Just a decade ago, Nou Llevant was a collection of empty plots and industrial buildings. Now, it boasts some of the most expensive developments in Palma de Mallorca.
How much does it cost to live in Palma's new trendy neighbourhood?
The latest data from idealista places the average price in the area at around €5,877/m2, compared to €4,130/m2 in the district it belongs to (Llevant - La Soledat).
Nou Llevant's evolution is best understood when compared to the rest of its surroundings. With an average price in Palma de Mallorca that already exceeds €5,000/m2, the neighbourhood is in line with the average, despite being part of a historically more affordable area.
Property prices in Nou Llevant
There are significant differences depending on the property type. You can still generally find homes starting from €107,000 in older buildings, although they may require renovation.
However, prices rise rapidly on new-build developments. Flats range from €500,000 to €1,000,000, and even more for properties with large terraces or sea views. Some properties are over €3.5 million, albeit isolated cases within high-end developments.
High rent, low supply and even higher demands
The average price in Palma de Mallorca is around €18.6/m2, although Nou Llevant is pricier: the available supply ranges between €1,600 and €4,000 per month.
Added to this are increasingly demanding access requirements. In many cases, access to housing depends not only on being able to pay for it, but also on meeting strict income requirements that exclude a significant portion of the demand.
International demand drives the market
One of the reasons for this trend is the arrival of international buyers and renters. Germans, British and Swiss are among the most common profiles looking to buy and rent.
Furthermore, Nou Llevant offers quick access to the sea, Palma city centre and the airport, with good connections to the rest of the island. This combination hard to come by in the Balearic capital.
On the other hand, the purchase of second homes has reduced the availability of housing for primary use, thus increasing the pressure on the market.
Nou Llevant, a developing neighbourhood
Despite the real estate boom, the area still lacks a variety of local shops and services. While some businesses and supermarket chains have started to open in recent years, development is slower than residential growth. This means the neighbourhood relies on other areas of Palma de Mallorca for daily needs, particularly for restaurants and leisure activities.
Even so, Nou Llevant's evolution is progressive, and the arrival of new projects could boost activity in the coming years, in line with the growth of a population that already exceeds 6,300 inhabitants and has increased by 3% in the last decade.
