The Centre for Real Estate Studies (CRES) led by Prof. Dr. Marco Wölfle and Julian Götting has taken a closer look at the "Mallorca 2022 vacation property market" in a market study. The result is that the market supply in 2022 has declined significantly compared to the previous year - despite numerous new buildings. According to the study, 18 percent fewer vacation properties were offered than in 2021. While around 4,550 vacation properties were offered in 2021, only around 3,750 vacation properties were offered in 2022.
Even in the popular southwest, where there are traditionally the most vacation properties, offers have declined. While 29 percent of the vacation properties had been offered there in 2021, it was only 24 percent in 2022. In "North", "Palma" as well as in the center, the offered vacation properties also decreased, by 1 to 2 percent. In "South", "Southeast", "Northwest", "Northeast" and "Surrounding Palma", however, the number of vacation properties on offer remained constant.
CRES also found out in the market study that luxury properties are less in demand than in the previous year. If someone is interested in a vacation property in Mallorca, he still has to dig deep into his pocket. Because, so the CRES: "Although fewer luxury properties are on the market, the island-wide price level has not fallen, but increased significantly. In the island-wide average by 4.5 percent, which corresponds to a square meter price of 5,309 euros (2021: 5,080 euros)." The study commissioned by Porta Mallorquina Real Estate is available free of charge at porta-mallorquina.de.
Source and further information: porta-mallorquina.com/blog/mallorca/mallorca-real-estate-2022-market-study.pdf
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