Bicycling enthusiasts are a growing source of buyer and rental demand on the Spanish island of Mallorca, according a report published by Knight Frank, the London-based international partner of Douglas Elliman.
In a post published on the firm’s Intelligence Lab website, Knight Frank Partner and Global Head of Residential Research Kate Everett-Allen notes that some 200,000 cyclists come to the Mediterranean island each year and helped to drive a post-Covid sales volume bump in 2022, to 19,000 across the Balearic archipelago—the highest on record since 2007.
Prices in the Balearics increased 7.3% in the year to Q1 2023, more than double the national average of 3.1%, according to Spain’s Ministry of Development.
“Mallorca has bounced back strongly from the Covid-19 period,” said Mark Harvey, Knight Frank’s Head of International Residential. “Its secret is its broad appeal. It attracts one of the most diverse mix of buyers from Brits and Germans to Scandinavians, French and increasingly U.S. buyers, plus some interest from Middle Eastern buyers.”