Palma and The Real Estate Market

The real estate market in Palma old town is 1.17% below the average property price in Mallorca. The old town of Palma is known for its simplicity, tranquillity and economical lifestyle. There are almost 100 apartments to choose from. However, you won’t find any land, finca, country house or even a villa in this area. From the most modest apartment to luxurious apartments, you will find many offers in Palma to suit your needs.

The cheapest apartment in the old town of Palma costs just 185,000 euros, with the most expensive at 4.1 million euros, which is still cheaper compared to other parts of Mallorca. The average property rate has not risen significantly in the last six months. There was a small dip in June 2015, but it rose again to almost the opening price of €4818 and the average price per square meter for property in Palma Old Town is currently €4784.

The main attractions of Palma Old Town are the Cathedral, the Arab Baths, Carrer del Pare Rafael Serra and the impressive Almudaina Palace. Another unmissable place to visit and experience is Ca’n Joan de S’aigo, best known for its thick hot chocolate and sugary ensaimadas (spiral-shaped pastries) served with homemade almond ice cream. It is a café and patisserie that has been a Palma institution since it opened in the 1700s.

For food, Hotel Cort is the place to go. They serve modern Mediterranean and seafood specialties, where one of the most famous dishes of Palma’s old town is the pinto of grilled octopus and the meaty, white fish ceviche with Mallorcan or Spanish wines is guaranteed to tantalize your taste buds.

Among the most exciting – and undoubtedly the largest – of Palma’s new concept stores is Rialto Living, Carrer de Sant Feliu 3, a two-storey building with a diverse collection of fashion, food and home décor all under one roof. Italian menswear and womenswear from brands such as Aspesi and Boglioli, perfumes from Byredo and must-have design books are highly recommended items.

A historical must-see of Palma’s old town is the huge cathedral that dominates the city. It is known locally as La Seu, but officially it is the Cathedral of Santa Maria de Palma. It was founded in memory of King James of Aragon, who ordered its construction in 1229.

However, the average price of apartments has skyrocketed. The market opened at 5447 euros per square meter and dropped slightly to 5446 euros before rising to an all-time high of 5614 euros in just three months in August 2015. It closed at 5595 euros, showing a promising investment opportunity as the average price in the last three months was 5605 euros, which is 1.17% higher than the average property price in Mallorca.

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