A quick post here to let you know the latest update is online. The market is constantly evolving and in the current climate property buyers obviously want to be as sure as they can that they are buying the best investments at the optimum time. This latest report follows on from previous reports in giving guidance and advice on how best to achieve this in Mallorca. You can read the full update here:
≈ Mallorca property market update – Feb 2010. Go for the prime properties, not the biggest reductions!
Judging by the divergence in the opinions put forward by the many and varied commentators on the Mallorca property market, it is far from clear as to whether the market has reached its low-point or has further to fall.
Indeed some estate agents still argue passionately that the market has not in fact fallen at all!
One can hardly be blamed for being confused by these reports. At best they give little assistance in the question outlined – is now a good time to buy or not?
This months Mallorca Property Market Update tries to cut through the sea of statistics and widely differing perspectives on the state of the market, and to give some more practical advice to help buyers assess whether this really is a good time to buy properties in Mallorca.
In case you are not on our regular newsletter list here is the text of out latest. If you would like to be kept up-to-date with the most interesting property opportunities and useful property news, sign up to our newsletters by clicking the link in the menu on the right.
You might have noticed there have not been any newsletter updates for a few weeks. Mostly this is down to a redesign of the website which is now complete, and also to the sunny weather we are getting here which is not a great motivator for sitting in front of the computer!
We are back online with regular updates now though and will be sending them out once monthly with additional ad-hoc updates on particularly interesting properties as and when they come up.
Latest market report
This was posted in October but the trends outlined are still current. This report is more focused on buying strategies and location advice, so if you are thinking of buying soon it is well worth a read.
≈ October 2009 Mallorca property market update – where, when and how to buy
10 great country houses in the Pollensa area
Feature article on 10 of the best country house opportunities currently on the market in the Pollensa / Alcudia area. They range in price from Euro 585,000 to several million so there should be something for all budgets. There are some recent price reductions noted too.
≈ Ten great country houses for sale in Pollensa
Selected properties
Here are some further properties I’d like to highlight.
≈ Penthouse apartment for sale off the Pinewalk, Puerto Pollensa. A super apartment in the Pinewalk area of Pollensa – one of the most sought-after locations in this area. Reduced in price from 600.000 to 500.000
≈ Apartment for sale in the Pinewalk, Pollensa. A further excellent Pinewalk apartment opportunity. Reduced in price from Euro 436.000 to 395.000
≈ Lovely ground floor apartment for sale in prime Puerto Pollensa location. And a third apartment in the same area, in one of the best Pinewalk communities. Reduced in price from Euro 600.000 to Euro 495.000
≈ Further photos on luxury villa in El Toro, Port Adriano. We posted this property a few months back but now it is pretty much finished and available at a very good price – Euro 1,200,000.
≈ Price reduction on grand old country house mill property in prestigious location, Pollensa, North Mallorca. This is a great investment opportunity if you have a budget at this level. The property was originally listed at an asking price of over Euro 5 million. The new price is Euro 2.950.000 – a remarkable reduction.
These are just a few of the current properties we have selected from our partners across Mallorca. You can browse them all here : Selected Mallorca properties.
Let us know if we can help with any questions or searching for interesting property opportunities specific to your requirements. We look forward to hearing.
For many months now we have been advocating that buyers who are keen to buy the strongest property investments in Mallorca focus on finding good quality properties in prime locations – at a good price but not necessarily “bargain” price reductions of 30 or 40 percent off asking price.
The sense behind this is straight-forward. Mallorca has, for years, been moving increasingly up-market. There are many articles on this and our previous market updates clearly outline the reasons why this is so.
Put simply, there are many more “bargains” in less good areas and for less good properties. But this is not where the demand lies now and properties like this will take longer to re-establish their values let alone start showing am increase versus where they were before the recession.
As we have said before – would you rather get a 30% reduction off asking price on a property for which the value remains static for the next 5 years or longer, or buy a prime location property for 10% off asking price and see capital growth on your investment in a much shorter time frame? The latter is clearly the better investment of the two.
Neither do you necessarily need a huge budget to find such properties. For example, earlier this year we sourced a super little two bed apartment with harbour views and within walking distance of the town in Puerto Andratx earlier this year. The price was well under Euro 300.000!
This is not just our own view. A report this week in Kyero (online Spanish property portal) reports Mallorca to be distinct from the general market in Spain and the focus is on the prime areas. You can read the report here Kyero report.
“The latest property market statistics and a depressed Spanish economy continue to cast a gloom over the Spanish property market. Mallorca is escaping this to some degree but prices are still under pressure even in this prime location. A good time to buy? … yes, if you are smart and buy the right property in the right place!”
The latest Mallorca property Partners update is online. This month’s update tries to help with some practical “when, what, where and how” guidelines to investing well and getting the right property. You can read the full article here:
≈ October 2009 Mallorca property market update – where, when and how to buy.
