By Humphrey Carter

PALMA
THE one hundred million euro fort on sale in the Port of Pollensa is just the tip of the iceberg with the local luxury property market in the area feeling nothing of the down turn in business being reported in other areas of the Balearics and on mainland Spain.

La Fortaleza is not the only multi-million euro property on the market in the north east of the island.
A number of Majorca's leading estate agents have a selection of luxury properties in the Pollensa and Alcudia area including a mansion in Cielo de Bonaire which Kühn & Partner has valued at 50 million euros.

While the credit crunches gripping most of Europe have led to a decline in business at the lower end of the property markets, the millionaire market is immune to the down turn.

The president of the Association of Holiday Homes in Pollensa, Miguel Cifre, said this week that while banks have made it harder for people to obtain a mortgage, house hunters in the 1.5 million euro plus end of the market, “do not have those kinds of problems.” According to real estate sources, 70 percent of luxury house hunters in the area are British, 20 percent are German and the rest are from mainland Spain, in particular Madrid and Catalonia.

The picturesque Port of Pollensa and its surrounding area has been a popular place for the more discrete rich and famous for decades and it would appear that the area is enjoying a revival of its luxury residential and tourism market.