Pere Garau: 5 signs of the upgrading of the Asian quarter

In the collective consciousness of Mallorcans, the name “Pere Garau”, a neighbourhood in Palma, tends to evoke ideas associated with immigration—mainly Asian migrants—rather than an attractive area for real-estate investment. When I hear the name “Pere Garau”, I immediately think of Palma’s classic B or even C location, as well as the lively bustle of Asian traders at the market hall there. In many parts of the neighbourhood, I would think twice before investing in a property. The poor condition of many buildings and the very high ratio of residents per square metre has so far had a rather deterrent effect. This explains why in Pere Garau prices per square metre are up to 50% lower than in other neighbourhoods. Especially in the streets bordering La Soledad or Son Canals.

Nevertheless, in the parts closer to the centre, the charm and friendly side of Pere Garau are slowly beginning to shine through. From an immigrant neighbourhood to a modern and multicultural area… The southwestern part has been developing very positively for years, with meaningful signs that point to gentrification:

Nuredduna is the fastest way to get from the Avenidas -el Corte Ingles- to Pedro Garau. Until recently, the street was more or less synonymous with noise and cars. The current transformation of the street into a pedestrian zone has led to the creation of an attractive residential area that is just a stone’s throw from the city centre.

Also at the Plaza de las Columnas, where Nuredduna Street ends, the roundabout has been converted into a pedestrian zone, and road traffic reduced by half. To be honest, it’s not quite top yet because the planned green area has not yet blossomed in all its splendour, but the overall picture is slowly beginning to emerge.

A clear rise in property prices can be seen in this southwestern area. The best example of the increased investment interest is the emblematic building Nuredduna 24, which was built in the 1930s and is located at the end of the new Nuredduna Street. The building stands out for its attractive period style and is currently being fully renovated. High ceilings and magnificent façade details are common in the townhouses in this area and also make this building feel so stately. A few years ago, no investor would have dared to come near it. With the redesign of Nuredduna Street, that has changed. Two penthouses, each with only 2 rooms, are already being marketed for 680,000 euros. One of the penthouses had even already been sold off-plan at the time of this post.

Half a year ago I had the opportunity to visit the construction site myself and review the plans for this project, and I was impressed. Old architectural elements such as tiles, the stairwell, wooden beams and Marés walls are being preserved and combined with modern materials. The building’s new façade -together with the new pedestrian zone of Nuredduna and Plaza Columnas- will give this part of the neighbourhood a style of its own. I can well imagine that a certain hype will arise as soon as more of these renovated buildings appear in the local property market.

In addition to public and property-related investment initiatives, some commercial investments within the area are also worth mentioning. The most notable is the four-star Hotel Nou Baleares, which has brought the emblematic building of the old C‘an Boira factory back to life. It is located just a few metres from the Pere Garau market hall, directly on Plaza Columnas. The hotel group “Treguer Hotels” quickly understood and recognised the good positioning and future prospects. During the restoration of the property, care was also taken here to preserve the older elements in order to serve the new motto: “a modern feeling of the 20th century”.

Other businesses that have also given the area a cosmopolitan touch are the Viva Gym fitness studio, the Engel & Völkers real-estate office, as well as some excellent cafés and restaurants such as Es Mercat des Peix or Bar Mónaco.

Thanks to excellent lobbying, the substantial as well as cultural development of the Pere Garau neighbourhood is being driven forward! The support the neighbourhood receives from private and public institutions should not be underestimated. Whether Clínica Rotger, Rotary Club, Pimen or Palma City Council, all supported this year’s Chinese New Year celebration, which took place on 29 January. Highlights included performances by various artists who, on a large stage at Plaza Columnas, brought their own cultural origins closer to the public. This was the first time such an official event took place that truly managed to mobilise all people from the neighbourhood in such large numbers. The emblematic Nuredduna Street has become a real confluence of cultures.

It is no secret that property prices in Palma are high. Finding an apartment in a good location and condition for around 3,000 euros per square metre has almost become impossible. One of the few areas where you can avoid the “gold prices”, come in below the 3,000-euro mark per square metre, and still be close to the centre, is Pedro Garau. Here you can find two-bedroom apartments for around 2,000- 2500 euros per square metre. That is no longer possible in other areas of the city. New-builds are also 20 to 25% cheaper here. An attractive price/location ratio when you consider that the location is still quite central and barely a 10-minute walk from the sea. Buyers without prejudice are already taking advantage of these discounts.

What do you think? Is now a good time to invest in Pere Garau?

I look forward to your opinion!