Luxury spreads in Mallorca: apartments at villa prices

PalmHousing speculation is not stopping or holding steady in Mallorca; on the contrary, prices are being surpassed day after day. The square meter exceeded the 5,000 euro barrier for the first time.

The year-on-year increase –with data from May– was 20.9%, and a 90-square-meter apartment became €90,000 more expensive in the last year. Even luxury has skyrocketed, as today we can find apartments at the price of luxury chalets. Idealista offers an apartment for more than five million in the Lonja area, even though it is a sought-after area and has four bedrooms, it is still a completely exorbitant figure for this type of housing.

But this is not the only case. The same portal also publishes the advertisement of a flat on Sant Jaume street for almost three million euros, in addition to a flat in the Sant Agustí area and a penthouse in Son Espanyolet for more than two million euros. Prices that, although almost five years ago, were typical of luxury chalets and villas, today are beginning to be found in flats and penthouses for sale.

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