Best of the Balearics

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.

MALLORCA

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.

IBIZA

Mallorca’s attention-seeking sister continues to mature as a luxury destination – with a flurry of smart hotel openings from global brands. The sophisticated hedonism of the Standard arrived in Ibiza Town last year, following the reopening of Hyatt’s 7Pines Resort on the west coast and Six Senses in the north. The north is generally more bohemian-chic, with an increasing move towards sustainable living and wellbeing venues.

Entrepreneurial millennials and middle-aged former ravers with their families in tow helped the island’s airport towards its busiest-ever year, with more than eight million arrivals in 2022. Although tourism remains seasonal, as on Mallorca, the island is attracting an increasing number of remote workers and relocating families. “This trend has been driving demand for countryside properties,” says Rémi Gaich, head of the Ibiza office at Lucas Fox, Savills associate. “We had a record year.” The average sale price was €2m, with British, Dutch and Belgian buyers the biggest groups, and French and American interest increasing.

A Balearics-wide moratorium on new holiday rental licences means properties with the necessary paperwork are at a premium – as are new homes free from historic planning irregularities. “Now it’s more about finding the right property than being in the ‘right’ area,” says Gaich.

MENORCA

The northernmost Balearic isle marches to a different beat. It is arguably the most peaceful and safe of the islands – urbanisation is largely restricted to the capital, Mahón, and the former capital, Ciutadella, both handsome towns. With dozens of beaches, a coastline that’s ideal for yachting, plus country lanes, valleys and pine forests crisscrossed by hiking and biking routes, Menorca remains a more seasonal destination, with far fewer year-round flights than Mallorca.

The opening of the Hauser & Wirth gallery in Mahón has attracted a new clientele. Sergio Ogazón of Lucas Fox Menorca says that even before this, the island’s gentle charms attracted French buyers, who have snapped up its rambling old fincas and renovated them with panache. “Country properties bought for about €1m are now being resold for up to €3m after a high-spec renovation.” Sales in 2022 were typically €500,000-€1m, which will buy you a renovated villa without a sea view. The volume of sales on Menorca last year was the highest since 2007.

The inventory of agroturismos (accommodation based in rural houses and farms), including hip Menorca Experimental, and boutique hotels such as Cristine Bedfor and Can Albertí in Mahón, is helping to draw the art world and the wealthy to the island. And with celebrated restaurants such as Mon in Ciutadella fast improving the culinary scene, it is only a matter of time before Menorca gets its first Michelin star.

Pictures from top: the pretty bay of Cala Pi on Mallorca (Getty); Palma’s cathedral (Getty); the view of the old town from the bar at Montesol Experimental, one of several luxury openings in Ibiza Town; the new Hauser & Wirth gallery on Menorca