The WPJ

Price Gap Grows for Mallorca Seaside Homes

Residential News » Residential Real Estate Edition | By Scott Kauffman | October 26, 2011 9:00 AM ET



(MALLORCA, SPAIN) -- Exclusive estate agent Mallorca Sotheby's International Realty has noted a widening price gap between premier sea-view homes and the countryside equivalent. With requests for Mediterranean-front property outweighing inland by a huge ratio of five to one, premium prices are commanded and paid.

"Mallorca Sotheby's International Realty is far from your 'average' estate agent and we really only deal with top end clients who have fantastic budgets and can afford the very best - and the very best in Mallorca is a sea front home," said Stephen Dight, Managing Director of Mallorca Sotheby's International Realty. "For this reason there's a vast chasm between coastal and inland prices. Whilst you may pay nine million Euros for a 900m² (9,684 square foot) property on a 4,500m² (48,420 square foot) plot in a prestigious seafront location, you could have a charming 475m² (5,111 square foot) property on a mammoth 25,500m² ( 274,380 square foot) countryside plot within 20 minutes of the capital, Palma, for less than a third of the cost, 2.85 million Euros ($3.96 million)."

To be sure, the Mediterranean is key to Mallorca's appeal. Much of its tourism, economy and lifestyle are centered on the coastline. The popular island is renowned as both a cruise ship stop-off and a hub for the luxury yachting industry with several prestigious marinas including 475-berth Port Andratx, the setting for Mallorca Sotheby's headquarters, and 670-berth Puerto Portals which this year celebrates its 25th anniversary. With so much leisure time revolving around the sea, and the spectacular elevated views afforded by the rugged cliff tops, it's little wonder that coastal real estate carries such a price premium.     

One example of a Mediterranean-front property in Mallorca is Villa in Formentor, Pollença, which is located in Northern Mallorca.

The ultra-modern waterfront villa was recently built on the last remaining plot with private sea access in the stunning peninsula of Formentor. The entire façade is constructed from glass and there is also a custom-made Schindler glass lift. With impressive 6.5 meter ceilings, the villa has a master bedroom suite, three further en suite bedrooms, a leisure room, lounge, spacious dining room and a staff house with two further bedrooms.

All the principal rooms have spectacular views to the sea and bay of Formentor. The 150m² basement offers the possibility to build an indoor spa, cinema, gymnasium with sauna or perhaps a wine cellar. Outside there is a crescent shaped swimming pool, Jacuzzi, barbecue and wet bar. Hot and cold air-conditioning, oil central heating, an alarm system, CCTV, video entry phone and under floor heating complete the offer.

Asking price is nine million Euros or $12.5 million.




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