In the collective consciousness of Mallorcans, the name "Pere Garau," a neighborhood in Palma, evokes notions related to the immigration of mainly Asian migrants, rather than an attractive neighborhood 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 a flurry of Asian merchants at the indoor market there. In many parts of the neighborhood, I would rather think twice before investing in a property. The poor condition of many buildings and the very high ratio of residents per square meter, had so far rather deterred. This explains why in Pere Garau prices per square meter are up to 50% lower than in other parts of the city. Especially in the streets bordering La Soledad or Son Canals.
Nevertheless, in the parts closer to the center, the charm and friendly side of Pere Garau is slowly coming through. From immigrant neighborhood to modern and multicultural area... The southwestern part has been developing very positively for years, with meaningful signs that indicate gentrification:
1. redesign of Nuredduna Street and Plaza Columnas
Nuredduna is the fastest way to get from the Avenidas -el Corte Ingles- to Pedro Garau. Until recently, the street was rather synonymous with noise and cars. The current transformation of the street into a pedestrian zone has led to the formation of an attractive residential area, which is only a stone's throw away from the city center.
Also at Plaza de las Columnas, where Nuredduna Street ends, the traffic circle has been transformed into a pedestrian zone, and road traffic has been reduced by half. To be honest, the whole thing is not yet top, because the planned green zone has not yet blossomed in full splendor, yet the overall picture can be guessed so slowly.
2nd apartments on plan already sold!
There has been a significant increase in real estate prices 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 is characterized by its attractive old building style and is currently being completely renovated. High ceilings and gorgeous facade details are common in townhouses in this area and also make this building so stately. A few years ago, no investor dared to come here. With the redevelopment of Nuredduna Street, this has changed. Two penthouses, each with only 2 rooms, are already being marketed for 680,000 euros. One of the penthouses has even been sold at the time of this post on plan.
I myself had the opportunity to visit the construction site half a year ago and check the plans for this project and was impressed. Old architectural elements such as tiles, staircase, wooden beams and Marés walls are preserved and combined with modern materials. The new facade of the building -with the new pedestrianization of Nuredduna and Plaza Columnas- will give this part of the neighborhood its own style. I can well imagine that there will be some hype as more of these renovated buildings appear in the local real estate listings.
3. commercial investments
In addition to the public and real estate investment initiatives, some commercial investments withinherlab of the area are also worth mentioning. The most notable is the four-star Hotel Nou Baleares, which has brought back to life the emblematic building of the old C'an Boira factory. It is located, just a few meters from the Pere Garau market hall, right in the Plaza Columnas. The hotel group "Treguer Hotels" quickly understood and recognized the good positioning and future prospects. The restoration of the property has also been careful to preserve the older elements to serve the new motto: "a modern feel of the 20th century".
Other businesses that also gave the area a cosmopolitan touch are the gym Viva Gym, the real estate agency Engel & Völkers, as well as some excellent cafes and restaurants such as Es Mercat des Peix or Bar Mónaco.
4. cultural development
Through an excellent lobbying, the substantial, but also cultural development of the Pere Garau neighborhood is advanced! The support that the neighborhood receives from private and public institutions is not negligible. Whether Clínica Rotger, Rotary Club, Pimen or Palma City Hall, all supported this year's Chinese New Year, which took place on January 29. The highlight was the performance of the different artists, who presented their own cultural background to the audience on a big stage at the Plaza Columnas. This was the first time that such an official event took place, which could really mobilize all the people from the neighborhood in such large numbers. The emblematic Nuredduna Street has become a real confluence of cultures.
5. the neighborhood has a lot of potential
It's no secret that real estate prices in Palma are high. Finding an apartment in good location and condition for around 3,000 euros per square meter has become more of an impossibility. One of the few areas where you can avoid the "gold prices" and get below the 3,000 euros per square meter mark and still be close to the center is Pedro Garau. Here you can find two-bedroom apartments for around 2,000- 2500 euros per square meter. This is no longer possible in other areas of the city. New construction is also 20-25% cheaper here. An attractive price/location ratio, considering that the location is still quite central and barely 10 minutes 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!
