ISLAND NEWS
21 11
JULY 2023
PROPE RT Y
NEWS PRICE GROWTH AROUND THE ISLAND JO LA FOSSE, CASAS EN MENORCA “At present, what characterises the property market in Menorca is the continuous growth of prices all over the island. And there is a reason for this. Menorca has a limited territory and as a result, it is an increasingly attractive place for foreigners to buy a second home or as an investment. On average, one in three houses are sold to foreign nationals. Among the most expensive locations, we find the area of Fornells ( 4.113 €/m2 ) where the market is dominated by large historic rural estates and properties with sea views. However, among the most sought-after residential areas of the island, are Mahon and Ciutadella, with prices in Ciutadella being slightly higher. Our real estate agency Casas en Menorca.com currently has a larger portfolio of properties in the Mahón area, as we have two offices in the capital. In Ciutadella, the property portfolio represents 20% of the total with one office in the centre. In terms of prices, in Ciutadella the price per m2 is 2.733 € while in Mahón it is 2.514 €/m2. Flats in Ciutadella range from 200.000 € and among the most sought-after coastal locations are Son Xoriguer (with luxury villas for sale for up to 4.000.000 €) and Cala Morell where villas are for sale from 800.000 €. In the other coastal areas of Ciutadella we can find villas from 350.000 €. Flats in Mahón are around 180.000 € and among the most coveted coastal areas we find Cala LLonga (with villas from 500.000 €) and Cala Sa Mesquida with an average maximum price of almost 3.300 €/m2.”
JUAN MATEO - BONNIIN SANSO Brexit had a notable impact on the real estate market in Menorca, causing uncertainties and a decline in demand from British buyers. However, as the logistics and regulations surrounding Brexit have been progressively sorted out, there is a growing resurgence of interest from British buyers in the Menorcan property market. Brexit led many British buyers to adopt a cautious approach when considering real estate investments in Menorca. Currency fluctuations and changes in regulations created a sense of hesitation and prompted some buyers to delay their plans. As a result, the real estate market in Menorca experienced a temporary slowdown in British buyer activity. However, as time has passed and clarity has emerged regarding the post-Brexit landscape, there has been a noticeable uptick in interest from British buyers. With clearer guidelines and a better understanding of the new regulations, British investors are regaining confidence in Menorca’s real estate market. Additionally, the logistics and administrative procedures have become more streamlined and predictable since the initial confusion caused by Brexit. Buyers now have a better grasp of the legal requirements, residency permits, and tax implications, making it easier for them to navigate the property purchase process in Menorca. Furthermore, Menorca’s real estate market is benefitting from the traditional ties and cultural affinity that exist between the UK and the island. The historical connection, familiarity with the local language and customs, and the established presence of British communities on the island contribute to its enduring appeal for British buyers.
BONNIN SANSO PROMOTES SA LLOSA HOMES IN MADRID Bonnin Sanso participated at SIMA, the leading Real Estate Exhibition in Spain, which took place in Madrid, as part of the Neinor Homes stand. Members of the sales team provided clients with first-hand information of the Sa Llosa Homes development in Son Parc. Sa Llosa Homes, is an exclusive development of 50 villas in Son Parc, Menorca Furthermore, Menorca’s real estate market is benefitting from the traditional ties and cultural affinity that exist between the UK and the island. The historical connection, familiarity with the local language and customs, and the established presence of British communities on the island contribute to its enduring appeal for British buyers. ROQ U E TA M AGA ZI N E . N E T
