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Palma Old Town Market Trends

Palma Old Town is known for its simplicity, quietness and economical lifestyle. There are almost 100 apartments to choose from. However, you won’t find any land, finca, country house or even a villa in this area. From the humblest of apartment to the most lavish one you can browse and find the one that suits your need.

The cheapest apartment in Palma Old Town which costs mere €185,000 where as the most expensive one is €4.1 Million which is still cheaper as compared to other parts of Mallorca. The average rate of real estate in the past six months has not risen significantly. There was a minor dip noted in Jun’15 however it rose back to almost its opening initial price of €4818 and currently the average price per square meter for real estates in Palma Old town is €4784.

The headline attractions of Palma Old Town are the cathedral, Arab Baths; Carrer del Pare Rafael Serra, and stunning Almudaina Palace. Yet another must-see-visit-and-experience place is Ca’n Joan de S’aigo which is best known for its thick hot chocolate and sugar-dusted ensaimadas (spiral-shaped pastries) served with home-made almond ice cream. It is a coffee and cake shop which has been a Palma institution since it opened back in 1700.

For eating Hotel Cort is the place to be. They serve modern Mediterranean plus seafood specials where as one of the most famous thing to eat in Palma Old Town is pinto of grilled octopus and the meaty, white-fish ceviche with Mallorcan or Spanish wines are guaranteed to leave your taste buds tantalized.

Among the most exciting – and without doubt the largest – of Palma’s new breed of concept stores is Rialto Living, at Carrer de Sant Feliu 3. It is a two storied building having a diverse collection of fashion, food and home décor all under one roof. Italian men’s and womenswear from such brands as Aspesi and Boglioli, fragrances from Byredo, and must-have design books are highly recommended items to grab.

A historic must-see site of Palma’s Old Town is the huge cathedral which dominates the city. It is locally known as La Seu, though officially it is the Cathedral of Santa Maria de Palma. It was established in memory of King James of Aragon, who ordered its construction in 1229.

The average price of Apartments however have skyrocketed. The market opened with €5447 per meter square and slightly dipped to €5446 before significantly rising to all-time-high to €5614 in Aug’15 in just three months. It closed at €5595 which shows a promising investing opportunity as the last three months average price was €5605 which is 1.17% higher than the average Mallorca property rate.

Either you are planning a vacation of finding investment opportunity with high rate of return Mallorca Properties is your most trusted partners.

You will find the market overview in our Real Estate Trend Section Palma Old Town

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