Strong demand and rising costs encourage property buyers to move fast to secure their dream home in Mallorca

A combination of rising construction costs and demand outstripping supply on the island of Mallorca is encouraging property buyers to act fast to secure the homes they want on the island, according to leading Spanish home builder Taylor Wimpey España.

The price of steel, cement, roof tiles and other construction materials surged across Europe in 2021 due to shortages of supply. Now, though supply issues are improving, rising energy, labour and freight costs continue to push up the cost of construction, according to the Construction Leadership Council.

“It’s becoming more expensive to build homes. In simple terms, this means that buyers who pay today’s prices are likely to be getting a good deal compared to what they would pay in, say, a year’s time. This makes buying off plan particularly appealing, as the buyer locks the price in now.” -Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España

On the Balearic Island of Mallorca, demand for homes is outpacing supply, which is pushing prices up further still. According to Tinsa, the Balearics saw prices rise by 6.7% in the year to February 2022. With inflation rising around the world as well, the ‘safe haven’ of putting money into property is once again increasing its appeal.

But it’s not just monetary considerations that are driving interest in property ownership in Mallorca. TripAdvisor’s 2022 Travellers’ Choice Awards ranked the island among the world’s top ten destinations for sun seekers, while its Playa de Muro beach ranked as the third best beach in the world. Mallorca’s stunning beaches and family-friendly vibe are also attracting so much interest from tourists that the island was ranked as TripAdvisor’s number one trending destination in the world for 2022. That means Mallorca has seen more year-over-year growth in TripAdvisor reviews and ratings that anywhere else on the planet. And when visitor numbers increase, so does demand for second homes.