With their crystal waters, blissful beaches and tiny bays, plus hinterlands studded with olive groves and pine forests, the Balearics have natural charm aplenty – all within easy reach of the Spanish mainland, the UK and now the US. With reliably hot summers and mild winters, the beautiful Mediterranean archipelago offers not just high-end tourism, but luxury-level property markets too.
Small wonder, then, that the Balearics seem to be ever more popular, both as a holiday destination and a place to buy. In 2022, Spain’s national statistics office reported that 39 per cent of Balearics properties were purchased by non-Spanish buyers. It’s not hard to see why. Each island has a distinct appeal – with something to suit every taste.
For versatility, you can’t beat Mallorca. The grande dame of the archipelago offers the most highly developed version of island life. Its sophisticated infrastructure – 17 international schools, 20 golf courses, 48 marinas and nearly 4,000 restaurants – makes it the go-to choice for high-net-worth individuals looking to holiday or relocate, as well as the Spanish royal family and home-buyers from around the world.
Mallorca’s facilities regularly win plaudits: cosmopolitan Palma was voted one of the best cities in Europe by Condé Nast Traveller in 2022, Playa de Muro and Es Trenc are rated among Europe’s best beaches, and the island’s restaurants hold 11 Michelin stars – the latest awarded to Fusion 19 in Alcúdia. New direct flights from New York are adding to the increasing cohort of American visitors and home-buyers – Palma’s airport is deemed the best connected in the Mediterranean, with flights to 180 destinations. “Rural estates have been especially popular with those wanting to spend longer periods here,” says Antonio Fuster, co-founder of Balearic Properties, Savills Mallorca associate. “In the centre of the island, Búger, Campanet and Selva are in demand.”
Fuster’s clients last year came from 30 countries, with a budget averaging €1.2m. Germans led the way – 43 per cent of buyers – followed by the British at 30 per cent. Demand from all quarters pushed up the average property price on the island by 4.5 per cent in 2022, reaching €5,309 per square metre. In the southwest region, which includes the exclusive districts of Puerto Andratx, Santa Ponsa and Portals Nous, along with Palma, prices can reach €15,000 per square metre.