Eight rooms near the coast of Mallorca
$2.74 MILLIONS (2,625 MILLION EUROS)
This eight-room stone mansion home is in the town of Sóller, near the northwest coast of Mallorca, one of Spain’s Balearic Islands in the heart of the Mediterranean Sea.
The house was renovated several years ago, but the owners kept its original architectural features: a mix of modernist, Mallorcan and French styles, including high ceilings, arched doorways, elaborate moldings and an elegant staircase, said Eddy Barrera, director of Engel & Völkers Mallorca West Office.
“Sóller is a pretty special town because it has influence from France,” Barrera said of the town, which is located in a valley in the Tramuntana mountain range, home to the island’s highest peaks. “French fruit traders used to come to Sóller to buy oranges and other citrus fruits. And many Mallorcans went to France in the late 19th and early 20th centuries, when the island was quite poor. “They came back with money and French influence.”
This property was probably built in the late 19th century, although the exact year is unknown because the island did not begin registering properties until 1900, he said.
The three-story home, just under 7,000 square feet, has a 750-square-foot yard with a pool and faces a residential street. The front door opens into a foyer with the original gray stone floor. At the opposite end there is a second entrance from the patio and a striking curved stone staircase, also original to the house. The living room has a fireplace and windows; An office has a traditional hydraulic mosaic floor. An arched door in the office leads to a room with a wet bar and beverage refrigerator.
A door next to the staircase leads to the connected kitchen and dining room, both with decorative encaustic tiles and glass doors to the patio.
One floor above there is a second living room, two bathrooms and three bedrooms, including the master suite, which has a Juliette balcony overlooking the neighboring gardens. The owners repainted the doors and door frames a deep golden mustard color that was original to the home, Barrera said.
Five more bedrooms and two bathrooms are located on the third floor. The roof has a covered terrace, but it needs improvement, she said.
The house is just a few steps from Sóller’s main square, Plaza de la Constitución, which is surrounded by restaurants and cafes. The church of Sant Bartomeu rises above the square; Its modernist façade is a 20th-century renovation of the much older stone parish church.
a historical wooden train It runs from Sóller to the tourist city of Palma, the capital of Mallorca. Popular with tourists, the train dates back to 1912 and was originally used to transport citrus, textiles and other goods. The port town of Port de Sóller is about five minutes away by car. Palma de Mallorca airport is about 40 minutes away by car.
The largest of the islands that make up the Balearic archipelago (the main ones being Mallorca, Menorca, Ibiza and Formentera), Mallorca has seen a surge in home sales in recent years, as the Covid-19 pandemic caused many Europeans to pack their bags in search of safe family retreats.
“People know what they’re looking for and they don’t waste their time,” said Jack Newberry, associate real estate agent at Balearic Properties. “Without any pressure, people will ask for whatever price they ask for or more.”
According to a Market report From Engel & Völkers, 2021 marked a record year for sales in the Balearic Islands, with a transaction volume of 6.6 billion euros ($6.89 billion), 80 percent more than in 2020. Around 40 percent of Transactions involved international buyers. Relentless demand has depleted the supply of available homes, further increasing pressure on prices.
“This is the first year in about a decade in which the number of properties on the market is decreasing,” said Florian Hofer, CEO of Engel & Völkers Balearics. “In the past, our offices always had around 2,500 properties for sale. Right now it is just below 2,000.”
Although there is a lot of new construction, old properties usually have to be demolished, since around 40 percent of Mallorca is a protected area, Hofer said. The island’s advantages over other popular Mediterranean destinations include its highly developed infrastructure, a major international airport, many international schools and the fact that it has no low season, she said.
In the most exclusive areas, such as Port d’Andratx and Son Vida, known as “the Beverly Hills of Palma,” houses start at around 3 million euros ($3.13 million), Hofer said. But in the city of Palma you can find smaller properties for much less money. “You can get a fantastic penthouse in Palma for 1 million euros ($1.043 million), or a one-bedroom apartment with a terrace for 400,000 ($417,000),” she said.
In an attempt to curb demand from external investors, the Balearic government last year announced a ban on new vacation rental licenses, which are required of owners who wish to rent out their properties. The ban will be in effect until 2026. “Certain areas were becoming saturated,” Newberry said. “There were areas where the streets were absolutely packed because everyone was renting their properties. But the ban hasn’t really cooled the market.”
Who buys in Mallorca
The market is largely driven by foreign investment, predominantly from Germany, Scandinavia and Britain, Newberry said. That demand is so intense now that most of the island’s international schools have waiting lists, she said.
The city of Sóller has a very diverse population made up of at least a dozen different nationalities, including some Americans, Barrera said.
Hofer noted that the recent addition of direct flights between New York City and Palma is expected to generate even more interest from American buyers.
Mallorca does not have a multiple listing service, so it can be a difficult system for foreign buyers to understand.
“You need a good lawyer to navigate and a good consultant who understands who the people are that you need to work with and the different areas of the island,” Newberry said. “It’s an Old World culture with an Old World system.”
The agent’s commission is around 6 percent and is paid by the seller.
Languages and currency
Catalan and Spanish; euro (1 euro = 1.04 dollars)
Taxes and fees
Transaction fees, including transfer tax and notary fees, typically add up to 10 to 12 percent of the purchase price, Hofer said. Taxes may be higher on new construction.
Annual property taxes on this house are around 1,200 euros ($1,252), Barrera said.
Eddy Barrera, Engel & Völkers Mallorca West011-34-607-597-011, www.engelvoelkers.com/es/