What is the current situation of the luxury real estate market? What market and architectural trends are governing it? In this article we offer you answers to these questions, paying special attention to the Balearic situation.
The luxury housing market in the Balearic Islands
To get an idea of the current panorama of the luxury real estate market throughout the Balearic archipelago, we will analyze the situation in the islands where it has a greater influence, such as Mallorca, Ibiza and Menorca.
Luxury homes in Mallorca
If we go to the report of Engel & Völkers Mercado Inmobiliario Mallorca 2019/2020, we can draw conclusions such as:
- The southwest of Mallorca is the area with the highest house prices, finding there the areas of Port d’Andratx, Santa Ponsa, Bendinat and Portals.
- In the old town, Portixol and Son Vida, the average price of an apartment is around 800,000 euros, while in Puerto de Andratx the average cost of a villa is around 4.5 million euros.
- The demand for high-end second homes in prime locations is expected to trend upward.
- The high prices are justified by the high international demand and a very limited supply, a common characteristic for all the Balearic Islands.
- There is a trend towards a modern reinterpretation of Mediterranean architecture, with large outdoor living areas, terraces and gardens. towards Translations of towards PrepositionFrequency hacia towards, to, toward, unto, circa para for, to, of, by, towards, at tocante towards, toward Examples of towards we’re working towards the abolition of discrimination 19 more examples
From another study conducted from Porta Mallorquina Real Estate it follows that:
- 33% of the properties on the market are luxury or high-end.
- The offer is divided into four categories:
- 14% of the market offer is luxury
- 31% high equipment
- 41% average equipment
- 14% simple equipment
Luxury homes in Ibiza
On this island, and also looking at the study of Engel & Völkers, The following key factors are presented when it comes to luxury homes:
- The average price of luxury homes in Ibiza and nearby areas was 4.1 million euros.
- The apartments have an average price of 950,000 euros.
- By areas, in the south of the island this type of property costs about 3.6 million euros, while in the north its price is about 3.1 million euros on average.
- These homes range from historic houses to modern apartments and penthouses overlooking marinas, as well as exclusive villas in the center of the island.
Luxury homes in Menorca
Engel & Völkers also offers some notions about the luxury housing market in Menorca:
- The most sought after properties are the sea view vacation homes in the southeast and northeast.
- The most luxurious properties in the tourist centers were sold for up to 3 million euros.
- In Mahón and around the port of Ciutadella an average price of 1.5 million euros was recorded.
- The construction of a new port in Mahón, specially designed to attract large yachts, will attract large real estate investments.
Trends in luxury homes
Once the current situation of luxury homes in the Balearics is known, it is time to take a look at the main trends that govern the fundamental qualities of this type of property.
Light in the home, open spaces and windows
We can start by talking about something so important when choosing a place to live, such as light. There is a clear trend for the entry of natural light through large open spaces and windows. To all this is added that the sensation of luminosity will be greater if we unify spaces, such as the kitchen and the living room.
Interior design: minimalism vs maximalism
As far as interior decoration is concerned, we find two opposite currents, maximalism and minimalism. The first is based on the principle of “less is more”, smooth surfaces, neutral colors and lots of light are its fundamental pillars. On the other hand, maximalism has the conjunction of textures, patterns, colors and materials.
Adaptation and respect for the natural environment
Outdoor spaces are an essential part of luxury homes, especially if they are in a rural or natural environment, as in the case of the Balearic Islands, for example. We have previously commented on how terraces, gardens, swimming pools and sea views are an essential part of this type of building.
Smarthomes: technology and sustainability
Of course, a premium home should not be left out of all the benefits that new technologies bring, thus shaping a smart home and the concept of home automation. It makes important contributions with regard to security, energy control, communication or resource management, among others.
Since we are talking about energy expenditure, this aspect also forms an essential variable within luxury homes. To begin with, natural light will play a very important role in air conditioning the house naturally. In addition, it can be combined with techniques such as geothermal and aerothermal.
With geothermal energy, the heat from the subsoil is used for air conditioning, while aerothermal energy consists of the use of advanced heat pumps to heat the home in winter and cool it in summer much more economically than with traditional air conditioning systems.
Other key aspects: leisure areas and location
Another aspect that luxury buyers take into account is having spaces dedicated to leisure, a place of recreation where they can forget their normally busy life full of responsibilities. The trend here is to place a gym, outdoor sports courts, such as a tennis court, or a games room.
Finally, especially for urban spaces, the so-called boutique apartments are a trend. These luxurious homes consist of a few square meters and are located in fashionable areas within the core of the city. They are usually requested by people with high purchasing power who need a short-stay residence in certain cities.
Ibiza, as an investment option for the development and execution of luxury housing developments
We can conclude by saying that the luxury housing sector forms an important part of the Balearic real estate market, the target of large foreign investors mainly. As for the type of home itself, these tend to seek interior spaciousness as well as exterior spaces and for leisure and relaxation, good views, as well as a clear technological touch in them.
If you are thinking of building a home with high performance or putting yours up to date, at Mixis Arquitectos we have professionals widely accredited in this type of work. Get in touch with us and let’s talk about your project.