Since 2013, Swedish real estate investment in Palma has grown by more than one hundred percent, diversifying beyond Santa Catalina and the Casc Antic, areas that to date have attracted the attention of this market to own property on the island.
Real estate developers agree that Santa Catalina and the Casc Antic have been saturated by the pressure that Swedish real estate agencies based in Mallorca have been exerting for the past five years, making all kinds of offers to property owners to include them in their business portfolio and then be able to market them in Sweden.
Thus, in the last year, sales transactions have been closed in La Soledad, Son Espanyolet and Pere Garau. Being made aware that the Nou Llevant district will become the luxury urban growth area of Palma over the years, both in terms of residential, service and tourist uses and that market prices are very different from those prevailing in Sant Catalina, Casc Antic and coastal enclaves of the municipality of Calvià, La Soledad is one of the points where Swedes are beginning to buy houses.
The same happens in the Son Espanyolet neighbourhood and even in the heart of Plaça Pere Garau, which gives an idea of the interest in having a home in Palma, which highlights that Mallorca is more fashionable than ever in Sweden.
The increase in air connectivity from Scandinavia to Mallorca, with direct flights from the main Nordic cities to Palma, mainly from Stockholm, in summer and winter, the reports in the main Swedish media, which highlight the improvements in the city of Palma in terms of urban planning, hotels, shops, restaurants and complementary services, make it possible to foresee a new landing of Swedish investors in the short term.
Another factor that has a positive influence is the very competitive prices that prevail in the real estate market of Palma, far removed from those currently in Sweden. The Swedish currency, the krona, has a good parity with the euro and the exchange rate continues to rise due to the ups and downs affecting the Community currency.