There are signs along Palma's Paseo Marítimo 'for sale', 'for rent' or 'se traspasa' (referring to transfer*). There are different reasons, one said to be the loss of business caused by the redevelopment and the elimination of some 1,200 parking spaces.
An example of a place for sale is the old Garito bar in the Can Barbara marina; the price €1.45 million. Alternatively, it is available for a rent of €9,500 per month. Best Pizza is for transfer at €280,000; the rent, which is on top, is €3,000 a month.
Gesmorent is a real-estate agency that specialises in commercial premises. Its director, Chechu Osinalde, believes the type of product offered by establishments along the Paseo will change. Despite all the talk, he is optimistic. The redevelopment work having finished, "we believe that this year the bar and restaurant businesses will start to pick up". "The Paseo Marítimo is what it is, and there are some low-end restaurants and shops that need to be transformed into more upmarket establishments."
He says that nightlife is less vibrant and notes that there is strong opposition for residents. "But we believe the restaurant sector will do somewhat better." He doesn't see the Paseo turning into a high-end shopping area.
The signs may be an indication of an area where business is in the doldrums, but not necessarily. Businesspeople move on for a variety of reasons, one being retirement. This is the case with the La Placita pizzeria next to the Auditorium. Mimo Ezzat Ballal is 69; "I have to retire." "It's been open for 35 years and we're always packed." His clientele has hardly changed; the Auditorium provides him with spectators, musicians, and artists. "Even when it (the Auditorium) is closed, business is good, and the newly renovated Paseo is very nice." The restaurant's traspaso is €480,000.
* Se traspasa refers to the transfer (sale) of the existing lease and business operation. It does not entail the sale of the property.