Luxury properties in Palma have ceased to be concentrated solely in the old centre. Miguel Rodríguez of Palma Pisos, a company that is marketing luxury apartments in the Casa Catalana building off the Avenidas, says the luxury market has made "the leap" to other areas of the city.
Casa Catalana has two commercial premises, 15 apartments, and a penthouse. "The whole building was sold for €15 million. We're now marketing each apartment separately." Three apartments have already been sold, Rodríguez adding that notaries are pointing to a new luxury area being created next to the Avenidas. There is much interest from northern Europe. "Think about it. In London, luxury sells for 60,000 euros per square metre; here it's 8,000. So there's plenty of margin left."
Nearby, construction work is under way on the site where the Casa del Poble. It is on C. Reina Maria Cristina, a stone's throw from Plaça Espanya. A penthouse here is priced at 2.48 million euros. The banker Joan March donated the old property so that it could be the headquarters of labour and social movements. It was demolished in January 1975 due to its poor condition.
Andrés Mariano, project manager for conversion of a building on C. Gilabert de Centelles, expects apartment prices to range between €1.5 million and €2 million. Located behind the El Corte Inglés store on the Avenidas, it has been abandoned for more than twenty-five years. "We're confident the work will be completed in 18 months, if all goes well." There are nine apartments plus two commercial premises.
There are more developments. Also on C. Gilabert de Centelles is a building being converted by Taylor Wimpey. And there are apartments on C. Marqués de la Fontsanta, with the penthouse available for 1.45 million euros.