Europe´s Most Expensive Puerto Andratx (Majorca) Sells Houses For 27.000 €/m2

24/07/2014 – El Confidencial

The Castanyetes street in Puerto Andratx in Majorca was named one of the top expensive and exclusive places in Europe in terms of property purchase. As per the 2013 ranking prepared by high-end expert Engel & Völkers, homes in this location reach the price of 27.000 Euros per square meter.

In fact, the Majorcan city takes the eleventh position, whereas the first place unchangeably belongs to London (with the record transaction hitting 150.000 €/m2), followed by the French Riviera (100.000 €/m2), Sardinia (95.000 €/m2) and Switzerland (65.000 €/m2). Paris, Germany, Vienna and Moscow have no reason to be ashamed as well.

Christian Völkers, CEO at Engel & Völkers, explains the prices of luxury properties go through the roof due to huge demand facing short housing supply. More and more Eastern Europe, Asian and Southern American investors look for top-end homes in Europe. The luxury property manager points out, though, that operations reaching such amount are occasional and may not repeat in the same places next year.

Madrid and Barcelona rank the 17th and the 19th respectively. In the capital, the most exclusive street is the Ortega y Gasset, while in Barcelona the Paseo de Gracia takes the pride.


Original article: El Confidencial (by E. S.)

Translation: AURA REE