Mallorca property bargains - repossessions and bargain properties in Mallorca

Mallorca property bargains

There has been much talk and comment on the bargains currently available in the Mallorca property market. If you are a prospective buyer this is obviously a key topic - you will be eager to take advantage of the depressed market and secure the best price reduction.

On the surface finding "bargains" is easy, particularly in the lower and mid-range price brackets and in the less sought-after areas. In practice however finding a genuinely good deal on a property that is right for you, and one that will prove to be a good investment in the years to come is not so easy. You need to search in detail on an on-going basis until the right opportunity surfaces. Furthermore you need to know the island well and to have a very good contact base if you are to be successful in your bargain search!

Mallorca Property Partners offers you an opportunity to access real on-the-ground expertise to seek out the good deals. We can apply our long-established expertise and professionalism together with our unrivalled contact-base to the task - things that you are most unlikely to be able to replicate yourself or through a conventional estate agent. Here are a few pointers on accessing genuine bargains.

Obtaining the best deals

• Properties "baragins" showing huge price reductions are not necessarily the best investments. The best investments are the properties that will appreciate most solidly when the market starts recovering. These will be good properties in good areas and may not be the most obvious bargains in terms of price reductions. You have to ask yourself which you would rather own: a property for 30% off its asking price and which remains static in value in the coming years, or a property for 15% less than its asking price that starts appreciating when the market strengthens. The latter is a good bargain deal and represents a sound investment - the former is neither!
• Waiting for prices to fall further to reach the optimum buying moment is a flawed strategy - regardless of what happens with the market. This approach works on the basis that average prices apply across all properties. In reality however there is significant variance above and below average prices and within this there are some opportunities available now that will not be repeated even if average prices do drop further.
• Be prepared to act decisively and quickly. The market is slow, but the buyers that are currently in the market will be doing the same as you - i.e. looking for the best bargains. Many are investors who will snap up properties if they are a particularly good deal. So you need to be clear and decisive to take advantage of the best bargain opportunities.
• Don't rely on just briefing a few agents to send you bargains by email. Acting passively like this will throw up some opportunities for sure - they will be the good deals available on the properties that a particular agent has listed for sale. But for full coverage of the options you need the benefits of a comprehensive network covering all parts of Mallorca. MPP is the longest established property finder and consulting service in Mallorca - our network is unrivalled.

The various articles we have written on hunting for bargains will provide you with more detailed information on how best to go about your search (see "Related Information" opposite).