Mallorca Property Market Report November 2008 from Spanish Hot Properties Most professional companies in the current market will pay the cost of your trip if you end up buying from them so it’s much better to take control yourself and work with an agent that has your intere
News-Antique.com - Nov 22,2008 - Well it’s been a pretty interesting year to date with the current credit crunch adding further fuel to an already depressed market. The oversupply of Spanish property at the bottom to middle end of the Spanish property however the Balearic Islands and especially Mallorca has faired better than the rest of Spain explained Nick Stuart managing director of Spanish Hot Properties, Spain’s number one internet based real Estate Agency. Whilst mainland Spain has had price falls of 9% prices in the Balearics held up better than on the mainland, falling by only 4.4%. According to a recent Tinsa report
“The forward thinking government of Mallorca through its planning laws and not allowing an over supply of housing stock has helped to keep Mallorca as a the premier place to buy Spanish Property in Spain” explained Nick. “Obviously no place is currently immune from the credit crunch and European wide housing market crash but Mallorca is weathering the storm better than most” Said Nick
However at the bottom end of the market for property in Mallorca you are now beginning to see unheard of Bargains with Taylor Woodrow Espana leading the way with price reductions of up to 30% on last years prices of newly built property and not just at the bottom end of the market either. However the top end of the market is still strong and property prices don’t tend to reflect the bargain prices that can be achieved up to the €600,000 Euro price level explained Nick
The resale market also offers incredible value at present with prices having to be discounted by at least 25% in the Owners actually really want to sell their property. A recent example was a townhouse in Santa Ponca that was list for €380,000 Euros which was a very realistic price but because the owners need to sell a sale was agreed at €270.000 Euros.
So going into 2009 it is most definitely a buyers market but due to the wide choice it makes sense to deal with a profession property agent who has its client’s interests at heart. “Spanish Hot Properties don’t believe in subsidized Discovery trips for the obvious reason that it’s not in the client’s interest and at the end of the day all expenses have to be found from somewhere. When making an investment in excess of €175,000 it makes sense to be able to have the time to make the right choice and not be under pressure from someone who may be under pressure to make a sale to keep his job.
Anyone wishing to contact Spanish Hot Properties can do so via phone or online at www.spanishhotproperties.com.
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