Palma ranks as the third city in Spain with the highest number of apartments valued at over one million euros.
Madrid and Barcelona, respectively, claim the top two spot accounting for 94 percent of the million euro city property market.
The findings are the results of a survey carried out by the digital platform Precioviviendas.com which analysed the Spanish rental and sale property market.
In total, there are 1,929 apartments in Palma which are currently valued at one million euros or more.
And, the vast majority, especially the most expensive, are located in the city centre. According to the findings, the two most expensive apartments are in calle San Feliu. They cover an area of over 500 square metres and are valued at over 4.5 million euros. They were both built over 40 years ago and are located in a street which has become extremely popular with foreign investors.
And, despite their age, the ten most expensive properties have all been built over 40’ years ago, cover an area greater than 400 square metres and all, apart from two, are set in the old part if Palma. The other two are in Santa Catalina which has become extremely popular with foreign investors over the past decade and has become one of the most expensive neighbourhoods in the capital. 90 percent of the most expensive apartments are located in the centre of Palma, however, there are other pricey districts.
Front line coastal properties are some of the most expensive while there is one out in Secar de la Real, near Son Espases Hospital.
Narrowed down to streets, the largest concentration of million euros-plus apartments are in calle Joan Maragall which is part of Palma’s front lines with sea views. 207 million euros apartments are located in Joan Margall.
What is more, over the past two years, the number of properties worth over a million euros in Palma has increased by 35 percent - at a national level - the increase has been 50 percent with prices having risen significantly in both Madrid and Barcelona, two cities which account for nearly all of the country’s million euro-plus apartments - 31,196 and 19,990 respectively.
In the rankings, Palma is followed by Marbella, Valencia and Ibiza.
Elsewhere in the Balearics, there are 191 million euro-plus apartments in Calvia and ten in Santa Eulalia, Ibiza.