Luxury spreads in Mallorca: apartments at the price of a villa

PalmHousing speculation continues unabated in Mallorca; on the contrary, prices are rising day after day. For the first time, the price per square meter surpassed the €5,000 mark.

The year-on-year increase—based on May data—was 20.9%, and a 90-square-meter apartment rose by €90,000 in the last year. Even luxury apartments have skyrocketed, as we can now find apartments priced at the same price as luxury villas. Idealista is listing an apartment for over five million in the Lonja area. Despite the fact that it's a sought-after area and has four bedrooms, it's still a completely exorbitant price for the type of property.

But this isn't the only case. The same portal also publishes an advertisement for an apartment on Sant Jaume Street for almost three million euros, as well as an apartment in the Sant Agustí area and a penthouse in Son Espanyolet for over two million euros. Prices that, although almost five years ago were typical of luxury villas and chalets, are now starting to be found for apartments and penthouses for sale.

The accumulation of luxury homes in Mallorca is now a reality. Recently, the real estate portal compiled a ranking of the most expensive streets in the state, and the most luxurious one in the Balearic Islands is located in Andratx: Camino del Salinar. In second place is Calle Binicaubell in Palma, in the Son Vida neighborhood. Both are the most exclusive streets on the islands.