New houses and developments in Islas Baleares

New development in Islas Baleares

The Balearic Islands are one of the locations in Spain where the price per square meter increases the most year after year. Specifically, the capital, new developments in Palma de Mallorca, is the fifth most expensive city in the country, with an average per square meter of over 2,500 euros.

A large number of foreign investments, its climate, and the millions of tourists it welcomes annually make the Balearic Islands an ideal area to build and buy a new property. Apartments in the city centre, villas in the mountains, or beachfront villas can be found among each of the islands that make up the province (Palma de Mallorca, Menorca, 37 developments in Ibiza, and Formentera), where around 150 new construction developments can be found.

Prices on the islands are higher than the national average, with the cheapest properties starting at €150,000 in Son Bordoy, Palma de Mallorca, for a 60-square-meter apartment. This puts the price per square meter at €2,600. The average price is found in Son Cotone, Palma de Mallorca, at €4,000 per square meter. The maximum price is €13,000 in Santa Eulalia del Rio (Ibiza), the most expensive island in the entire Balearic archipelago.

What are the locations with the highest number of new construction properties in the Balearic Islands?

Currently, the locations with the highest volume of new construction properties in the Balearic Islands are: Santa Eulalia del Río and Sant Antoni de Portmany in Ibiza, Pilar de la Mola (Formentera), Palma de Mallorca, and Mahón in Menorca.

In which coastal municipalities are the main new construction developments located?

The most important new build developments are located in the coastal towns of each of the islands: Fornells (Menorca), Cala Figuera and Sa Rapita in Mallorca, San Juan Bautista and San Antonio in Ibiza, and Sant Ferran in Formentera.

What influences the price of a new build property in the Balearic Islands province?

In addition to the general situation of the market, the price of new construction in the Balearic Islands depends largely on the materials and their transport. Due to the impossibility of building beyond the zone of the island, prices in each of them are higher than in the mainland. In addition, the location, whether it is located near natural landscapes, on the beachfront, in the mountains or in the city center, as well as the quality, finishes, orientation, and common services, all play a role in determining the price. Extras like a pool, private security, green areas, gym or even a spa, also affect the price.

The construction of new homes varies greatly depending on the island. In Ibiza, for example, new developments are luxurious, with very high prices and a very modern and sophisticated aesthetic, targeted at clients with a high purchasing power. In contrast, in the capital, it is possible to find everything from single-family homes, 2-3 bedroom apartments, to independent villas.

What is the situation of the new construction real estate market in the province of Balearic Islands?

The Balearic Islands are a favourite destination for foreign, famous, and national tourists, making it an ideal place to build new homes. The high purchasing power public in any of the towns has turned the area into a real luxury real estate market, with prices ranging from 150,000 euros to 5,000,000 euros.

Menorca and Formentera have had the least growth in supply and demand due to their alignment with natural and reserved landscapes that do not allow construction, as well as the difference in the more family-oriented tourism in both compared to Ibiza and Mallorca.

What improvements do new build properties offer compared to second-hand houses in the province of the Balearic Islands?

The honour of being the first to live in the home and the guarantees provided by a construction and real estate company have made new construction developments a great attraction. In addition to new technologies, private beach access, energy efficiency, high-security measures, and renewable energy sources are also offered.

It is worth noting that most customers do not have a permanent residence on the islands, so purchasing a second-hand property, renovating it, and visiting it frequently to check the state of the work and the bureaucracy make them less attractive for this type of user. However, in new construction homes, they have more fluid communication with the construction and/or real estate company, and they can make changes remotely and online. All of this is done to ensure that the final product is suitable.

Where to buy new developments in the province of Balearic Islands?

Currently, it is possible to buy off-plan, with short-term delivery or immediate availability. The wide range of options in Balearic Islands is located near the Mediterranean coast or in the provincial capital.

In Ibiza, houses and villas near the sea predominate. The cheapest option, with only two bedrooms in Sant Antoni de Portmany, can be purchased for over 520,000 euros. The most exclusive options can be found in Santa Eulalia del Río for over 4-5 million euros.

In Palma de Mallorca, the range of options is wider than in other areas, with apartments concentrated in the city and houses on the coast. The cheapest apartment can be found in La Soledat, with 1 bedroom and 40 square meters for 165,000 euros. The most expensive is located in the Génova area for over 3 million euros for a penthouse with 4 bedrooms. Houses range from 300,000 euros in San Ferriol to Son Vida for over 3.5 million euros.

In Menorca and Formentera, the construction of new homes is very low. Between both islands, there are no more than 2-3 townhouse developments. Prices range from 200,000 to 400,000 euros.