Located approximately two hours flying time from spring and into late autumn/winter, mainly from the UK. most European cities, Menorca continues to attract a Easyjet started operating a twice-weekly direct flight out range of investors drawn to the island’s natural appeal. of London-Gatwick, throughout the winter. In addition, With its stunning beaches and coves that were declared a daily ferry service also provides access from Barcelona a UNESCO Biosphere Reserve in 1993 to protect its and Mallorca. natural environment. Menorca moves at a slower pace Apart from national Spanish visitors, the main inter- than its sister Balearic Islands and is happy to do so. national visitor groups were British, followed by Italians, Offering a traditional Mediterranean lifestyle that has all French, and Swiss. In the past five years, new boutique but disappeared in other areas. hotels have opened in the countryside and towns offering unpretentious luxury in beautiful landscapes Buyer Nationality and buildings. A handful of these hotels have opened in Mahón and Ciutadella. In Mahón, a new project has The principal buyers on the island remain the British, been approved by the Balearic Ports Authority to re- Spanish and French followed by German, Italian, Austrian develop the port’s old fuel deposit area, which will be and Swiss. In 2018, the majority of Spanish and UK clients converted into a new marina and commercial centre. bought with mortgages. The buyer profile is either families Approximately 60 new moorings will be created and, that want a holiday home, or international business people for the first time, around 12 moorings will be available who want to escape the pressures of the modern world. for superyachts of up to 100 metres.The project is However, according to Engel & Völkers,it is French expected to be completed within five years. investors who have almost doubled in their numbers over the past five years to become the big buyers. Market Trends and Prices Tourism Development The local government’s strict regulation on building and development ensures a healthy market balance of supply According to the Spanish Airports Authority (AENA), and demand. Furthermore, as the stock of quality property 2018 was a record year for Menorca Airport handling is reduced, there is less negotiation by buyers particularly approximately 1.7 million passengers with over 80 direct for premium property. Overall last year, there was more routes available, and this factor expanded the variety of demand for mid-range priced property from 300,000- visitor nationalities. The biggest increases in passenger 600,000 EUR and this trend looks set to continue. In traffic were recorded in the off-peak months due to the response to market demand, Engel & Völkers expanded availability of extended scheduled direct flights from early the price range of property listed and, as a result, the average price of property sold in 2018 was approximately 670,000 EUR. Prices in Menorca are generally stable Buyer Nationality 2018 with no noticeable fluctuations in any areas (see chart). 4% Any price increases will apply to exceptional seafront 3% property or finca estates with sea views. 5% 27% 5% The most requested properties are holiday homes with sea views along the southeast coast from Sant Tomas down to Alcaufar, and on the northeast coast from Sa 15% Mesquida up to Na Macaret, where the entry price starts from approximately 450,000 EUR. Investors with smaller budgets can find property in the northwest and western coastal tourist areas that include Cap de Artux, Cala 23% Blanca, Calen Blanes or Cala Morell. Here, prices range 18% from around 300,000 EUR to 1,000,000 EUR. At the UK, Ireland Germany BeNeLux moment the historic old towns of Mahón and Ciutadella Spain Italy Other are popular, with buyers looking for a townhouse or an apartment with views and terrace to refurbish. Prices for France Austria, Switzerland apartments start from approximately 150,000 EUR in Source: Engel & Völkers Menorca Ciutadella and from around 200,000 EUR in Mahón.