Amanda Butler
SO, another week, another world altogether! Italy on lockdown and now Spain, followed by France, with the UK following slowly behind.
Unprecedented, with the global economy in chaos.
The Balearic Islands of Mallorca, Ibiza, Menorca and Formentera have one of the lowest infection rates in the Kingdom of Spain.
At the time of writing we have 203 reported patients that tested positive (obviously the figure will differ to the true numbers, since many with minor symptoms will be at home) with only four severe and two fatalities.
So the Balearics appear to have locked their borders in good time, and hopefully the measures taken will ensure the spread is restricted.
The infrastructure of the Balearics can comfortably accommodate more than double the current population and there is currently no feeling of panic among residents.
The supermarket shelves are being replenished, most are not hoarding and the 10 private and public hospitals are reportedly well prepared.
Schools are shut and schools have reportedly arranged for internet-based teaching and home schooling.
The ports and airports are officially shut now with only essential repatriation and transport of food, medical and energy supplies guaranteed by law.
There is now a solid €200 billion relief package in place.
Impact on the real estate market
The Balearic Islands have been a favoured destination for mainland Spain and Europe for decades past.
The strong measures in place protect the islands’ natural environment, conserve vast stretches of beautiful natural habitat, and considering the size of the islands, should help continue to attract the wealthy, rich and famous from near and far, despite this current hiatus.
To quote an ancient Persian adage: “This too shall pass”
Past financial crises cannot be compared to this unprecedented global health crisis but we, as real estate agents, are certain of the resilience of the Mallorca and Balearic Real Estate Market.
The recent volatility of the stock markets and the sudden realisation that we should not take life as we have known it for granted, may well reflect a strong increase in demand for real estate investment opportunities in the Balearic Islands, reaffirming the reputation of Mallorca and its sister islands to be a safe and secure place to invest in property.
To quote an ancient Persian adage: “This too shall pass”.
In the meantime, keep your distance, wash your hands and phones, appreciate your loved ones and keep safe – if not for you, for those weaker and more susceptible around you.
Sending best wishes to you all.
Amanda J Butler – an holistic approach to real estate in Mallorca.
MJC Associates – +34 690075169, ajb@mjcassociates.net
The impact on the local property market will be unquestionable but let’s hope for a swift recovery. The country’s quality healthcare system will prove that this is still one of the best places to live and foreign buyers can feel reassured.