Overseas property buyers’ love affair with Spain isn’t limited to the mainland, thanks to its two main archipelagos: the Canaries and the Balearics. In addition to the obvious benefits of island living in the Mediterranean, these sun-drenched outposts offer property values that are rising faster than Spain’s other tourist areas.
Buying property on the Balearic Islands
How has this small group of five Mediterranean islands off the east coast of Spain become one of the most popular tourist destinations in Europe? The year-round appeal of Palma –Mallorca’s capital – the peaceful undeveloped coastline of Menorca and Ibiza’s hedonistic reputation for a start.
Majorca – the largest of the Balearics – is a firm favourite with holiday makers and home buyers, because it offers something for every taste. If you have a budget upwards of €150,000 you can open the door idyllic coastal villages like Deia and Puerto De Soller, the cobbled alleyways and ancient palaces of Palma, family-friendly resorts and the party paradise that is Magaluf.
Ibiza is world-famous for one thing: clubbing. But there’s more to “The White Isle” than super clubs and superstar DJs. Scratch its surface and you’ll discover a peaceful wooded island where a spiritual undercurrent is mixed in with a healthy dose of hedonism. Ibiza’s global appeal means property is a little pricey, but this popularity provides huge rental appeal in the summer months. No more so than in the capital Ibiza Town, where a vibrant nightlife and trendy marina combine with a picture postcard old town.
If a 24/7 party lifestyle isn’t for you Menorca – “the Jewel of the Balearics” – offers its residents a far more sedate existence. A sprinkling of Georgian architecture provides a glimpse into its colonial past, and the British have felt at home here ever since. It’s the island’s collection of tranquil beaches – more than Mallorca and Ibiza combined – that entices families, couples and retirees to its shores. There is a plus side to it being less accessible in the winter than Mallorca and Ibiza, property prices tend to lower.
Buying property on the Canary Islands
If you’re after a spot of winter sun without the time difference, the Canaries, situated just 62 miles off the Moroccan coast, offer year-round warmth. The seven islands that make up this tourist hotspot – Tenerife, Lanzarote, Fuerteventura, Gran Canaria, La Palma, La Gomera and El Hierro – differ in size and geography. Explore their shores and you’ll discover everything from tropical forests to a snow-capped mountain, and lively resorts to relaxing rural villages.
You’ll have no end of fun discovering which island suits you. If size and the conveniences that come with it are important Tenerife, Gran Canaria or Lanzarote should appeal. If you want to escape the constant stream of tourists that come to let their hair down on the larger islands, Fuerteventura, La Palma, La Gomera and El Hierro will tick the tranquillity box.
Year-round flights that take around four hours make accessing these fabulous destinations, and the opportunities they present for a healthy retirement or family fun, very convenient. Whether you fancy windsurfing, playing golf or even whale watching, you won’t be short of things to do here.
Property types are varied – villas, affordable apartments, South American style villages, colonial-style houses – and prices tend to be slightly cheaper than the Balearics, mainland costas and large cities.
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