Property & Interiors
Unlocking the Essence of Mallorcan Real Estate
An Exclusive Interview with Iris Grünewald,
Managing Director of Balearic Properties
In the dynamic world of Mallorcan real estate, few figures embody expertise and dedication quite like Iris Grünewald, Managing Director of Balearic Properties. With a career spanning 25 years, Iris has become a stalwart in the industry, steering her company to enduring success whilst maintaining the highest standards of service. In an exclusive interview, she shares insights into the market dynamics of the Balearic Islands, investment opportunities, and the allure of Mallorca.
What do you do at Balearic Properties?
I am the co-founder and MD of the company. I graduated from the European Training Centre for Real Estate, I learnt all about and subsequently trained for the business before I founded Balearic Properties together with my partner, Antonio Fuster, 25 years ago. I run the business on a daily basis, dealing both with property owners and clients looking to purchase their island home. My focus is on maintaining the highest standards of service and the relationships with our clients. My 25-year experience is an important contribution to the company’s highly respected image and enduring success. I oversee the direction of the company and make sure that our day-to-day operations align with our long-term goals, and continually adapt to the dynamic market conditions of the Balearic Islands
Who do you admire?
My father. He ran a very successful real estate business in Germany which he built-up from nothing. He was always a hard-working person who really cared for his employees and took special care of his clients as well. He was very dedicated to his work and the business and I guess I inherited his love and enthusiasm for the real estate business, as well as his impeccable work ethics.
Here in Mallorca, I admire the dedication of local business owners who contribute manifold to the well-being and prosperity of our community. Their commitment and passion play a vital role in shaping the island's vibrant economy and fostering a sense of unity among residents.
What makes your agency different from others on the island?
Balearic Properties operates as a privately run business, separate from any franchise affiliations and we take great pride in our exclusive partnership with the globally renowned real estate company, Savills International, here in Mallorca. With three offices strategically located across the island, we offer comprehensive services beyond sales, including bespoke property management and rental services. Our commitment to providing a complete service is what sets us apart; we guide our clients from start to finish, going beyond the purchase process to assist them in maximising their investment potential. Recognising the unique needs of each client, we are dedicated to offering tailored advice and services. Moreover, our extensive local knowledge and multicultural team, fluent in multiple languages, ensure a seamless and personalised experience for both local and international clients.
How would you describe the current real estate market of the Balearic Islands to someone new to the islands?
In one word. Thriving! Mallorca is currently the number one property hotspot in the Mediterranean. This popularity will endure and increase. The island is rightly considered to be a beautiful haven for investors and families looking for an island home. Buyers are confident that their property investment will never lose in value, as the island's popularity guarantees stability. The accessibility from all major European airports provides the island with a steady flow of visitors, therefore property owners know they can switch homes stressfree. Mallorca’s beautiful landscape, the friendly locals and the laid-back lifestyle appeal to many serious cash buyers who can escape their hectic, career orientated lives to immerse into a totally different, cooler way of living. Currently we have buyers interested from as far afield as the US and even some Asian countries.
What are the island's hot spots?
Each region on the island has its specific fans! One of the major hotspots has always been the southwest with its faster and more cosmopolitan pace of life. Calvià, Port d' Andratx, and Santa Ponsa are the favourites in this area. The island capital, Palma de Mallorca, attracts buyers with its stunning architecture and vibrant cultural scene. Many use the advantage of the proximity to the airport to weekly commute between the city and their home countries: live on Mallorca and work in London! The southeast is emerging as a new hotspot where property investment opportunities offer good value for money and the potential for appreciation. Finally, the northern regions have always attracted buyers who appreciate the beauty and diversity of Mallorca’s landscapes. Towns such as Deià, Sóller or Pollensa are famed for their historical and cultural heritages, in these charming towns the international and local communities form a close relationship which in turn attracts people in search of investment opportunities and a life-style change.
Where are the island's biggest property investment opportunities?
Currently, the southeast is emerging as the current “area to invest”. Prices there are still at a reasonable level, subsequently properties in the southeast offer good value for money and resales a neat financial profit. The central region is also gaining attention for its more expansive properties and rural estates, which appeal to those seeking privacy and a more authentic island experience. Country properties, or fincas as they are called on the island, in both of these areas are by far not so expensive as in trendy regions, such as Pollensa, and are affordable to a broader clientele. Coastal areas always have been and still are the best investment locations because they are close to the gorgeous beaches and offer superb water sports facilities. They also provide visitors and residents with excellent gastronomy, and an unbeatable seafront life-style. Chic apartments and luxury villas in the coastal areas are high in demand and fetching top prices.
Could you explain how the profile and nationality of your clients have evolved since you first launched?
Mallorca had always been a discreet recreation location for Europe’s money and cultural elite (Chopin and Georges Sand for example). One can say that Mallorca was first really “discovered” as a holiday location by the British during the last century. It has been an enduring love affair between these two ever since. Then the Germans started to travel more and started coming in their droves during the early 60’s and have never stopped since. Mallorca is the number one holiday location for these two nations, and between them they also swap places as the number one property investment country. British and German investment in the property market is extremely important to the island. Other nations such as the Scandinavians and more recently, the French add to the international flair of the property market.
What advice would you give to anyone looking to move or buy in Mallorca?
From a destination point of view I would say to anyone looking to move or buy in Mallorca is to take the time to explore the different areas of the island and consider their lifestyle preferences and priorities. Come out and live like a local for a while. People call Mallorca the continent in an Island, you could be exploring for years, so make sure you really do your research.
Once you have decided on the area and the type of property you want to buy (villa, apartment etc.), research the market there and then set your budget with the purchase costs also in mind. Go to professionals like Balearic Properties who will guide you through the complete purchase process, we will also provide valuable insights and guidance through the complexities of property transactions in Spain. And last but not least, connect to the local culture and community as this will greatly enrich your experience on the island and learn the language!
To see what properties the island has to offer visit www.balearic-properties.com.
Read more of Iris's fantastic insights into Mallorcan Real Estate in her monthly column - exclusively in our Property & Interiors section!