Market Development summer season months of June-September. According Last year, Engel & Völkers expanded its presence on to Engel & Völkers, the principal nationalities renting on the island with the opening of a second property shop the island last year remained British, Spanish and French in the heart of Ciutadella.Staffed by a multi-lingual followed by German speaking and Italians. team (English, Spanish, Italian, Portuguese, German and There is a variety of property to rent on the island and French speaking), advising clients in all aspects of the weekly prices in the high season can triple. Last year saw buying / selling process on the island. The office is listingan increase in demand for properties close to or at the beach. all types of property including apartments, townhouses and villas. The proximity of the sea and sea views being the major selling points for investors in the area. French Attraction In the past seven years, Menorca has seen a surge of French buyers, mainly from Paris, generally looking for country estates or premium frontline coastal property with budgets of 800,000 to over 2,000,000. However, in 2018 the market profile changed to investors from Forecast all over France with mid-range budgets from 350,000 to 600,000EUR. This is mainly due to improved access Menorca’s appeal to international investors as a “peaceful with new direct flight connections (operating from April haven” is being upheld by the local government’s to October) from Paris, Nantes, Toulouse, Bordeaux and strict policy on new building and development, which Lyon. In addition, a new twice-weekly ferry service highlights the importance of sustainable tourism to was launched last year from Toulon to Alcúdia in north protect the island and retain its authenticity. This policy Mallorca with an onward connection to Menorca. also plays an important role in maintaining the balance of supply and demand in the real estate market where prices remain stable. The only forecasted price increases will Rentals be for exceptional property in prime locations. The demand for holiday rental properties continues to grow Since 2017, there has been a drive to extend the main and Engel & Völkers has taken on more rental properties season into the spring and autumn months, assisted by to cover the demand. However, as a result of the Balearic the main airline carriers operating direct scheduled flights Government legislation on holiday rental properties, there from the UK, the Spanish Mainland and France. This is were less new rental properties coming onto the market last good news for home owners on the island and potential year, especially country houses. There’s little interest in investors.There are few places, so close to Europe’s long-term rentals in Menorca as the focus is on generating main cities that have the beautiful environment and the optimum rental yield from holiday lets during the main charming, slow-paced lifestyle that Menorca delivers. Average Price Ranges Villas Fincas Townhouses Apartments 2017 400,000 - 1,000,000 — 400,000 - 1,500,000 250,000 - 750,000 Mahón 2018 350,000 - 1,000,000 — 300,000 - 1,400,000 200,000 - 750,000 2017 300,000 - 900,000 — 350,000 - 1,500,000 200,000 - 650,000 Ciutadella 2018 250,000 - 900,000 — 300,000 - 1,500,000 150,000 - 500,000 2017 900,000 - 3,000,000 > 7,000,000 — — Coast 2018 900,000 - 3,000,000 > 7,000,000 — — 2017 > 500,000 > 2,000,000 — — Countryside 2018 > 400,000 > 2,000,000 — — Average prices quoted in Euros. Source: Engel & Völkers Menorca