Meetings at a fair held by a Colombian company at the Hotel Melià Palma Bay.
Andrew EdePalma25/10/2026 09:04
Homeownership can be beyond the means of foreign residents in Mallorca. While the island is a highly sought-after destination for northern European buyers, others can find the market too expensive. This applies to people from South America and from Colombia in particular. Fairs on the island are beginning to market apartments and houses 'back home'; purchases can be made without needing to travel.
Properties are more affordable, and there are companies seeking to engage directly with potential buyers. Constructora Bolívar, a major player in the Colombian construction sector, recently held a fair at a Palma hotel. Over a hundred people expressed interest in one of the company’s more than 80 residential projects located in various parts of Colombia cities. The company says its aim is to make it easier for Colombians living in the Balearics to purchase a property back in their home country.
Another company, Meléndez, hosted a fair in Palma on October 17 and 18. There are also companies that specialise in advising Colombians living abroad; they provide guidance on financing and purchasing property from a distance.
In the case of Constructora Bolívar, the entire process can be managed from Spain. The buyer selects the property, explores financing options, and can complete certain procedures via a power of attorney, eliminating the need to travel for every step of the process. The company also provides guidance on the income and documentation required to secure financing in the home country.
Some foreign residents are finding that their home countries offer an alternative for investing savings that would not be sufficient for a home in Mallorca. Colombia is one of the markets that has begun to explore this demand in the Balearic Islands first-hand. There is also a significant market in Ecuador, the Dominican Republic, Peru and Bolivia. And it is a form of business that exists in Europe, specifically among residents from Romania and Bulgaria, as well as among residents who have come from Morocco.