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The U.S. market drives the sale of high-end properties in Mallorca

The direct air connection between Palma and New York, the tourist promotion of Mallorca in the United States, the growing popularity of the island as the setting for more and more film productions, and the association with celebrities such as Michael Douglas or Richard Branson has turned the United States into an emerging market.

The New York-Palma connection has been a great success: 168,000 arrivals in 2022. Figures that point to improvement with the announcement of increased connections with the US in 2023.

North American visitors are distinguished by their high purchasing power (in 2022, many boutique hotels and luxury 5-star hotels have had American customers as their number one for the first time). They are very respectful visitors to the destination, interested in historical heritage, culture, gastronomy and the environment.

But how does this translate into the real estate market?

In 2022, the purchase of properties in Mallorca by US citizens doubled compared to the previous year. According to an article in the Wall Street Journal, the climate and lifestyle are the main motivations for Americans to change their place of residence or invest in a second residence. Undoubtedly, Mallorca is meeting expectations and is becoming one of the preferred locations for this audience.

Their favorite areas are the interior of the island, the Serra de Tramuntana, and the exclusive Palma area of Son Vida.

At the beginning of 2022, the main real estate network in the United States and the world, Berkshire Hathaway HomeServices, already detected this trend and included establishing itself on the island as one of its priorities. Finally, at the beginning of the summer, it opened its branch in Mallorca thanks to its partnership with Nova Mallorca, a real estate agency with over 50 years of experience, a consolidated reputation, and a great knowledge of the island's real estate market.

Berkshire Hathaway HomeServices is present in 12 countries, with more than 1,500 offices and over 50,000 real estate agents worldwide

Published: 22 Mar 2023

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