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United’s New York flight said to have led to a 300% increase in luxury property sales

23.10.22

According to the CEO of Berkshire Hathaway Home Services Nova Mallorca, Jorge Forteza, the successful launch this summer of the United Airlines direct route from Newark-New York to Palma, has resulted in growing American interest to buy properties in Mallorca. "We have experienced an increase of up to  425% in respect of visits to our properties by clients from the United States. The flight is a success for us."

He adds that Mallorca is "an exceptional place in which to establish a second residence and, in some cases, a main residence". Clients from the US "are in a favourable position given the parity between the dollar and the euro". The United service "is an opportunity for the luxury real estate market, as sales have risen by around 300% in 2022".

According to Hans Lenz, president of the ABINI real estate association, the United Airlines service from New York-Newark to Palma has led to increased American interest in buying properties in Mallorca. He says that the island's real estate has always been attractive to Americans, but that it has now become more so.

Lenz says that the island's interior, the Tramuntana Mountains and Son Vida in Palma are the preferred locations. "They are very much in love with the authentic lifestyle of Mallorca." As to prices, he adds that not all American buyers are looking for something over a million euros.

As to the luxury property market in general, Lenz explains that requests for information have picked up after a dip in June. The rate of growth continues to be "very strong", very similar to that of 2019. The reason for a disproportionate increase in sales in 2021 was that "madness broke out" after the lockdowns in 2020. Sales almost doubled compared with 2019.

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