PALMA DE MALLORCA
Palma, the island’s capital with a population of 300,000,
is developing a reputation as “the new Barcelona”
- albeit a smaller version. This beautiful, historic town on the
coast is increasingly asserting itself as a cultural capital (not
least since the opening of the trendy Es Baluard art museum) and
a chic and cosmopolitan city, as seen in the proliferation of
exquisite boutique hotels in converted palaces.
 As
a result, growing numbers of new converts to Mallorca are seeking
holiday homes around the capital instead of scooting off to other
areas of the island.
Though Palma’s boundaries stretch 15km along the coastline
from s’Arenal in the east to the cosmopolitan districts
of Cala Mayor and San Agustin in the west, the city itself is
relatively small, so everything is within walking distance (underground
parking is abundant making access by car easy).
Palma boasts the largest medieval old town in Europe, a maze of
grand mansions, museums, fashionable shops, tapas bars and restaurants
set around in picturesque old squares.
Palma’s waterside position means there are plenty of boating
and water sports facilities, including two yacht clubs.
 Prices
are relatively high, with properties with harbour views starting
at around 5,000 euros per m2, and apartments with more urban views
at 3,000 per m2.
Palma’s buildings are, however, full of character, and properties
for sale are usually in historic buildings which have been stylishly
converted, particularly near the cathedral around the popular
La Llonja and up-and-coming Santa Catalina. Be prepared though
for steep, narrow staircases without lifts and probably no parking
space nearby.
 Many
old palaces and villas are now being renovated, and the neglected
suburban areas of Portixol and Terreno are undergoing facelifts.
In the old town you will find small studio or one-bedroom apartments
for around 150,000-200,000 euros and two-bedroom apartments of
about 100m2 from about 250,000 euros.
Palma is also seeing its fair share of loft-style penthouses in
converted palaces, with panoramic views of the town and sea from
their roof terraces. Price tags for such properties usually escalate
into the millions.
There are various new-build possibilities on the edge of town
near the sea – though still within walking distance of everything
– starting at 270,000 euros for three-bedroom apartments.
For the most exclusive views of Palma Bay, look at SonVida, an
upmarket area of luxury villas set up a private road with 24 hour
security. You’ll need at least 2 million euros to start
househunting around here.
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