Lucas Fox expands its operations in Menorca
Sergio Ogazón and Pilar Ogazón of Lucas Fox Menorca give us the low down on the property market on the beautiful island of Menorca.
Menorca, or ‘the smaller island’, is one of the jewels of the Balearics. It is also the most pristine thanks to an unparalleled approach to environmental conservation that gives it a wealth of wildlife residents and the Mediterranean’s greatest variety of unspoilt beaches.
Also famous for its beautiful sunsets and rich cultural and culinary heritage, Menorca is a favourite with discerning visitors and offers a variety of properties for those looking to put down more permanent roots and find their dream home.
From seafront villas and old town penthouses to original or renovated rural estates and country houses for conversion into boutique hotels, properties old and new are available in sought-after locations across the island.
This is a safe, clean and family-friendly paradise in which to relax, settle down and enjoy the perfect Mediterranean climate. The island is also well connected to the mainland, with Barcelona an easy flight or ferry ride away.
For many who have bought on the island, Menorca is still an insider’s secret. Buyers tend to be British and Spanish, including many Catalans. There has also been a surge of French interest recently. Prices have been steadily rising since the start of the property turnaround midway through 2014. According to the National Institute of Statistics (INE) 1,782 properties exchanged hands in Menorca in 2018, an increase of 9% when compared to 2017 and the highest number of transactions registered in the last decade. INE places Menorca as the only Balearic island where sales activity continues to rise, largely due to the resale market.
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We talked to Lucas Fox Menorca Sales Manager Sergio Ogazón and Director Pilar Ogazón about the property market on this beautiful island.
Which areas do you cover?
We cover the entire island and all municipalities, including Maó, Sant Lluís, Es Castell, Alaior, Es Mercadal, Es Migjorn Gran, Ferreries and Ciutadella, and differentiate between urban and rustic properties and urbanisations.
Which areas are the most sought-after?
The most sought-after coastal properties are located in the coveted areas of Sa Farola, Cala’n Busquets, Cala’n Bruch, Son Oleo, Son Blanc, Sa Caleta, Cala Morell and Cala’n Bosch-Son Xoriguer. In the capital, Maó, the most sought-after areas include Cala Longa, Sant Antoni, Es Grau, Cala Canutells, Es Grao, Sa Mesquida and Binixica.
Other desirable areas include Sant Lluís, with the urbanisations of Alcaufar, S’Alger, Binancolla, Binisafuller, Punta Prima, Binibeca, Cap d’en Font, Son Ganxo and Torret de Baix. The urbanisations of Sol del Este and Santa Ana in Es Castell are also very popular.
Which property types are most in demand?
The most highly sought-after types are seafront villas with pools and centrally located penthouses and duplexes in Ciutadella. Houses with patios in the old town are in demand for residential use or as boutique hotels. The same is true for country houses and rural estates authorised for residential use or rural tourism hotels.
Are there many New Developments?
The main real estate offer is focused on resale properties, with few New Developments due to the lack of supply of buildable urban land.
At the moment the demand for buildable urban land from Spanish and French developers in the main cities of Ciutadella and Maó is beginning to wake up, and as a result many owners have decided to put their plots up for sale.
There is also demand from Spanish and French investors for rural land that can be used to develop agrotourism hotels.
Which types of buyers choose Menorca?
Menorca real estate appeals to a variety of clients:
- Retirees who live here all year round or spend six months alternating with their home country
- National and international investors who choose Menorca for holiday and hotel rental products, but also as a place to enjoy their own holidays
- Spanish and international families who choose Menorca for its tranquillity, security, quality of life and child-friendly environment
What do you think the trends will be in the property market over the next few years?
Along with the constant demand from national investors, Menorca is gaining interest among international buyers such as the French, Italian and Northern Europeans, who appreciate the island’s beauty, safety and wonderfully laid back atmosphere.
How would you describe the island of Menorca?
Despite its small size, Menorca boasts some of the most unspoilt beaches in the Mediterranean thanks to an environmental protection policy that sets it apart from other islands such as Ibiza and Mallorca.
What are Menorca’s main attractions?
There are so many to choose from! The main ones are probably the virgin beaches, its popular architecture, nautical and underwater activities, as well as its gastronomy and its spectacular sunsets.
Traditional horse festivals are also very popular across the island, and include the Festes de Sant Joan (Ciutadella), Festes de Sant Martí (Es Mercadal), Festes de Sant Jaume (Es Castell), Festes de Sant Antoni (Fornells), Fetes de Sant Cristòfol Festivities (Es Migjorn Gran), Festes de Santa Gaietà (Llucmaçanes), Festes de Sant Llorenç (Alaior), Festes de Sant Bartomeu (Ferreries), Festes de Sant Climent (Sant Climent), Festes de Sant Lluís (Sant Lluís) and Festes de Mare de Déu de Gràia (Maó).
What has happened to property prices during the last 5 years?
We have observed an increase in prices on all types of properties due to the economic recovery that the whole area is experiencing.
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