Ibiza Hotels Articles

August 17, 2010

Banking Boost For Menorca Real Estate

Despite the recent banking crises in the UK, one of her best known banks and mortgages provider is to open three new offices on the Spanish islands of the Canaries plus the Balearic island of Menorca to meet demand for Britons looking to buy a home in Spain.

The decision by the Halifax was taken from data showing a trend towards Britons buying homes overseas, with Spain the most popular choice.

Part of the decision was to open in Menorca, the quietest of the three Balearic Islands. Commenting on the move a local travel guide commented:

‘While Majorca and Ibiza are possibly better known than Menorca, it’s perhaps not so surprising that the bank has decided to open an office on the island. The typical buyer for property in Menorca is normally older than that for Majorca and Ibiza, which could mean they are hoping to service their investments and pensions along with a normal account – especially for those moving full time to Menorca.’

Commenting on the new bank branch in Menorca, the company said that the opening of branches away from mainland Spain is an important step in the development of their branch network, and that they will continue to target the Spanish islands in addition to their Spanish mainland business.

Once bought, Menorca villas are often let out to holidaymakers, with the season generally running from May to end September.

As one of the Balearic Islands Menorca is close to better known Majorca, which like Menorca has welcomed many visitors back to live full time on the island. Menorca property has proved popular too, for those looking for a gentler pace of life than big sister Majorca.

Property prices in Majorca are similar to Menorca property, with a range of apartments and villas in both rural and town locations, and with twenty golf courses plenty of golf course developments too.

Menorca has just the one golf course, recently extended to eighteen holes, and is located in Son Park, which has a choice of hotels, apartments and villas for holiday makers.

The cost of flying to Menorca and Majorca has come down in recent years from most European countries due to low cost airlines, especially in the island’s core tourist areas of the United Kingdom and Germany, and last year easyJet started direct flights from London’s Gatwick Airport to Menorca, having served Majorca for some years already.

The third island in the Balearics is Ibiza, which in turn attracts a different age group and property buyer compared to Menorca and Majorca.

Clubbers from around Europe, and especially from the UK, descend upon Ibiza in the summer months for a week – and often two – of non stop partying.

Ibiza runs second only to the UK’s main cities of London, Manchester and Liverpool in terms of popularity for clubbers, and some of the Ibiza clubs are as well known as any in the UK, with some clubbers visiting frequently enough to consider buying an apartment on the island.

Demand for flights to Ibiza has been high enough in recent years for a low cost airline to start two new services from the UK to Ibiza, which should see the number of tourists on the island rise this year.

The two new routes are from Edinburgh in Scotland twice weekly, and London’s Luton Airport with both routes offering a daily service. This will be an attraction for those considering buying a property on one of the Spanish islands, and this in time will again attract the British banks to open new offices to cater for those considering buying an apartment or villa.

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