The luxury home market is stabilising with an average price of more than €4 million in Mallorca in 2019, after several years of significant increases. Nevertheless, there are still some areas on the island where prices exceed that figure, according to the latest report from the real estate agency Engel & Völkers. In Formentor, for example, the average price exceeds €5.7 million; in Son Vida it amounts to €4.7 million and in Port d’Andratx it stands at €4.3 million.
This report highlights that the total volume of sales brokered by estate agents in the luxury home market on the Balearic Islands during 2019 amounted to €4 billion, down by 5% compared to the previous year. Moreover, 40% of the buyers were foreign last year, double the figure recorded in 2009.