Bill Webb, who runs Webbs Removals regularly posts the caption on facebook underneath one of his lorries being unloaded, that the Brits are Coming. And Bill is spot on. To be honest I am amazed but British investment appears to be flooding in despite Covid and Brexit.
One of the biggest landowners on Mallorca are British (the Reuben Brothers) and British owned hotels are springing up across the island from Santa Ponsa to Banyalbufar and Palma. British companies appear to have a major appetite for Mallorca investment. Even the British community is growing across the Balearics.
There are now 18,000 British residents here compared to 16,000 just 12 months ago! This big increase has come about as a result of more people getting their paperwork in order thanks to Brexit but it is nice to know that the British community is much larger than initially thought.
Now, the Reuben Brothers and Sir Richard Branson (who will soon be opening a new hotel in Banyalbufar) are savvy investors and they are looking at the long term. They believe that Mallorca is a good investment and will continue to prosper once Covid has finally been brought under control.
For British investment to prosper and not only in the Balearics but across Spain, the Spanish authorities must ease the post-Brexit red tape and even try and find a solution to the 90 day rule. The Brits are back with plenty of cash let us hope that it is only one way traffic from Britain to Palma!