With the arrival of 2014, it appears that the worst of the Spanish real estate crisis is finally ending. While Mallorca and other Balearic Islands have been somewhat isolated from the extreme gravity of this crisis, it seems that the Spanish mainland is also beginning to recover more interest in the housing market revived and driven by foreign investors looking to cash price reduction on the property.
The increased interest in the property in Mallorca market in Spain is not only come from the private and individual sector, but also the commercial sectors have suffered a 21% increase in year groups and private equity buyers.
While Mallorca has not suffered the extremity of the Spanish property crisis, it is true to say that Mallorca experienced a general decline in real estate prices and also experienced a similar pattern of increased interest in the purchase of residential and real estate Mallorca as a direct result of result of investors taking the opportunity of the economic situation. Now, with this trend toward stabilization and recovery, which is already evident, we now believe that there will be a short window of opportunity in this gap recovery, allowing potential investors to capitalize on low prices, before starting to climb gradually along with the increased demand in the summer of this year. Most real estate professionals in Mallorca are hoping for a much faster price growth than previously expected, and I think this will start in late 2014.
Another news regarding Mallorca is that a greater number of cruise ships arriving on the island is presented. During 2013, there was an increase of 18%, with significant forced into tourism law changes, allowing local businesses to Palma remain completely open all weekend – including Sundays.
This change occurred in April 2012, has made our cosmopolitan city of Palma de Mallorca even more attractive as a holiday destination and Mediterranean port of call.
Clearly Mallorca has become so popular and revered that Morocco is looking to the island to learn from our tourism industry. The Moroccan Minister of Tourism and Commerce (Aziz Rabbah) officially visited the Balearic Islands to organize the collaboration and learning processes whereby vera Morocco benefited from the experience and knowledge that Mallorca has in the tourism sector.
Finally, the government of Mallorca voted to continue the ongoing project to build a second casino on the island. The second casino will be located in the Balearic Teatro de Palma and even bring more business income and this character is full of elegance Palma de Mallorca.