“Posesiones”: The historical estates in Mallorca
These traditional Mallorcan estates have been family-owned for many generations and are being sold only sporadically. Daniel Waschke will explain, why those historical gems are as much in demand amongst foreigners for residential purposes as they are.
Apart from the fincas of the farmers, usually consisting of a piece of land and a simple stone-cladded house, you can find “posesiones” in Mallorca, which is what the vast estates are called, that have their origin in the 13th century. Back then, King Jaume I of Mallorca reconquered Mallorca from the Moors and rewarded his abiders with estates on which in the course of the years they erected stately manor houses with stables, bodegas, olive oil presses and their own chapel. These traditional Mallorcan estates have been family-owned for many generations and are being sold only sporadically. Daniel Waschke will explain, why those historical gems are as much in demand amongst foreigners for residential purposes as they are.
How big are those “posesiones” and where can they be found?
The posesiones, which are for sale, do not usually have the original size anymore, because they have been re-divided again and again throughout the centuries. Still, they can be considered huge according to today’s standards. More than 800.000 m2 of land belong to the historical manor in Bunyola dating 1602 with olive groves, fruit and almond trees as well as wonderful landscapes including mountains. You can find “posesiones” all over the island, many are located close to the mountain range of the Serra de Tramuntana, because that is, where enough water can be found to practise farming.
Why do we succumb to the charms of “posesiones”?
They tend to be embedded in untouched nature, offering historical elements and dimensions, which due to Mallorca’s building regulations are no longer available. If for example you are looking for a living surface of 4.000 m2, you will have to buy a portfolio-property and reconstruct it. Such objects are for sale maximum once or twice per year. A good example is the country house in Sa Cabaneta with a residential complex, patio, stables, barns and mills.
Are those old mansions not in need of rehabilitation and cost-intensive?
Rehabilitation of such a “posesión” costs a lot more than the renovation of a simple finca for example. But the investment is worth it, if the future owner acknowledges and appreciates the historical value plus has a lot of patience and loves Mallorca traditions. The starting price and the investment are high, but renovated with care, you will own something unique and you will be able to re-sell the property with profit as shows the example of completely renovated country estate Son Sastre (sales price 19,5 million Euro).
What kind of prices should be considered for the purchase of a “posesión”?
Depending on the size, between 1 million and 6 million Euro for objects in need of rehabilitation such as the historical country mansion in Randa with 5.000 m2 living surface. A high-quality rehabilitation costs at least 2 million Euros for 1.000 m2 constructed area. Considering 4.000 m2 living surface the price for renovation quadruples easily. For those looking for a renovated “posesión”, you can find them from 8 million Euro onwards.