British tourists have been hit by a Spain holiday warning as a beautiful island has been dubbed the ‘next Saint Tropez’. The serene beauty of Majorca is under threat as it increasingly draws comparisons to the lavish French resort.
Experts at the third Majorca Real Estate Summit held at the Castell Hotel de Son Vida have raised concerns about its future as a holiday haven.
Reflecting on the luxury sector, José Antonio Muro of Palma-based valuation consultancy Tecnitasa expressed that while investors in luxury still view Mallorca as having some distance to go before rivalling cities like London, Paris, or New York, there’s an undeniable allure to the island.
“There is a great demand to live in paradise,” Luis Díaz said, hinting at the island’s potential trajectory.
“Whether we like it or not, Mallorca is going to be the next Saint-Tropez,” he added.
Enrique López of Caledonian highlighted the forthcoming entry of his company into the Mallorcan market, citing “exceptional conditions” for high-end projects.
However, he also addressed a pressing concern: the scarcity of skilled workers in the real estate sector, noting a significant generational shift since 2007.
Jordi Castiñeira of KPMG Spain underlined this demographic change, stating that the average age of bricklayers has risen from 39.9 to 48.1 since 2007, reflecting a shortage of young talent in the industry.
Despite the cooling of demand after a booming 2022, Judit Montoriol of CaixaBank projected continued growth in house prices in the Balearics, indicating sustained interest in the property market.
However, as luxury developments flourish, concerns arise about the environmental and societal impact.
The influx of tourists, especially from Britain, has reached record levels, with over 14.1 million international arrivals in the Canary Islands alone last year, straining infrastructure and impacting locals’ quality of life.
With Majorca poised to become the next Saint-Tropez, balancing development with preservation becomes increasingly crucial to maintaining the island’s charm and appeal as a holiday destination.
