One decade after the crisis in Spain paralyzed Menorca’s real estate; it has taken a lot to rise back to the top. Today however, it is okay to say that things are looking good and business is back on track, as more and more foreign investors are jumping in.
Actually, the market is extremely busy and there’s no better time to invest in real estate in Menorca.
Prices are experiencing a continuous increase if about 12% - 15% each year, so the earlier you get in, the best for you.
Menorca’s price value far outweighs that of its sister islands in the Balearics. Generally, the prices of property in Menorca are about 15% to 20% lesser in Mallorca and Ibiza and the difference in costs is a lot more for seafront property. When you are looking for villas for sale in Menorca, the average cost is two thirds less than in Ibiza and nearly half the price in Mallorca. On the average, cost of property is about 2,300€ per square meter, while in Mallorca is 5,000€ and around 7,000€ for Ibiza.
The British have dominated Menorca’s real estate for a long time, making them the primary foreign investors. Recently, the French have also poured in as they seem to have discovered the uniqueness and beauty of the area.
The size of the Island keeps the demand for property high. Additionally, strict planning regulations reduces the possibility for rural constructions, therefore those picturesque whitewashed houses are in high demand.
To a lot of people, Menorca’s weather is great. From April to October, people mainly live outdoors. The island experiences long summers, hot and dry; with temperatures of about 30 degrees in the daytime – great for swimming in the beautiful sea. In spring and autumn, the temperature drops, but it’s not so cold, encouraging outdoor lifestyle. Winter time comes with mild cold, and the snow is almost not seen.
An undeveloped gem
In the area of tourism development, Mallorca and Ibiza were among the first to begin the establishment of luxury hotels in the 1960s and offering enticing holiday packages. Throughout this period, Menorca didn’t join in.
Today, the island is underdeveloped as compared to its sister islands, encouraging and inviting low key development. This is not the island to find big parties, luxury hotels or huge nightclubs.
Instead, you’d find a calm, quiet beach with a little gem that reminds you of the Mediterranean of 20 to 30 years ago: quaint fishing villages, unspoiled beaches and coves, traditional fiestas and an easy going way of life.
Regardless of the fact that July and August are the best times for tourists in Mallorca, which accommodates about ten million visitors yearly, Menorca receives about a million people, this allows it to stay calm, peaceful and enjoyable.
Menorca has been chosen as a UNESCO Reserve of the Biosphere. This is as a result of how it has stayed conservative even in the course of its development. Major natural assets and archaeological remains have been conserved through the course of development, and a huge chunk of the land is protected to avoid over-development,
If you’re a nature lover, Menorca is the place for you, with a coast and countryside in perfect condition, there is no better place to be.