Today, Mallorca's leading real estate company, Balearic Properties, announces the latest market insights reflecting significant shifts in buyer trends in the Balearics. Despite recent protests from local residents regarding the influx of tourists, the island continues to see a robust increase in both the number of inquiries and the average price buyers are willing to pay for homes. The data reveals a remarkable surge in both demand and pricing for properties in Mallorca, driven by an increasing interest from international buyers, particularly from Germany and the UK. 

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In 2022, the average price people were willing to pay for a house in Mallorca was €1.2 million, with the majority of buyers being Brits (33%), followed by Germans (31%), Spanish (10%), and Americans (4.3%). There were 6,757 enquiries from potential buyers, with Pollensa being the most popular place for house buyers, attracting 35% of the interest, followed by Palma with 12% and Alcudia with 3%.

In 2023, the average price increased to €1.3 million. Germans became the top buyers at 34%, with Brits following at 32%, Spanish at 12%, and Americans at 5%. The total number of enquiries rose to 7,431, marking a 10% increase from the previous year. Pollensa remained the preferred location for 32% of buyers, with Palma and the southwest region of Santa Ponsa attracting 10% and 4% of the interest, respectively.

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In the first quarter of 2024, the average price potential buyers are willing to pay surged to €2.1 million, a 60% increase from 2023 and a 75% increase from 2022. Germans and Brits continued to lead the market with 33% and 29% of the enquiries, respectively, followed by Spanish at 12% and Americans at 4%. There have been 2,414 enquiries so far in 2024, and it is projected that there will be approximately 9,656 by the end of the year, a 30% increase from 2023. Pollensa continues to be the top choice for 32% of buyers, with Palma attracting 10% and Santa Ponsa 4%.

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The upward trend in property prices can be attributed to buyers being able to work remotely and putting more of an emphasis on lifestyle than ever before. Mallorca's appeal as a prime destination for luxury living and investment continues to grow, offering a perfect blend of scenic beauty, modern amenities, and cultural richness. 

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Antoni Fuster, Marketing Director of Balearic Properties, commented on the findings: "The significant increase in enquiries and the average price buyers are willing to pay for properties in Mallorca reflects the island's growing reputation as a prime real estate destination. Our data indicates a strong and sustained demand from international buyers, particularly from Germany and the UK. Mallorca's unique blend of natural beauty, cultural heritage, and modern amenities makes it an attractive location for both investment and lifestyle. We anticipate this trend to continue, driven by the island's enduring appeal and the global demand for luxury properties."

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Based on the first quarter data of 2024, we predict a continued upward trajectory in both the number of enquiries and property prices. If the current trend persists, Balearic Properties expects to see approximately 9,656 enquiries by the end of the year, marking a 30% increase from 2023. The data underscores Mallorca's position as a thriving and highly desirable real estate market.