Spain is tops in value according to a Post Office survey.
It may come as a surprise to many considering its reputation as a playground for the rich and famous, but the cost of living on the glitziest isle of Spain’s Balearics has actually been found to be the lowest out of 12 popular European holiday destinations, according to a UK Post Office survey.
The Post Office’s Self Catering on a Shoe String Barometer 2011 compared data on the cost of basic supermarket items in popular holiday destinations such as the Algarve, Corfu and Brighton. While the average cost of a family shopping basket in the Cypriot capital of Limassol is a rather eye-watering £74.56, prices in glamorous Majorca are 80 percent cheaper, at £44.23.
The findings would come as no surprise to many local agents such as Ignacio Osle, sales director at Taylor Wimpey Espana, who insist that despite the island’s high-end reputation and its attractive summer calendar of yachting events drawing the super-rich, there are still plenty of affordable property buys to be found. “Mallorca, though recognised as a growing hub for the rich and famous, has plenty to offer in terms of affordable property”, says Osle. “It’s an investment goldmine with something for everyone.”
With prices currently on the low side due to the ongoing Spanish debt crisis, now could be the perfect time for buy to let investors to capitalise on this affordable holiday paradise, a convenient short-haul distance from major tourist markets such as the UK and France. Its excellent links from low-cost airlines – Ryanair flies twice daily to Palma from Stansted, while Easyjet is currently flying a whopping 8 times daily – also ensure getting there couldn’t be easier for the millions of Brits who have made Majorca the destination for their yearly summer sojourn.
