A beautiful island in the Mediterranean beloved by British tourists could soon be overrun by Americans buying luxury villas. Yanks have set their sights on Mallorca due to United Airlines starting direct flights to the small Spanish island from New Jersey.
Davina Caldés, from New York luxury estate agents Nest Seekers International, says most Americans would never have known where Mallorca was before the flights started.
She believes that the flight time (around eight hours) is a small price they are willing to pay for a cheaper property.
“Americans want a profitable property – to be able to enjoy it with their friends, rent it and obtain an investment. Americans are about numbers,” Caldés said.
The estate agent added that they can get more for their money than somewhere within the USA, like Florida where luxury villas start at about £8.5million.
“In Mallorca, you can find something similar starting at (£4.2million),” she told Majorca Daily Bulletin.
“They are looking for luxury in special places, such as Cala Santanyí, Andratx, Alcudia, as well as Palma’s old town. There are buyers with serious assets. They have discovered a new paradise.”
It has even pulled celebrity attention, with Michael Douglas having owned an estate on the island for over 30 years and being a regular summer visitor with his wife Catherine Zeta-Jones.
Rafael Nadal, originally from Mallorca, lives in Porto Cristo with his family and King Juan Carlos has a summer home in Cala Major where he spends most of his time.
In order to satisfy interest, American estate agents such as Berkshire Hathaway are opening its doors on the island. CEO Jorge Forteza has opened offices in Palma, Puerto Portals and Soller.
He said of the American market: “They are very good customers, they buy much faster than the Germans, who think more. Mallorca prices seem cheap compared to the likes of Manhattan.”
