However, in the past 18 months we have again been surprised about some very rapid sales, high prices and strong demand in certain areas, which has led to an unusual decisiveness of customers. It shows a very clear tendency. Regardless of the location, buyers are requesting new construction projects. This applies to Palma, the coastal regions and with some restrictions also rural areas.
The current buyer - with some exceptions- is clearly looking for a modern open plan architecture with an ample interior easy to maintain. The use of local materials such as natural stone, wood and majorcan mares stone is no contradiction, but gives additional charm to the current new build homes. Luxury apartments in particular with sea views in small manageable residences with 4-8 units are very popular. Villas with a very distinctive design are the focus of lifestyle-oriented buyers from northern Europe.
Far less demand on the other hand is the traditional mediterranean architecture with arches, terracotta tiles and traditional layout. These properties find little interest in the current buyers market, and therefore must sometimes consider a discount. Generally these properties become of interest for investors and project developers when a certain price level has been reached. Plots in coastal locations and renovation projects at a an attractive price are quickly sold. As a general rule architecture and design are equally important as the location. In comparison to the mediterranean style properties, new build projects reflect far better the concept of today´s buyer.
Clients very carefully and thoroughly continue to explore the market and generally acquire only at a very attractive price level and for unique features (i.e. location, views, architecture) and if the potential for capital growth is provided.