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olive press
www.theolivepress.es
May 2018
Issue 20
SUZI QUATRO
April 26th - May 9th 2018
11
My relax from Rock n Roll: Why I love Mallorca SEE PAGE III>>
Rainbow retreat A MALLORCAN villa is being touted as this summer’s must have property due to its intricate use of glass. The expansive ‘Villa Chameleon’ in opulent Son Vida, near Palma, was identified as one of the world’s top five exclusive abodes by the Financial Times. Valued at an eye-watering €29.5m, it has gained its nickname as more than half of the building is made of a special crystal glass which contains LED lighting, allowing the house to change colour. The luxurious development contains ten bedrooms, a guesthouse and its own ‘wellness centre’ for when all that sunbathing gets too much. It is being sold at www.engelvoelkers.com.
Island dynamo T Foreign buyers continue to pour into Mallorca, while Brits make up the biggest foreign market in Spain, writes Gillian Keller
Boom at a price
HE Balearics were the most popular region for foreign buyers last year, new figures have revealed. More than 460,000 sales were registered in Spain last year, with foreign nationals accounting for 13% of purchases. The total number of properties bought last year was the highest number since 2008’s
MALLORCA is enjoying a mini property boom this year, despite a shortage of developable land, according to the Association of Surveyors and Architects. Planning permission has been awarded to over 400 properties in the first quarter of the year, more than any time in the last few years. Significantly there has also been a change in the type of proper-
crash. Brits still make up the largest percentage of the foreign market at 15%, with Brexit seemingly doing little to put off investors. The numbers found that the most popular area for foreign buyers in Spain is the Balearic Islands, followed by the Canaries, Alicante and Malaga.
ties constructed, with fewer chalets approved than in 2017 but more family-sized houses. The number of townhouses gaining planning permission also increased. However, Association President Daniel Tur has warned that more must be done to ensure that the boom benefits all Malloquins. Tur explained that the price of land on the island was still high
And now, as a result of Spain’s booming property market, the International Monetary Fund has raised the country’s economic growth forecast in 2018 to 2.08% - giving Spain the strongest economic growth in the Eurozone. It was also reported that on-going political uncertainty in Catalunya had not affected the Spanish market as much as predicted. “I don’t think one needs to worry too due to scarcity, meaning that much about the propmany ordinary locals are being erty market in Barcelopriced out of the market. na,” said a spokesman Furthermore, he highlighted that from Registradores, construction costs in Mallorca which published the remain high when compared to figures. the other Balearic islands and “Barcelona will still be that this could also put off those an exciting city to own without cash to burn. a holiday flat in, with One suggestion by local firm Profantastic culture and inba is to construct taller buildentertainment comings with more floors. bined with sun and fabulous beaches.”