Not only has the demand for luxury real estate on Mallorca increased sharply in recent months, but luxury tourism is also booming.
Thus, even the "Stern" acknowledges Mallorca as an important destination for luxury tourists. Mallorca would have developed bravura from the cleaning woman island to a hotspot for super rich. The number of takeoffs and landings of private jets has increased enormously this year, luxury tourists spend 5,000 EUR per day on the island. Stern even dubbed Mallorca the best place for luxury tourism in 2021.
The trend towards luxury is also confirmed by the figures in the real estate market. Currently, 30 new buildings with a total turnover of more than 750 million euros are planned for 2022 on Mallorca. Thus, more luxury new construction projects are in planning than before the Corona crisis.
Particularly in demand among wealthy foreigners is the southwest with the municipalities of Calvià and Andratx and the island capital Palma. Often, already developed land is purchased, the existing property is demolished and a new building is erected.
However, owners will have to dig deeper into their pockets for new construction or conversion projects from next year. The government's budget for 2022 provides for an increase in the real estate transfer tax from 11 to 11.5 percent. The increase will affect properties worth more than one million euros.