on a historical site and has an modern day infrastructure with excellent services and leisure activities. It is a great place to own a home! Take a peek preview of what is on offer and enjoy this very sleek luxury villa for sale by the sea!
Regarding transaction volume, our agency has observed a 23% decrease in comparison to the previous year (2022), however, the value is still 38 percent above the 10-year average for the region. This is not only due to the consistently high demand for residential properties across the entire island, but also to the excellent work and reputation of our experienced agents in conjunction with the unique, international network setup of Engel & Völkers, which enables us to optimise the bringing of buyers and sellers together. If you are interested in buying a villa, country house, or apartment in the north of Mallorca please get in touch!
Property Market Development in North Mallorca: What we expect to happen
The local presence in the real estate market has intensified in recent years. In 2022, Engel & Völkers observed an increase in local investors from 59 to 63 percent, while the share of international buyers decreased from 41 to 37 percent. However, foreign investors remain highly significant for the North of Mallorca, because they contribute to the diversification of the market and also to the global recognition of the region as a solid, first class destination to buy. International buyers in Mallorca are mainly from Germany, the United Kingdom, and other European countries, however, buyers from other continents amount to 21% of all foreign property purchases on the island.
For the coming year, Engel & Völkers anticipate an increase in the appeal of the north of Mallorca as a favoured investment destination. This is particularly due to the wealth tax threshold increasing from 700,000 euros to 3,000,000 euros, which ensures increased competitiveness for the Balearic Islands compared to other regions. Interested in investing in the stunning North of Mallorca? This modern apartment at the exclusive marina in Puerto Alcudia is just one example of what can be bought in the area!
Above all seek professional advice when buying a property on the island, be it a villa, country house or flat – Engel & Völkers is at your service
The real estate market in the North of Mallorca is subject to constant change. To avoid any risks when buying or selling a residential property in the region, it is advisable to engage the services of a professionally competent real estate agent. The local real estate team at Engel & Völkers is here to offer you help every step of the way. Please call for a free and non-binding consultation at +34-971-53 20 50 or visit us at one of our shops in Port d’Alcúdia, Port de Pollensa, and Pollensa.
