Moving on from the urban areas of Mallorca, American investors are now turning to rural estates in the interior of the island and the Tramuntana mountains. Alby Euesden, managing partner for Mallorca based US luxury real estate firm “The Agency” reveals that rural areas are as popular as historic properties in the old centre of Palma.
Why rural estates?
As Alby Euesden points out, this trend has been boosted by United Airlines’ direct flights from Newark Liberty International Airport to Palma. He is quick to point out, however, that his company has clients from all states in the US (Los Angeles, Texas, Colorado, for example) as well as Canada. It is noted that his company deals mainly with properties priced from two million euros and above. Just as American investors have been buying historic vineyards in France and Italy, they are now turning to estates in Mallorca, the broker points out. “Many people, including big business people, are used to Zoom meetings. It means they can spend less time in their offices and more time at their properties in Mallorca,” he says.
Why Mallorca?
Data from Spain’s National Institute of Statistics show that the number of American residents in the Balearics has increased by 30% since 2017. The New York Times has pointed out that Mallorca is particularly attractive to many professionals. “The Mediterranean island is more popular than ever with the art and design elite,” he wrote recently. A typical example is the Canadian Julie Mai, who founded an art studio in Fornalutx a few years ago. This initiative promotes collaboration between artists from Mallorca and foreign artists from all parts of the world, with a presence in rural areas.
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