A residential trend is already emerging in many cities and metropolises around the world. People do not need a lot of space to live in, but they want to fulfil their demands for a high quality of life and not do without comfort. This includes short distances to leisure and sports facilities in the midst of a liveable and urban environment. The development towards more and more successful housing complexes with small units including additional services can be observed in the many places with a high quality of life.
“Plug in and play”: move in and feel good!
With MÍO, the Domus Vivendi Group, the leading German project developer on the Balearic Islands, is realising an innovative residential concept in the tight housing market on Mallorca. In Calle Aragon, in the coveted island capital Palma de Mallorca, the Domus Vivendi Group is offering the multi-residential property with 184 micro and compact units in one rental property. This is an exceptional and sought-after offer for tenant groups from home and abroad, such as commuters, young professionals, students and travellers looking for an alternative to hotels. Investors are looking forward to the secure rental income of the property, which is in demand and will soon be fully let – with the best prospects for the future. The handover to the tenants will take place in April.
The urban city project MÍO offers a completely new living concept: 148 micro-units are being built, fully furnished, fully equipped and ready to move in immediately. In addition, there are 36 compact units with 2-3 rooms and a fitted kitchen, which are designed to give tenants more freedom and individuality. The rent for the MÍO Micros includes a flat rate for the basic supply of electricity, heating, air conditioning, water and WiFi. For all units, the use of the communal areas with beach club including pool, gym, sundeck and sports field is included.
Palma on the upswing: MÍO meets high market demand
“MÍO is the first project of its kind on the island and has enjoyed very high demand since initial communication,” says Thomas Oellig, owner of Domus Vivendi Group. The company has already recorded more than 1,200 rental enquiries. Alexander Beulich, Managing Director of Domus Vivendi Group also sees the current rental housing market in Palma as a success factor for the project. “A low supply is matched by a high demand, which leads to high rents being paid for poor quality,” says Beulich, describing the current situation. Palma is on the upswing as the economic centre of the Balearic Islands, which is evident in the increase in international companies. This has an impact on the rental market. According to Tasalia expert reports, there was already a shortage of around 29,000 flats in Mallorca in 2019, and the trend is rising.
Sunny investment prospects: Market data and facts
The project comprises a total lettable area of 7,344 sqm with 148 micro and 36 compact units and a site area of 4,870 sqm. The first LOIs from anchor tenants have already been signed, and demand is high. Investors are interested in the economic conditions, the tax advantages and the projected value development of the project.
Further information at: www.mio-palma.de
About Domus Vivendi:
Domus Vivendi Group builds high-quality real estate projects in the best locations in Europe, tailored to the expectations of future owners and residents. With more than 32 years of experience in project development and with a total turnover of over one billion euros, the group’s services and know-how range from modern micro-apartments to multi-family houses and commercial projects to exclusive apartment complexes and villas in the premium segment.