Palma has become the main port in the Mediterranean for the repair of all types of boat. The value of business being generated is put at some 200 million euros per year, with more than 1,200 being employed.
A key factor in this booming industry was last year's reduction in tax for large yachts. That has meant greater competitiveness and the increased level of business.
Servicios Técnicos Portuarios is one of the main companies involved in repair and maintenance. Its managing director, Joan Rosselló, says that the yard handles anything from a boat of six metres length to a superyacht of 60 metres. "The prices vary, therefore, from between 500 euros for a simple boat to four million euros. It is an open market and the type of maintenance is varied and diverse."
Such is the demand in fact that boats are being booked in a year in advance for maintenance work.