SEA view properties in Mallorca are more than 50 per cent pricier than homes without them, says study.
The study, carried out by the Centre for Real Estate Studies (CRES) for Mallorca-based real estate agency, Porta Mallorquina, reveals that a property with sea views is 53 per cent more expensive than the average in Mallorca and that every square metre is priced above €5,000, even reaching €7,000 in some areas.
Even within the same area, it’s estimated that a home with sea views is 20 per cent more expensive than another without them.
The report was mainly focused on properties offered to foreign buyers, who have continued to show enthusiasm for buying property on the island during the financial crisis.
In total, 4,000 homes were analysed, all displayed on websites.
The study shows that northern areas, Palma and its surroundings, come with a price tag per square metre 33 per cent above the average figure for the island (€3,856).