New houses and developments in Palma
New developments in Palma de Mallorca
Currently, there are 55 new development projects in Palma de Mallorca, including those already completed and those under construction. According to the latest data from the Ministry of Transport, Mobility and Urban Agenda, the value of the square meter rose by 9% in the last quarter of 2021, reaching more than 2,200 euros per square meter. This makes it the fifth most expensive city in Spain to buy a home, and its autonomous community, the Balearic Islands, the region with the highest price per square meter in the country.
In fact, the price per square meter of new construction in Palma de Mallorca starts at 2,600 euros in the Portixol area. It is followed by La Soledat with just over 3,000 €/m² and Son Cotoner, which exceeds 3,400 euros per square meter. The average price is located in Son Dameto and L’Olivera, ranging between 3,850 €/m² and 4,500 €/m².
The most expensive districts in the entire city are Sindicat and Llotja-Sant Jaume, which are among the top 5 most expensive in Spain with prices over 4,500 euros per square meter. Specifically, more than 4,900 €/m² and around 4,700 €/m² on average, respectively.
Which areas of Palma de Mallorca have the highest number of new development projects under construction?
Currently, the districts/neighbourhoods with the highest volume of new development projects are Son Oliva- Plaza de Toros, Santa Catalina, Llevant- La Soledat, Son Cotoner, and Las Avenidas.
Where are the main new developments located near the coast?
The most prominent new development projects in the coastal areas are located in the neighbourhoods of Castillo Bellver- Paseo Marítimo and Ciutat Antigua.
What factors influence the price of new construction in the city of Palma de Mallorca?
In addition to the overall situation of the market, the cost of this type of property depends largely on geographic location and transportation. Due to the impossibility of building beyond the island, prices are higher than even on the mainland. Furthermore, the location of the property also affects the price, such as if it is located near natural areas, on the beachfront, in the mountains, or in the city center, as well as the quality, finishes, orientation, and common services. Other factors that affect the value of new homes are common areas in residential complexes, facilities such as solar panels, heating and air conditioning, whether there is a garage and/or storage space, and whether it is a stand-alone house or part of a community and/or residential complex. Extras such as a pool or gym also increase the value of the property.
What is the new construction real estate market like in Palma de Mallorca?
Data published by the Ministry of Transport, Mobility, and Urban Agenda shows a significant increase in the purchase of new construction properties in the city of Palma de Mallorca in the last two years. The number of transactions for these properties was 398 in 2019, 512 in 2020, and 510 in 2021. The average price of these purchases reflects the good figures of the sector and the great moment it is currently experiencing, as demand has increased along with prices. According to the same Ministry, in 2019 the average cost of new properties was 450,000 euros, 500,000 euros in 2020, and 610,000 euros in 2021.
What is the importance of buying new developments compared to second-hand properties in Palma de Mallorca?
The guarantee of having a brand-new property, privileged locations, along with new designs and materials, are the main attraction of new homes, compared to second-hand ones. In addition to new technologies, private beach access, energy efficiency, high-security measures, and/or renewable energies. It should be noted that most customers of these types of houses are foreigners and/or non-residents on the island, so buying a second-hand property, renovating it, and managing the work, among other things, makes new construction properties their first choice. In addition, the advantages of making modifications to the plans or making adjustments before the delivery of keys remotely with the construction company or real estate agency. All this is to ensure that the final product is suitable. It is also important to consider the bureaucratic aspect since new developments offer a plus of very differentiating services and amenities compared to second-hand properties. They also generally have a garage and storage room, green areas, a pool, or outdoor sports facilities.
Where to buy new developments properties in the city of Palma de Mallorca?
In the city of Palma de Mallorca, more than 70% of the supply of new construction homes in the province is located. The main areas where they are located are: In the neighborhoods of Son Oliva and the Plaza Toros area, where prices range from 220,000 euros for a 75 square meter home to 425,000 euros for a duplex with a garage, terrace, and 120 square meters. In Santa Catalina and Son Armadans, medium-priced properties are found. From 310,000 euros for a 40 square meter chalet, another for 795,000 euros and 309 square meters, up to one million euros for an apartment on the seafront with 120 square meters. The most expensive area in the entire city is Son Vida, where an independent 512 square meter chalet costs 3,950,000 euros.