On Wednesday, the third Mallorca Real Estate Summit was held - its location, the Castell Hotel de Son Vida.
Among the speakers were representatives of Tecnitasa, a Palma-based valuation consultancy. Reflecting on the luxury sector, the central theme for the summit, José Antonio Muro said that investors in the luxury sector still see a long way to go before comparing Mallorca with London, Paris or New York. Nevertheless, Luis Díaz observed: "There is a great demand to live in paradise."
The future of luxury will be in the countryside. Mallorca and the Balearics are destined to be a bucolic refuge for the super-rich from around the world. "Whether we like it or not, Mallorca is going to be the next Saint-Tropez."
Enrique López of Caledonian explained that his company, which specialises in unique and high-end projects, will "shortly" be entering the Mallorcan market, where there are "exceptional conditions" for the profile of the company's buildings.
He was one to highlight a problem facing the real-estate sector - the lack of qualified workers. There has been a generational change. Jordi Castiñeira of KPMG Spain noted: "In 2007 the average age of bricklayers was 39.9 years; today it is 48.1."
As for the property market in general, Judit Montoriol of CaixaBank referred to a "contained cooling in demand" following an explosive 2022 and the upward spiral in prices in the Balearics. Even with this cooling, "house prices will continue to grow steadily over the coming years".