The real estate market is a constantly pulsating field influenced by global trends, economic shifts and buyers' lifestyles. In 2023, we witnessed an interesting development: the dynamics of foreign real estate purchases changed and a new group of buyers made their presence felt.
For a long time, it was mainly Germans and Brits who dominated the market for foreign real estate purchases. However, a new trend is now emerging. According to the latest statistics from the financial services provider UCI (Unión de Créditos Inmobiliarios), 38 % of foreign property buyers come from Germany and 25 % from the UK. But there is a notable newcomer to the statistics: US-Americans.
US-Americans have established themselves with a share of 15 % of real estate purchases by foreigners in 2023. This development is no coincidence, but is directly related to the launch of direct flights by United Airlines between Mallorca and New York. The availability of direct flights has made it easier for US Americans to invest in real estate on the popular Spanish island.
Mallorca's attractiveness as an investment location is expected to increase further as American Airlines plans to introduce direct flights between Mallorca and Miami next spring. These new connections will make the island even more accessible to potential buyers from the US and could further increase the share of US buyers in the market.
But interest in Mallorca is not only growing in the USA. There are also signals from China that point to increasing demand. The Chinese airlines China Southern and China Eastern are in negotiations with Mallorca's tourism industry, which suggests a growing interest from the Asian region.
For "Claus von Benz Immobilien", this development represents an opportunity to tap into new markets and adapt its services accordingly. The presence of US-Americans as buyers offers the opportunity to offer customized services and advice tailored to the specific needs and expectations of this clientele.
The sideways-moving sales curve of German buyers shows that it is important to remain flexible and constantly rethink strategies in order to be able to react to changes in the market. The diversification of the buyer base is a positive development that contributes to the stability of the real estate market and creates new opportunities for sellers and buyers.
In this dynamic environment, it is crucial for "Claus von Benz Immobilien" to keep its finger on the pulse and closely monitor developments in 2024 in order to always be able to offer our clients the best real estate investment opportunities in Mallorca.