Small flat, big lifestyle

First move-in: Domus Vivendi finishes first micro-living-project in Mallorca – tenants are moving in this June

Unique in Mallorca, with an intelligent concept and absolutely hitting the current trends: The construction of MÍO, a multi-residential object, was finished in Palma´s city center. It contains 148 fully furnished and completely equipped micro apartments as well as 36 compact flats and the first tenants are moving in on the first of June 2022.

No matter where – in Berlin, Munich, Frankfurt or Palma, the signs hint at growth in all metropolises. Increasingly more people decide to live an urban life. Attracted by good career and leisure opportunities, especially commuters, young professionals, couples, and specialized employees find their ways into the cities – such as Palma de Mallorca. Also, more and more people who are, due to their profession, not restricted to one work location, are drawn here when they want to spend some time in the south. Numerous big German companies react to this trend – not only as an incentive for their employees.

But living space is usually expensive, available properties are rare. To make living in the city affordable, creative ideas are needed – such as MÍO. This innovative living concept centrally located in Carrer d´Arago, only 10 minutes from Palma´s city center, offers a new way of living and now opens its doors for the new tenants.

MÍO serves a high demand on the market

„MÍO is the first project of this kind on the island and receives many inquiries since first communicating it.” states Thomas Oellig, owner of Domus Vivendi Group. The company was able to already count more than 3000 inquiries. Alexander Beulich, Managing Director, measures the current rental market in Palma as a success factor of the project. “A small supply is faced by high demand, which leads to high rental prices for low quality.” Beulich explains the current situation. Palma is the economical center of the Balearic Islands which is proven by the increase in international companies. This affects the rental market. “In 2019, when we started developing MÍO, around 29.000 more flats were needed on Mallorca, which was confirmed by a report, which we had commissioned. You can image where we are today.” Beulich adds.

Trend Micro Living: Downsizing as a way of living 

To relax the housing market, newly built micro apartments are a part of every urban designer´s standard repertoire. In addition, they have their finger on the pulse with the thought through living concepts. The number of people that strive for a sustainable and resource-saving way of living keeps rising continuously. Meanwhile, many people crave a minimalistic lifestyle. They seek to get rid of unnecessary things and accumulated possessions and consume more consciously. A micro apartment perfectly matches those life concepts with its little use of floor space and energy. They also contribute to a huge further trend: Third Place Living. Modern urban residents stand out due to high mobility and digital networks. Equipped with laptops and smartphones, every location with WIFI access can become their working space or home cinema. Private and professional commuters are being outsourced, public locations, called Third Places, take on greater importance. “We work here, fulfill our hobbies, eat together and meet our friends. For some, their own apartment completely turns into a retreat, a private haven, for which only a few square meters are enough.” Oellig explains the living concept of MÍO in this context.

Modern, affordable living for rent in Palma

With MÍO, the Domus Vivendi Group, the leading German project developer on the Balearic Islands, realized an innovative living concept on the tight housing market on Mallorca. In the island´s desired capital city Palma de Mallorca, the Domus Vivendi Group offers this multi-residential object with 184 micro and compact units in one rental building. A unique and highly requested offer for tenant groups from the inland and abroad, like commuters, college students, and travelers who are looking for an alternative to a hotel. The urban city project MÍO offers a completely new living concept: 148 micro units are being developed, fully furnished and equipped, and ready for move in. In addition, there are 36 compact units with 2-3 rooms and a built-in kitchen, which focus more on the freedom and individuality of their tenants. In the micro´s monthly rent, a flat rate for the basic use of electricity, heat, water, air conditioning and WIFI is included. All units´ tenants can use the community areas with Beach Club including a pool, gym, sun deck and sports field.

Sunny investments

Investors are pleased about the safe rental income of this highly requested, fully rented out asset with best future perspectives. The project includes a total area of 7,344 sq m with 148 micro and 36 compact units and a plot of 4,870 sq m. Interesting for investors are also the economic conditions, the tax advantages and the prognosed value evolution of the project. The finished multi-residential object MÍO is now offered for a global sale fully rented. The 184 units will be handed over to their tenants within the next few days and secure an annual rental income of around 2.1 million Euro.

About Domus Vivendi

The Domus Vivendi Group builds high-quality real estate projects in the best locations in Europe, tailor-made to the expectations of future owners and residents. With more than 32 years of experience in project development and a total turnover of over one billion euros, the spectrum of services and know-how ranges from modern micro-apartments to multi-family houses and commercial projects to properties in the premium segment.

For further information, please contact:

Domus Vivendi Group

Carrer Illes Canàries 18 – The Circle
Polígono Industrial Son Bugadelles
07183 Santa Ponsa – Calvià
España – Baleares
Tel.: +34971695710

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