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The Balearic Islands are increasingly approaching the point where they are becoming an enclave suitable only for privileged pockets. The limit is house prices, which have risen 68% in the last 10 years, while salaries have increased 31% over the same period. The most spectacular example of this urban development for the super-rich is in Port d’Andratx. It is the most expensive property currently listed on a real estate portal: 79 million euros.
It is a three-family house on the beach promenade with 22 bedrooms and a total area of 3,325 square meters. It is the most expensive property, but there are also numerous villas around 30 million euros. A 12-bedroom house in Santa Ponça is worth 41 million, and in Puigpunyent a 9-bedroom finca is worth 29.5 million, which is the same price as an 832 square meter villa in Bendinat. In total, more than twenty properties are offered for more than 20 million.
Extreme luxury is also reaching the rental market, as a look at the most important platforms proves. A villa on the Costa d’en Blanes can be rented for 12,837 euros… per night. The minimum wage is 15,876 euros per year, so an employee earning this salary would have to spend almost a year’s salary to spend a night in this dream house.
There are also more than 20 villas offered for more than 8,000 euros per night. The price decreases if the villa is rented for several months: 138,000 euros in the case of a villa in Andratx.
Hans Lenz, President of the real estate association ABINI, assures that there are even higher offers that are not on the market but move in closed circles. They cost up to 15,000 euros per day and celebrities such as Roger Federer, Cristiano Ronaldo and Nicole Kidman have already stayed in such houses, sometimes as guests. Those interested in these homes are citizens of the United States or the Gulf States. Lenz explains that despite everything, they pay more in Eivissa or the south of France.
Does this affect rental prices? No, says the expert, they are markets that are not connected to each other and do not influence each other. “What impacts family rentals are the illegal rentals that are offered in Palma,” he says. He reiterates that this luxury offer creates economic activity and employment, noting that owners are increasingly willing to rent out their villas.
José Miguel Artieda, president of the Colegio Oficial de Agentes Inmobiliarios (Official Association of Real Estate Agents), says that it has become commonplace for some agencies to sign seasonal rental contracts for 12,000 or 15,000 euros per month. In contrast to Hans Lenz, he is of the opinion that this will have an impact on the price of regular rentals in the long term. “There’s always a domino effect,” he says.
Source: Agencies
2024-04-07 08:11:05
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