ultra high-net-worth individuals. Apartments usually sell within three to six months, town houses within eight to twelve months. Generally speaking, Palma de Mallorca has demonstrated rapid price growth for quite some time. Buyers tend to acquire properties from their own resources or with bank financing, which is fairly easy to obtain for properties in this location. At Engel & Völkers, buyers in the island’s capital are from German-speaking countries, the UK and Scandinavia but there are increasing numbers of Spanish purchasers. Palma Old Town Mostly, investors in Palma acquire a secondary residence, but the city is also becoming the main residence for many home purchasers. The historic town of Palma has been carefully and painstakingly restored in recent years. The Old Town’s additional potential for development is also underlined by Palma Beach a wide range of high-quality construction projects, such as Can Santacília and Can Bordoy Grand House & Garden. Palma Beach has quickly become a popular venue where to start off in the property market.The area offers a diverse range of entertainment, lifestyle, restaurants, new hotels and beach clubs. Overall, some 350 million euros have been invested in modernising this area. Palma Beach lies south of the airport, and has a four-kilometre long stretch of sandy beach, making swimming in the Mediterranean Sea, not far from the city centre, a true pleasure. Here, properties go for comparatively moderate prices – despite their immediate positioning on the coast and the very good infrastructure. The ongoing popularity of the area means that buyers stand to profit from the high development potential of Palma Beach over the coming years. Palma Southwest The Paseo Maritimo, also referred to as a balcony to the Mediterranean Sea, is Palma's harbour promenade, some five kilometres long, it is lined with entertainment options and beautiful hotels. Those with a passion for the sea can definitely take advantage of the Club de Mar and Real Club Náutico de Palma. The Paseo Marítimo will soon be transformed, at a cost of 20 million euros, with particular focus on both pedestrians and cyclists. Some 50 million euros will also be invested in the marina’s Club de Mar. Properties in this part of the city offer a splendid view over the Bay of Palma. Next to the Paseo Marítimo, residential areas in Santa Catalina are one of the city’s most popular. A large number of buyer groups come from German-speaking countries, the United Kingdom, Scandinavia, Belgium and the Netherlands. Business people and families alike are investing in property here.