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Luxury Tourism Growing Strong in Ibiza
The island is turning from a party destination to an upmarket holiday spot
The luxury tourist market in Ibiza is steadily becoming bigger. More international wealthy visitors are interested in the island, in turn impacting on the type of new businesses and property developments in the island. And experts believe that the demand will only increase in the next 5 years.
Luxury designer shops are starting to open, there are new 5 star hotels planned to begin business on the island and the new port in Ibiza town will shortly be completed, allowing for bigger yachts to stop there. Rental prices are already rising, and new luxury developments are being built.
According to Jason Ham, head of business development for Lucas Fox International Properties in Ibiza, "The next five years is going to see demand for the luxury Ibiza brand explode worldwide, in America, Asia and the Middle East. The luxury market here is shooting property rental prices through the roof, which will have a consequential knock on effect on the demand for and prices of the villas in the upper end of the market, and this will be throughout the island, not just in the traditional big villa hotspots in the South West".
