Lucas Fox consolidates its presence in the Balearic Islands with team expansion in Mallorca
Lucas Fox reinforces its presence in Mallorca and the Balearic Islands, where 34% of the prime market in Spain is concentrated.
The island accounts for 27% of the prime market in Spain, making it the second market with the largest share, behind only Malaga.
Lucas Fox, the leading luxury real estate company in Spain, is reinforcing its strategic expansion in the Balearic Islands with the expansion of its team in Mallorca and the appointment of Alexander Marcos Walker as Director. With this expansion, the company continues to consolidate its presence in the region, where it also operates in Ibiza and Menorca.
Mallorca, a key market for the prime segment
According to the latest Spanish Real Estate Market Report by Lucas Fox, Mallorca represents 27% of the supply of luxury properties in Spain, defined as properties over 2.5 million euros. Only the province of Malaga rates higher, accounting for 30%.
Mallorca, Ibiza and Menorca together account for 34% of the total national prime supply, highlighting the role of the Balearic Islands as one of the most coveted destinations in the luxury real estate market.
Serra de Tramuntana: a new zone of interest
The quality of life, the natural environment and the unique architectural style make the island the perfect enclave for national and international buyers. One of the most dynamic areas is the Serra de la Tramuntana in the northwest, where the demand for luxury Mallorcan style villas in villages such as Deià, Valldemosa and Sóller has grown considerably.
Currently, the luxury segment represents 18% of the total real estate offer in Mallorca, showing the importance of the segment and growing sophistication of the market.
A dynamic market filled with opportunities
Despite the boom, one of the main challenges is the lack of new developments, which has contributed to the sustained increase in prices. In the fourth quarter of 2024, the average price of housing in the Balearics was 3,187 €/m², 10.8% more than the previous year. In Palma de Mallorca, this figure stood at €4,636/m² in February 2025, an increase of 17.9% year-on-year.
Alexander Marcos Walker, Director of Lucas Fox Mallorca, highlights:
"The luxury segment is growing in Mallorca because it offers exceptional conditions for international clients, who are looking for an exclusive lifestyle - often at a lower cost - and are attracted by the climate and the incomparable beauty of this island. There is no doubt that in order to contribute to the growth of this sector, satisfy the existing demand and boost the local economy, it is essential to increase supply via new developments.''
Buyer profile: Germans and Americans lead
German buyers continue to lead the way in prime property purchases in the Balearics, followed by a growing number of US investors, attracted by the Mediterranean lifestyle, safety and economic stability of the region.
In terms of purchase reason, the Lucas Fox report reveals that:
64% purchase a property as a second home
29% as a primary residence
7% as an investment
Lucas Fox continues to strengthen its presence in Spain's main prime markets, and Mallorca is positioned as a strategic axis for the firm's growth in 2025.
