Palma's sea front is being redeveloped pushing house prices up.

Palma's sea front is being redeveloped pushing house prices up. | Majorca Daily Bulletin reporter

Humphrey CarterPalma21/11/2022 11:39
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The redevelopment of Palma’s Paseo Mallorca is already starting to push property prices up and foreign investors are showing a great deal of interest in front line apartments and many are already investing in properties to refurbish them and put them back on the market, either to rent or to sell.

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“There is a lot of demand, foreigners are buying,” says Manuel Jiménez, president of the Passeig Marítim Business Association, who confirms that Germans, British and Swedes are flooding the market.
At the moment, the cheapest property with sea views is 295,000 euros, but most are in the region of 400,000 euros.

Proof of the growing interest in this area is opposite the Club de Mar, which is being completely rebuilt, the developer Harbour Lofts is refurbishing a building and the flats are being sold at between 1.7 and 4.9 million euros and once the reformation of sea from has been completed in two years time, a further property boom, and increase in prices, is expected.