Although Ibiza is fewer than 30 miles from end to end, different areas appeal to different buyers. “There’s a definite east-west divide,” says Julian Cunningham, a senior negotiator in Knight Frank’s international department. “The east — furthest from San Antonio, the party town — is quieter, the west is younger and trendier. There’s also a lot of interest in rural properties in the

north and centre of the island, where people want large estates to escape to, costing £10m to £15m.” One example on its books is a stunning whitewashed five-bed house in San Carlos, in the northeast, set on a 10-hectare estate overlooking the sea.

Ibiza has also developed a distinctive archi- tectural style, its whitewashed houses opening up into light, summery spaces — complemented by minimalist interiors, infinity pools and some Thai touches for a bit of Buddhist chic.

“Villas in the traditional finca style, but completely modernised, with lots of terraces and open spaces to take in the light and views, are very popular,” Ouwehand says. “We now have some of the best European architects, including Jean Nouvel, whose flats overlooking the harbour near Ibiza town sold out off plan for a record £8,500 per square metre.” Ouwehand cites a four-bedroom house in Can Furnet, near Ibiza town, on sale for £3.2m. The pool is laid with handmade Balinese tiles and there’s a garden growing through the triple-height atrium.

Such top-notch villas rent well, too: one costing £1.5m-£2m can be let for £12,000-£15,000 a week in summer, providing a year-round income of up to £200,000 — provided, Ouwehand says, they are “well decorated, with funky furniture, chillout areas and big outside spaces with great views”.

There are also cheaper options in good positions. At Cala Tarida, in the trendy southwest of the island, a development of flats that is nearing completion has been bought from the bank: properties are on sale through Savills at 30% below market value, starting at £215,000. Many have views over a beautiful beach — which, ultimately, is what Ibiza is all about.

“Ibiza’s where you go to let off steam and chill out,” Langton says. “You’re young, single — or wish you were — and work and play hard.”

MALLORCA

“Cool Ibiza is hot news these days, but for how long?” demands Michael Cunnington, head of MJC Associates, a Mallorcan agency that works with Savills. “It’s a trendy, party, fun place for three months of the year — but fashionable, international Ibiza really becomes old, boring and local for most of the year. Mallorca, on the other hand, has year-round direct flights from all over Europe.”

Cunnington says three areas appeal to well-heeled buyers: the southwest, around Andratx, “a very active market, with homes on golf courses or with ocean views, and modern architecture”; Deia and Soller, in the northwest, “much more traditional, with beautiful fincas dating back centuries, drawing older professional buyers”; and Puerto Pollensa and Formentor in the north, with larger plots that attract families.

Then there is Palma, with its grand converted palacios and the odd bargain — such as a bright, modern one-bedroom penthouse overlooking the sea, reduced by nearly 30% to £222,000 through Engel & Völkers.

Among the island’s devotees is Lynne Franks, the PR guru said to have inspired Edina Monsoon, the character played by Jennifer Saunders in the television series Absolutely Fabulous. Some 15 years ago, she bought two adjoining houses overlooking the sea near Deia, where her neighbours include Anna Friel, Andrew Lloyd Webber and the Corrs’ drummer, Caroline Corr.

“There’s so much activity for a tiny village — from Pilates and belly-dancing to meeting all sorts of interesting people, such as the poet Roger McGough playing songs in the local bar — that I rarely leave when I’m here,” Franks says. That said, other commitments mean she cannot use the house as much as she would like, so she is selling: the 10-bedroom property, set among fruit and olive trees, is on the market for £4.2m through Engel & Völkers.

Whereas Ibiza does a fine line in whitewashed villas, Mallorca’s most striking architecture is high-quality conversions of big stone farmhouses, such as a five-bedroom 17th-century finca in Pina, to the east of Palma, that Savills is selling for £4.69m.

“We are seeing a lot of people mixing the very old with the very new, which works well,” Cunnington says. “Also popular are new fincas that retain the

old-style stone-clad facade, shutters and courtyards.” A good example is a designer six-bedroom farmhouse near Santa Maria, which is on sale for £2.5m through Savills. Some of the building dates back 300 years, but it now has white waxed-oak floors throughout.

Mallorca is “more grown-up”, Langton says, pointing to its magnificent estates. “Prices are alike on both islands, but there is a culture difference: everything about Mallorca works. It’s a very active island for most of the year, you have some wonderful houses and prices have stayed strong.”

Nick Russell-Hughes, partner at Cluttons Mallorca, sums up the difference between the islands in starker terms. “It comes down to class versus cool,” he says.

The choice is yours. Class or cool? Anna Friel or Jade Jagger? Old stone elegance or zen white chic? No doubt the celebrities will be giving us a few pointers over the coming weeks.

Savills (020 7016 3740, savills.co.uk/abroad ); Aylesford (020 7349 5100, www. aylesford.com ); Knight Frank (020 7629 8171, knightfrank.co.uk/ international ); Engel & Völkers Palma (00 34-971 214140, engelvoelkers.com/mallorca ); Cluttons Mallorca (971 734073, cluttonsmallorca.com )

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