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The Price of New Homes Soars in Mallorca

The new residential projects that have been started on the island will cost more than 350,000 euros per unit, which means that many buyers will not be able to afford them.

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The new projects that are going to be launched in Mallorca will cost more than 350,000 euros per unit in most cases, according to the President of the Association of Property Developers on the Islands, Luis Martín, speaking to the Diario de Mallorca newspaper.

The impoverishment of many resident families and their increasing struggle to afford a mortgage is causing companies in the sector to prioritise second homes, given that demand from overseas continues to be strong, as well as properties aimed at those with a high purchasing power.

Read the full article in Spanish.

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