On the beautiful island of Menorca, after more than two decades, a remarkable event is taking place, catching the attention of purchasers: villa and flat developments are once again drawing an interest. This reappearance is due to multiple factors, including costs and difficulties related to building detached homes on the island. Purchasers, mostly nationals who are non-permanent residents in Spain, are looking for a second home by the sea, which has given a new boost to the island’s property market.
One of the main difficulties to housing construction in Menorca is the high cost in acquiring land. Added to the lack of the necessary infrastructure to carry out building projects in many the island’s urbanisations, together with the extensive procedures in obtaining building licences and the extra costs due to the island’s insularity, making it extremely difficult to build homes from scratch. This is what Jose Pons, Bonnin Sanso’s Commercial Director, remarked in a recent interview for IB3.
This situation has given a boost to new building developments, which had been practically non-existent since the 1990s. A clear example of this resurgence is the luxury villa project in Son Parc, in Mercadal, which is scheduled for completion at the end of 2024. This project marks the first major building plan in Menorca after decades of small growth in this sector. A total of 50 villas will be built, along with a further 25 in a new development next door. Prices for these properties range from 600.000 to 800.000 euros, and more than 20% have already been reserved.
However, this is not the only development taking place on the island. Two other projects are also underway in places such as Coves Noves and Fornells, showing a growing interest from international buyers looking for second homes in this Mediterranean region. Interestingly, 90% of the buyers are nationals living in countries such as the United States, the United Arab Emirates, Northern Europe or England, although there is also a significant interest from abroad.
This upturn in property developments in Menorca reflects both the island’s natural beauty and the opportunities it offers for those seeking a peaceful and picturesque Mediterranean spot. As construction difficulties are overcome and projects move forward, the island is likely to experience renewed growth in the property sector in the coming years.
Discover these and all the new developments at bonninsanso.com/promotions, the leading Real Estate Agency in Menorca since 1988.
