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Deia Property in Foreign Hands!

Deia property in Mallorca appears to be falling ever more into the hands of non Spanish residents, according to the latest statistics from National Institute of Statistics.

Over 41% of residents registered in the beautiful mountain village of Deia, one of Mallorca's most exclusive addresses, are non Spanish residents, while the figure for Mallorca and the Balearic Islands as a whole stands at a still lofty 21%, the highest by far in Spain.

Deia, along with Valldemossa, Fornalutx and increasingly Soller are seen by overseas Mallorca property buyers as the perfect antidote to hectic city life, offering perhaps the most stunning scenery in Mallorca, tranquil countryside and villages and a highly sophisticated and exclusive range of hotels, restaurants and quaint retail facilities.

While no one can deny the quite awful state of the general Mallorca property market and the economic backdrop for property buyers, Deia is a perfect example of why Mallorca has always been dominated by lifestyle purchasers, rather than the property investors that swamped the Spanish Mediterranean coastline and why, when some initial confidence returns, Mallorca and highly sought after destinations such as Deia, will be well placed to find support and thus a bottom to this market before others.

Also of interest is the fact that despite the downturn Mallorca saw it's non resident population grow by over 17% helping the overall population for the Balearics to grow by 42,000. While only time will tell whether this trend will continue in 2009, as the crisis deepens, it is evidence of another key economic variable that helps support the view that the Mallorca property market has some structural characteristics that offer defensive qualities and thus should ensure the very worst effects of the downturn are felt elsewhere in Spain rather than on the Island. Location, location, location!  

For details of buying opportunities in Deia, Soller and Valledomossa please see the dedicated West Mallorca web page on our main Novi Property Mallorca site.

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