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Latest Mallorca Property Partners newsletter online

May 10, 2010 // Posted in Apartments for sale in Mallorca, Country houses for sale in Mallorca, Mallorca property finders, Plots for sale in Mallorca, Price reductions and bargains, Townhouses for sale in Mallorca, Villas for sale in Mallorca (Tags: , , , , , ) |  No Comments

Our latest newsletter is online. This issue has a selection of some of the more interesting properties currently on the market, ranging from an apartment in Camp de Mar for 220,000 Euros to an excellent plot with planning permissions in Pollensa for 225,000, and also in Pollensa an outstanding country house with views over the Old Town for 1,750,000.

You read the newsletter online here.

About property finders in Mallorca

April 29, 2010 // Posted in Mallorca property finders, Mallorca property market (Tags: , , ) |  No Comments

There are various types of property finders in Mallorca. These notes give you a bit more detail on the options to help you make the best choice.

Conventionally property finders take a percentage based fee for finding you a property. The fees usually range from 1.5 to 2% of the final purchase price. So for a property costing Euro 500.000 you would pay up to Euro 10.000.

Property finders operating this way justify their fee on the basis they will use their experience to get you a better deal. This is perfectly valid and there are some very good property finders working this way in Europe. There are few however in Mallorca and whether this approach is more effective than MPP’s free service is questionable.

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Is spring bringing renewed growth to the Mallorca property market?

April 18, 2010 // Posted in Mallorca property finders, Mallorca property market (Tags: , , , , , ) |  No Comments

Springtime in the Mallorca property market?

Springtime in the Mallorca property market?

MPP 2nd qtr market update

After an unsettled start to the year it’s turning out to be a glorious spring in Mallorca. Is the finer weather bringing renewed growth to the island’s property market too?

The 2nd quarter 2010 Mallorca Property Partners market report is now online. The report updates on current market conditions and gives further advice on how to go about finding and securing the best property opportunities.

Click here to read the full report. Is spring bringing renewed growth to the Mallorca property market?

MPP newsletter and property update: 25th February 2010

February 26, 2010 // Posted in Mallorca property finders, Mallorca property market, Price reductions and bargains (Tags: , , , , , , ) |  No Comments

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.

Here is our latest update from Mallorca. It is still the quiet season but the property market is busier than it was at this time last year. While people remain sceptical that any significant economic recovery is under way, the positive in this for buyers is that there are still some good opportunities. Our advice continues to be to focus on getting a good investment and not to judge opportunities solely on the size of the “discount”. Our Feb/Mar update talks more about this and is worth a read if you have not already seen it (Mallorca property market update – Feb/Mar 2010).

It is also worth re-iterating that asking prices can be misleading. As the recession has progressed more owners have set competitive prices which means the purchaser could be getting a good deal even if the final negotiated price is not much lower. Equally, some owners are sticking by relatively high (pre-recession) asking prices and will only negotiate when a solid offer is on the table. The only way to judge where the best opportunities lie is to visit and get actively into the market. Our role is to help you do this and make it as productive as possible for you.

New listings

Here are a few new opportunities recently posted on our blog.

* Country villa, Pollensa. Recently built country house in a particularly good position in S’Ubach, a short drive from Pollensa Old Town. It has been reduced from 600,000 to 560,000 Euros.

* Garden apartment, Nova Santa Ponsa. This apartment is located in a prime community close to Port Adriano on the southwest coast. Euro 469,000.

* Country house, S’Arraco Andratx. Country house currently undergoing refurbishment. S’Arraco is a village just outside of Andratx, one of the most sought-after locations. Priced at 990,000 Euros.

* 4 bedroom villa, Puerto Pollensa. Villa is for sale in Gotmar, Puerto Pollensa. The town is within easy reach as is the beach. Villas of this specification are usually over 1m Euros. Price: 975,000 Euros.

* New build 2 bed apartments, Cala d’Or. These are the final units for sale and have been reduced to Euro 209,000. The properties have a recent bank valuation of 275,000.

This article might also be useful – Are bank valuations relevant to the real value of properties in Mallorca?

I hope this is of interest. If you are coming out to look at properties get in touch and we will start looking into the most interesting options for you.

Kind regards,

Mallorca Property Partners

Are bank valuations relevant to the real value of properties in Mallorca?

February 14, 2010 // Posted in Mallorca property finders, Mallorca property market, Price reductions and bargains, Property finance in Mallorca (Tags: , , , , , ) |  No Comments

You may have seen Mallorca properties advertised at asking prices below their “official bank valuations”. This sounds like a tempting indication that the price has been set at a “bargain” level. Indeed this is sometimes the case, but not always …

The question as to whether the bank valuation is of use relies largely on how recently it was done.

  • Property prices have obviously changed in the last two years. An old valuation will not take this into account.
  • Spanish banks are now more cautious in valuing properties. Valuations in excess of market value were commonplace whereas now under-valuations are the norm.
  • Valuations are an indication of the property’s value. In the UK you would make your own assessment of value by taking advice and researching the area. You should approach it in the same way in Mallorca.
  • Similarly, valuations do not assess the investment potential of a property. They are concerned with ensuring the banks lending is safely covered by its current value. Assessing the future investment potential requires more research and judgment.

So overall, the older a valuation is the less relevance it has and valuations going back before the summer of 2008 should be largely disregarded. Recent valuations are a useful guide as to current value but in order to assess the future investment potential you need to take advice and research the locality of the property you are considering.

Part of our role is to give our clients objective advice on value and investment potential. Contact us for further information.