Mallorca 30 March – 5 April 2023 Issue 1969

THE BEST FINANCE NEWS ON PAGES 16 ­ 20 Issue No. 1969 30 March - 5 April 2023

ONE of the most presti­ gious nautical events globally returns to Pal­ ma from Thursday, April 27 until Sunday, April 30. Palma International Boat Show will be held at the Moll Vell de Pal­ ma, showcasing the lat­ est technologies and de­ signs in the nautical world. Thanks to the efforts of the Fundación Turis­ mo Palma 365, the event is expected to at­ tract more visitors than ever before and give the nautical tourism indus­ try a boost. With more than 35 years of history the event has become a vi­ tal platform for busi­ nesses and enthusiasts to display their products and services and make vital connections. Visitors are invited to explore various boats and participate in excit­ ing activities. As Mallorca opens the Mediterranean’s nautical season, the Pal­ ma International Boat Show is an excellent op­ portunity to experience the latest advances in the industry.

SEE OUR WOMEN IN BUSINESS

SUPPLEMENT INSIDE

12

PAGES

PROPERTY AT A PEAK

Photo credit: Ralf Roletschek / Wikimedia Commons

Palma sets sail

MALLORCA • EUROWEEKLYNEWS.COM

Mallorca continues to be a lucrative place to invest in property as the market hit an alltime high in 2022.

THE Balearic Islands’ prop­ erty market hit an all­time high in 2022 according to a report released on Mon­ day, March 27. Mallorca’s property market was re­ sponsible for a significant portion of the sales. The market generated a staggering €7.54 billion in sales during 2022. The mind­blowing figure is even more impressive when compared to the budget of the local government, which was €6.4 billion.

The data means that the property market outper­ formed the local govern­ ment and all of its public companies. The market’s growth has been exponential, with a 350 per cent increase in just 10 years. In 2013, the prop­ erty market crashed with the sector barely generat­ ing €1.66 billion. Fast for­ ward to 2022, and the mar­ ket has not only bounced back but has also achieved record­breaking sales, num­

bers of foreign purchases, and average property prices. The average value of a transaction last year was an astounding €402,624, dou­ ble that of 2013 when it was €206,003. However, the quantity of sales has not yet hit record numbers. In 2022, there were 18,738 sales, compared with the peak of 25,826 sales made in 2005. Investors are looking to the future with excitement.

FREE • GRATIS

Haven for Schumachers THE Schumacher family are reportedly planning to settle down permanently in Mallorca. The news was reported by German mag­ azine Die Bunte who re­ ported that Schumacher’s wife Corinna finalised a property purchase on the island. The property named Vil­ la Yasmin is located near Puerto Andratx, and could soon be home for the for­ mer Formula One driver and his German family. The villa will be renovat­ ed to cater to Schumach­ er’s medical needs, and the family plan to set up a ranch nearby for Corinna and their daughter, both

of whom are equestrians. Meanwhile, the RM Sotheby’s Auction has list­ ed Michael Schumacher’s Ferrari F1­2000 Chassis 198 for sale in an auction which is set to launch from Monday, April 3. Schumacher drove the car during the 2000 season when he won the Driver’s Championship and Ferrari won the Constructor's Championship. The F1 car is expected to sell for more than €9 mil­ lion. It has been almost a decade since Michael Schumacher’s life­altering skiing accident in 2013, which left him with severe head injuries.