Mallorca"s property market booms as billionaires flock to the island

Over the past three decades, Mallorca has evolved from a popular holiday destination to a luxurious second-home locale for the world's elite. The island boasts an impressive array of amenities, including 65 five-star hotels, 47 marinas, 23 golf courses, and 18 international schools, catering to its affluent residents and visitors. This transformation has attracted billionaires like Jeff Bezos and Jack Ma, who have been seen mooring their superyachts in the area, highlighting the island's appeal to the ultra-wealthy. However, this influx of wealth has led to significant challenges for local residents. Many locals express frustration over the rising property prices and the lack of affordable housing, which has become a pressing issue as the demand for luxury real estate continues to surge. The disparity between the wealthy newcomers and the local population has sparked concerns about overtourism and its impact on the community. The presence of high-profile billionaires has also drawn attention to the island's property market, with reports indicating that several of the UK's richest individuals, including Jim Ratcliffe, have acquired substantial estates in Mallorca. This trend underscores the island's status as a prime destination for investment and luxury living. As the property market booms, the local community grapples with the consequences of this economic shift. The contrast between the affluent newcomers and the struggles of residents raises important questions about sustainability and the future of Mallorca as a desirable place to live for both locals and the wealthy elite.