CBRE has counted 44 cranes for building projects in the city.

CBRE has counted 44 cranes for building projects in the city.

Majorca Daily Bulletin reporterPalma20/04/2019 05:55
TW

According to real-estate consultancy CBRE, there are currently more residential property developments in Palma than at any time since the start of the financial crisis in 2008. At present, there are 89 construction projects in all, 77 of them residential. Tonia Vera, CBRE's director in Palma, says that these are in response to "the dynamism of residential demand".

With a further 73 due to commence, by the end of the year 150 developments will be ongoing or will have finished. They will provide some 2,300 homes.

The average price is 3,751 euros per square metre. This includes communal facilities, such as a car parking space. There are significant price differences depending on area. In the old centre, the average is 6,420 euros. On the Paseo Marítimo and in the area of the Palma Sport & Tennis Club, the price is up to 7,500 euros. In Playa de Palma, however, it is 2,650 euros. A reason for this is the distance from the centre.

Around a quarter of new builds are houses. The majority are therefore apartments, typically of medium size.