Foreigners are looking for charming new neighbourhoods
Raquel Galán publishes an article in El Diario de Mallorca on the boom of foreign clients looking for reasonably priced properties with character in Palma and quotes Monapart Palma as the agency specialising in just this type of housing.
DIARY OF MALLORCA | 18.05.2014 | RAQUEL GALÁN
[PALMA. On the 18th of May, the Diario de Mallorca published an article about the boom in foreign clients who are looking for properties with character at a reasonable price in Palma. This fact has led to the popularisation of lesser-known neighbourhoods that treasure this type of homes and which are adjacent to Santa Catalina and Portitxol. The article cites Monapart Palma as the agency specialising in just this type of product and also talks about a fantastic loft in Son Armadans, which passed through our collection of beautiful homes].
Santa Catalina and Portitxol are the trendy neighbourhoods for foreigners looking for a house in Ciutat. The old town is also in the top ten and all three still have plenty for sale, although it is becoming increasingly difficult for one of these properties to meet all the requirements of foreigners looking for a second home in Palma. As sunny flats with terraces, views and character are highly sought after in the aforementioned areas, real estate agencies are starting to offer nearby neighbourhoods where there are also typical and charming houses at a lower price.
"There are interesting offers in neighbourhoods such as Son Espanyolet and Son Armadans. Foreigners are mainly looking for properties with character and that are not far from the centre, so these areas can work," says the director of Synergy Homes, Paul Abraham, located in the heart of Santa Catalina. Clients who come to his agency come with the intention of buying a flat in this neighbourhood. However, they can't always. "We have a Swedish couple who want something here, but the money they are planning to spend is insufficient for the characteristics they are looking for, so we suggested they look in other areas. In just ten minutes' walk, they have the market and the atmosphere of Santa Catalina", as the head of the real estate agency, which shows prices in euros, dollars and pounds because its clients are mainly foreigners, points out.
At Fastighetsbyran, one of Sweden's leading agencies, they also believe that, "in the future, Son Espanyolet and Son Armadans will have potential. There are traditional ground floors with courtyards and penthouses with terraces, although they have a problem: they are not well-known neighbourhoods and lack cafés, restaurants and the lively life of Santa Catalina," explains the director in Palma, Stefan Wiezell. The advantage is that prices are much lower. "We have a very nice property in Son Espanyolet, renovated, with a private pool and a roof terrace. It costs 695,000 euros. We also have another one in Santa Catalina that costs almost one million euros and needs to be completely refurbished," he explains.
However, the trendy neighbourhood "has become a brand and, for a certain type of client, saying that you live there is an added bonus", according to Wiezell. He points out that the same thing happens with Portitxol. For this reason, "when estate agents advertise a house in Son Espanyolet that is close to Santa Catalina, they say Santa Catalina in the advert. If it is in the Molinar area closer to Portitxol, they do so too. The popular neighbourhoods have grown in the real estate agencies with the aim of attracting attention", but then you have to read the small print, he warns.
They are not only looking for chic, charming areas, but also for homes with these characteristics. The director of the Swedish agency says that El Terreno is beginning to be in the sights of his compatriots, as there are numerous homes with the desired traditional character in the streets near the Bellver forest, and it is also a well-known, cosmopolitan neighbourhood. However, it has a major problem: "it is next to Gomila, a very run-down area", he laments.
Houses with "good taste
Those consulted agree that their clients avoid conventional flats and buildings. The agency specialises in the opposite Monapartopened a year ago in Palma - the head office was founded four years ago in Barcelona - and where "we don't sell luxury, but good taste", in the words of Tete Crespí, partner with Joan Cerdà in the new business. They offer "houses with something special", as they believe that "a home is not just four walls and a roof", but that "they speak of the people who live in them", according to the founders' philosophy. Foreigners want to distinguish themselves and perhaps that is why Monapart has several interested parties in a loft located in Son Armadans that used to be an old warehouse and was later converted into an advertising agency.
Other neighbourhoods that may be of interest to foreigners are the Llotja and the Gerreria, as indicated by the director of Synergy Homes, who is selling a building of medieval origin to be refurbished in the Plaça de la Quartera. The head of the Caimari real estate agency, Matías Esteban, in Santa Catalina, also believes that the Llotja has great potential.
As for other areas of the city, he tells an anecdote about how he managed the sale of a flat to foreigners on Carrer Joan Alcover. "It's not that it's in great demand, but they saw that it's a quiet, safe place and very close to the sea and the park on the seafront. The important thing is that they like it," he concludes.
