The British pullout from the EU has obviously hit the spending power of British tourists as sterling has fallen in value against the euro. However, British companies still appear to be eager in invest in the Balearics. A British company has recently purchased the Festival Park shopping complex, another British firm has unveiled plans to invest 500 million euros in a Palma shopping centre, Sir Richard Branson will be investing millions transforming the Son Bunyola estate in Banyalbufar into a luxury hotel, and British-owned retailers, including Primark, are busy opening stores on Majorca. In fact, I think it could be said that there has never been such a degree of large-scale investment by British companies on Majorca.
It is a great sign that the British love affair with Majorca is continuing and continues to prosper. This scale of investment in Majorca is great news for the island. The fall in the value of the pound against the euro is already being felt in resorts, but it does not appear to have hit the volume of British visitors on the island, with Majorca on course to welcome a record number of British tourists this season. The forecasts for next season are also good. Even the fall in the value of the pound is not so dramatic. It must be remembered that three years ago the pound was worth less against the euro than it is today and Majorca still welcomed a record number of British tourists.