The demand for building sites, the increase in an interest in Menorca by the French, the stability of the British market, and the preference for unique properties are factors that stand out as tendencies in today’s property sector.
The desire has returned to be able to have a say in the design of a new home. After a long period in which buyers were interested in finished houses, preferably apartments, which have cornered almost half of the formalised operations in the market in recent years, we now detect a growing interest in buying building sites.
This is the experience at Bonnin Sansó estate agents, for whom this type of property is “in clear recovery”. “At the turn of the century, the sale of building sites could represent almost 25 percent of total sales: however, since 2007, a fall has been recorded that made these operations almost irrelevant to the market. There is now a renewed interest”, explains Xisco Pons.
In this sense, the financial director of Bonin Sansó has expressed his confidence for a legal framework to be established so that this tendency results in new homes. “Now that the banks seem more receptive to finance investments, a period of regulatory stability would be desirable that would provide legal security to both private individuals and companies who want to build”.
Regarding the type of homes, as well as the building sites, the preferred tendency is for unique properties. “Although there is a certain general dynamism being detected, it is true that houses with some special feature are being highly sought after, to the point of representing a major part of the applications we receive”, elaborates Pons.
Along with these two factors, the growing interest of the French market would be the third tendency detected in the Menorca property market. “The presence of direct links has enabled a ‘rediscovery’ of Menorca in a country that, despite its closeness, had turned its back on the island. We are receiving increasingly more applications and are optimistic because it is a type of client that we believe is of interest to the island as a whole”, observes the executive.
As well as the growing interest being shown by the French, Bonnin Sansó confirms the loyalty of the British market. “It is a client for which Menorca is always an option, perhaps because of the influence of tradition, history, the best connections, or even the strength of the pound, and the demand holds firm, and we even detect a reinforcement”, points out Pons.
