Image of the converted Capistrano Clinic. | Engel & Völkers

The Capistrano Clinic in Cala Major, which was a private centre for treating addictions, is being transformed into luxury apartments. The smallest apartment, 45 square metres, is available at 415,000 euros. The most expensive apartment is the penthouse - 3.2 million euros for 197 square metres and a terrace of up to 294 square metres with sea views. The building has parking and common areas for a gym, a large solarium with sea views, an outdoor pool, a barbecue and a chill-out area.

Currently under construction, two of the fifteen apartments have already been sold and two more have been reserved. Buyer interest is said to be mainly foreign, but there is also interest from the domestic market. Occupation of the apartments is scheduled for summer 2024. The budget for the work is 2.53 million euros.

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The building was acquired in December 2020 by Cala Major 46 S.L. The sole administrator of this company is Ignacio Moreno, who was CEO of Inmoglaciar, the developer of Cerberus, one of the largest real estate funds in the world. He has since founded Aurquia, a developer focused on affordable residential housing. "We are studying other projects in Palma and in Mallorca. We are very actively looking for land to build affordable and officially protected housing, but there are few plots."

On the mainland, Aurquia is developing flats with prices up to 240,000 euros. In Mallorca, Moreno explains, the cap would be 300,000. "Much of the problem is with the price of land and construction prices - 50 per cent more expensive than on the mainland." The company's objective is to achieve an average price for new housing of 2,200 euros per square metre.