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Palma de Mallorca, the capital city of Majorca, is a most beautiful and captivating city! It has been voted one of the top cities to live in and luxury property for sale in Palma has become highly desirable.
For a start, this captivating capital city sits right on the sparkling blue Mediterranean sea, benefitting from nearby beaches and a thriving marine industry with a port lined by yachts that stretch out as far as the eye can see.
It’s history is rich and colourful, just like it delicious food! The Romans established the city after building on a pre existing Talaiotic Bronze Age settlement. After this, it was ruled by the Byzantines and then the Moors before being conquered by James I of Aragon in 1229. Fast forward to the 19th century, the city experienced economic growth. This was due to an increase in its population and the expansion of shipping businesses, a great benefit of being located right at the water’s edge. The explosion of tourism in the 1950’s put Mallorca firmly on the island as a much loved holiday destination, an industry that has been growing ever since.
Traces from Palma’s rich history can still be seen to this day, all over. The city’s diverse architectural offerings afford many interesting and desirable properties for sale in Palma.
The heart of the city, the Old Town, has become a leader in the luxury property market in Palma. House prices here have risen at a higher rate than on the mainland and a shortage of homes in the heart of the city has helped this.
The popularity and success of the real estate market here, along with limited supply of luxury properties for sale in Palma, has meant that less popular and run down areas of the city have benefitted from much needed renovations. This has given them a rise in popularity and a greatly increased market price. This buoyant property marke
t shows no signs of slowing down. This chic, elegant and historical city has become a leading location to own a luxury property in Majorca.
Palma boasts some of the most stunning property for sale in Mallorca, and offers unique living experiences for those who purchase their piece of this principality. Beautifully renovated historic townhouses, converted palaces with welcoming palatial courtyards and Arabic architecture, modern new build penthouse apartments with rooftop terraces overlooking the harbour and the city’s iconic Gothic architecture are some of this city’s offerings. Palma’s historic buildings, exquisite fine dining restaurants, diverse nightlife, designer shops and choice of welcoming places for a morning cortado or early evening tapas with friends, encapsulate this city living paradise by the sea.
A 50M€ investment to upgrade and radically redesigning large areas of the port and Paseo was allocated in 2017. Palma’s marina will be transformed it into an even more alluring destination. A 40% increase in size and improved integration between the heart of the city and the Paseo Maritim, will ensure a boost for public finances through an anticipated 250M€ revenue over the next 25 years.
The average price per m2 is now €3.706 €/m2, a growth that will continue, affording some of the most desirable city living, not only in Mallorca, but rivalling other major cities, worldwide.
Property for sale in Palma de Mallorca has never been so diverse in terms of lifestyle, or exciting in terms of property investment. Buying a luxury property for sale in Palma is a trend headed in only one direction - up!
Whether an investment property, holiday rental or weekend penthouse, there’s never been a better opportunity to find luxury property for sale in Palma, one of the most desirable cities to live in, in the world!