While property prices in most parts of Spain have suffered dramatic falls, houses in Majorca have seen regular increases in value.
Luxury property in the Balearics has never lost its appeal, but prices in Majorca grew by 16% over the past year, outstripping even the sexiest of London boroughs, including Kensington and Chelsea and Westminster.
Since 2008, prices have risen by 39% while elsewhere in Spain declines of 40% and more have been the norm, although some believe they are seeing the first few tentative steps toward recovery.
International demand is coming not only from the Brits and Germans, who have long had a penchant for Majorca, but also now from the Russians and Chinese.
Nearly a third of all house sales in the Balearics were down to foreigners, much higher than Andalusia´s 12% or Catalonia´s 11.5%.
The islands, in fact, have been named the region with Spain´s highest percentage of registered foreign residents, accounting for 18% of the population, according to the National Institute of Statistics.
In addition to its climate and charm, the influence of Spain´s Golden Visa cannot be overlooked. Any foreigner paying more than half a million euros for a property can qualify for residency status.
The average house price in Majorca for a place with four bedrooms is now €862,000. But for one with five bedrooms, the average leaps to €1,627,000.
