Property Prices
Property prices are generally quite high in Formentera as this is an exclusive place to own property. The island is such a beautiful natural phenomenon and there is high demand for both holiday rental and property ownership. Prices vary across the island depending on the size of the property and location.
A rough price guide is as follows:-
Small Studios € 200.000 - 250.000
One/ Two Bed Apartments € 220.000 - 270.000
Newer 2 Bed Apartments € 300.000 - 400.000
Newer Town Houses € 370.000 - 450.000
Small House with a little land € 450.000 - 800.000
Large House (2 bed or more) land 1000 m2 with views or in pine forests € 800.000 - 1M
Luxury Homes with Swimming Pool, Views € 1M - 3M
Investment advantages
There is high demand for rental property in Formentera from the months of May to October. This means that anyone owning property will have no problems in renting for lengthy periods of the year. Astbury Formentera have 27 years experience in renting property in Formentera and can help you realise the potential from your investment.
Whereas property prices in Spain have reduced in recent months, the Balearics have very much held their value, increases in property values in Formentera are seen consistently year on year. Properties prices are much higher than on the mainland, but rental returns and high demand from prospective buyers ensures that there is very little risk in buying property on this island. Mortgages are relatively easy to obtain on the island and Active Real Estate can introduce you to independent financial institutions. There is a CAM bank branch in Formentera who are extremely professional as well as a Barclays Bank branch in Ibiza very close to the port and the old town.
Investment disadvantages
Anyone investing in Formentera should be aware that the main holiday season runs from May to October. It is possible to earn good rental yields between May to October but outside this time the only way to secure further rental income is through letting to local professionals such as doctors and teachers. In some cases, rental yield is not sufficient to cover a mortgage you may require on your property. We can help advise you which properties will give the best returns.
Geography
Formentera is situated about 5 miles to the south of Ibiza. Both islands together are called the Pitiusa archipelago. Formentera is generally quite flat and has a surface area of some 84 km2.
The island has a distinctive outline dominated by the wild and imposing Cap de Barbaria in the south west where the highest point is Puig Guillem (109 m). The majestic cultivated high plateau of La Mola is in the east (192 metres), the long peninsula of Es Trocadores reaching towards S’Espalmador and Ibiza to the north which forms a rugged, but beautiful, western ‘Ponent’ coast, encompassing the lovely inlet of Cala Sahona.
To the North there are two “estanys” or lagoons, these are the Estany Pudent and the Estany des Peix.
Population
Formentera has a population of approximately 7,000 people, which rises to some 35,000 during the summer season. The local population are friendly and welcoming
Largest town
San Francisco Javier is the capital town of Formentera. The only Town Hall on the island is located there. The other villages on the island are San Fernando, La Sabina (the only port on the island), Es Pujols, Es Caló and El Pilar. San Francisco is the largest town on the island of about 1000 people.
Area
Formentera is a relatively small island at only 84 km 2.
Climate
Formentera is renowned for a superb Mediterranean climate which is made up of hot, dry summers and mild, cooler but surprisingly warm and bright winters. Cooling sea breezes prevent excessive humidity in the summer and the element of stifling heat associated with Southern Spain.
Cuisine
Spanish cooking uses quite a lot of meat, depending on farming and tradition in the region. Chicken, pork and rabbit feature in many dishes and meat products like sausages and salamis are in a class of their own - particularly chorizo, Spain's spicy best-loved sausage. Prawns and shrimps are extremely popular, and anchovies and sardines are both widely consumed. Squid cooked in its own ink has to be tasted to be believed, and rape (or monkfish) is one of the nation's favourites. All these can make an appearance in the ubiquitous fish soup which varies from region to region. Gazpacho is another famous Spanish soup, made with tomato, olive oil, garlic, cucumbers and croutons, served chilled.
Visas
Formentera is situated in Spain which is an EU country. For this reason, no one from other EU countries requires a visa.
Major language
The official language is Castilian (Spanish), however, Formentera is a very proud Catalonian region and for this reason, Catalan is very commonly spoken and taught in schools.
English speaking Population
Due to a heavy reliance on tourism, many locals speak English. There are only a small number of English people that live on the island permanently and English visitors consist only about 10% of the total number of the tourist population. There are no English bars on the island and the mix of tourists helps give the island a unique appeal.
Places of interest
The long, white sandy beaches, speckled with welcoming beach bars offering refreshing drinks and delicious tapas are of particular interest to most people. Other sites of specific interest include the spectacular view from La Mola lighthouse which is said to have given Jules Verne the inspiration in his novels. There is a memorial dedicated to his memory at the base of the lighthouse. There are also interesting Neolithic caves to visit as well as many other interesting geographic formations. Bob Dylan is rumoured to have stayed at the historic windmill in El Pilar which is worth seeing. The Fonda Pepe hostal and bar in San Fernando is famous as a hippy hangout where the philosopher’s wall can be found and there are the spectacular ruins of a former hippy commune at Can Marroig.
Monetary unit
Formentera as a Spanish island uses the euro.
Main exports and economic situation
Tourism is the main source of income in Formentera.
Travelling to the country: (Nearest airport, port etc)
Ibiza airport (IBZ) is the closest airport to Formentera, the island of Formentera itself does not have an airport. There are regular direct charter and schedule budget flights from most major UK airports from May to October. Travelling out of these months necessitates flying via the mainland or the larger Balearic islands of Menorca and Mallorca. Once in Ibiza, there is a regular ferry connection operated by two ferry companies, Mediterranea Pitiusa and Trasmapi throughout the year. The port terminal situated in Ibiza old town is only a short distance of about 8 km from Ibiza airport. It is also possible to reach Formentera by ferry direct from Denia. Ferries also travel from Barcelona and Valencia to Ibiza.
History
For a small island Formentera has a long history. Evidence of the history of Formentera dates from between 1800 BC-1600 BC. The “Ca Na Costa” megalithic tomb near Es Pujols and settlements found in Cap de Barbaria. are evidence of this.
In 654 BC the Carthaginian Phoenicians founded a colony on Ibiza which would become one of the most important in the western Mediterranean although there is no evidence of Phoenician settlement on Formentera. The Greeks, who followed, gave the islands of Ibiza and Formentera their collective name - the ‘Pitiuses’ which means ‘pine tree islands'.
Around 200 BC the Romans arrived and built a fortress near to Es Caló; the foundation walls can still be seen today. During Roman times there lived a quite large population on Formentera and there have been numerous findings as evidence. They used the island mainly for growing wheat and named it ‘Frumentaria’ (the wheat island in Latin)- from which the today's name Formentera derives.
Following the collapse of the Roman Empire in the 5th century first Vandals, then Byzantines conquered the island. In 711 the Moors arrived on Ibiza and Formentera, but it took the Arabs until the beginning of the 10th century to confirm their dominion. With them the Moors brought their advanced knowledge of agriculture and irrigation. The way the landscape looks today in Formentera is generally due to this Moorish influence, this is shown in the many stone walls and the irrigation systems still used by farmers today.
The Moorish occupation of the island came to an end in 1235 AD, the date on which the Catalonian Conquest of the islands of Ibiza and Formentera begun, which was undertaken by King Jaime I incorporating the island into the Crown of Aragon. In 1469 the marriage of Isabella I of Castile and Ferdinand II of Aragon laid the foundation for the unification of Spain.
Due the discovery of America by Christopher Columbus in 1492, trade with the new colonies increased and the trade in the Mediterranean became less important so the crown lost its interest in the Balearic Islands. Formentera fell into oblivion for many years and due to a number of bad harvests the island was more or less abandoned to pirates.
In the late 17th century people once again began to settle on Formentera. Until the second half of the 19th century the population of the island survived on agriculture, fishing and, of salt which was extensively farmed on the island’s Salinas. Due to the hardship experienced and the limited ability to feed themselves many people emigrated, mostly to Central and South America.
Throughout the Middle Ages and the Renaissance, Formentera continued to be populated occasionally by people from the island of Ibiza. Modern history of the island begins in 1695 when the Crown donated the island, in payment for the services rendered, to Marc Ferrer.
Some years later, in 1726, the first church was built on the island. It was dedicated to San Francisco Javier, and was built as a fort within which inhabitants could take refuge from pirate attacks.
Later on in the 19th century, the churches of San Fernando and El Pilar in La Mola were built. With the passing of time small populated nuclei began to spring up around the churches, although the majority of the inhabitants lived in small country houses spread around the countryside, as many still do.
During the Spanish Civil War (1936 - 1939) Formentera suffered from heavy fights against the nationalistic troops of Franco, which in the end won with the help of reinforcement from Mussolini. 18 left-wing Formentencs were shot and at least five died in Nazi concentration camps. From 1939 until 1942 there was a concentration camp in Formentera for political dissidents from mainland Spain awaiting execution.
In the 1960’s and 70’s, the tourist industry gained a foothold on the island. In conjunction with the rise of tourism, the hippy movement also took root at the end of the 60’s, a fact which left a profound mark on the personality of the island. Bob Dylan, King Crimson, Pink Floyd, Kevin Ayers, and Chris Rea are all known to have visited the island during this period. Formentera is also an inspiration to large number of artists.
