And enough have liked the island in the past to buy a second home for holidays, or to buy an apartment or villa to retire to the sunshine island.

But with property values declining in important markets like the UK, the number of buyers has slowed, and Majorca too is seeing her property prices drop along with much of the rest of Europe, and the US.

But thanks to low cost airlines offering bargain flight prices to the island's Palma Airport, Majorca is now even more easily accessible despite the recession in the housing market on both sides of the Atlantic..

Britain's top low cost airline based at Luton Airport but flying to Majorca from around the UK's regional airports now offers less expensive, more frequent flights to Majorca.

And more flights to the island each week makes it more realistic for the British who do still have money to consider buying an apartment or villa in Majorca, and with some buyers still interested it has helped prices in Majorca from going into a huge drop in value.

Many Brits enjoy the atmosphere of the Balearic Islands so much that they visit several times per year. So far, British investors haven't been reluctant to take advantage of this new opportunity. The Daily Telegraph, a leading British newspaper printed an article revealing 11,000 Brits now own a home in Majorca.

Real estate investors do anticipate prices dropping to a degree in Majorca, and know they are in a stronger position to negotiate than anytime since the late eighties, and owners are more willing to consider offers than just a year ago.

Majorca prices started the property recession in a strong position, and has been one of the most expensive places to buy real estate in Spain. Investors believe Majorca is one of the safest property investments you can make. Majorca is an island with limited land available for new construction. This means the existing properties could rise quickly in value once the downturn in the European and US property markets are reversed.

Because of its more remote and secluded location, it's not surprising that many celebrities have homes on the island. One of Hollywood's favorite couples, Michael Douglas and Catherine Zeta-Jones, own a holiday home in the village of Deia. Composer Andrew Lloyd Webber, Boris Becker and Claudia Schiffer also own homes on Majorca.

Villas and apartments within easy walking distance of the Mediterranean could rise more in value than other Majorca locations once the downturn is over - for several years there has been a ban on any type of construction within 25 metres of the coast. Those who already own beachfront property know this means if they decide to sell, they will have the ability to command a very high price. Beachfront homeowners know they're living in a potential gold mine.

Majorca sees 300 days of sunshine per year, making it one of the most widely sought-after tourist destinations in the world. Millions of people per year visit Majorca and neighbouring Menorca. Majorca plays host to 23 golf courses and 25 marinas where, on any given day, you can see hundreds of boats and yachts.

Less expensive and more frequent flights open up several doors for businesses such as wedding planners as well. Many couples looking to begin their lives together look for the perfect, picturesque place for their wedding ceremony. The new prices and frequency of flights to the island could quite possibly make many couples' dreams a reality.

Rich in Spanish culture, Majorca has all the luxuries of a large city with a small town atmosphere. Tourists love the relaxing atmosphere, the salty breezes and the spectacular holiday celebrations. The low cost airlines are making it easier for European tourists to escape their everyday lives more often.

When some confidence comes back into the European economies and property starts selling again, those buying during the downturn could have made a good investment.