Mallorca is still the most desired island in Spain to buy property despite the current world financial situation.
Property buyers that retire in Mallorca or Ibiza sometimes think it will be cheaper than living in the UK, apart from the weather and other conditions. This is not the case because the island’s lifestile can be very expensive compared to other areas in spain like costa del sol, and others. The exclusivity of being an island makes that prices in general are higuer that other places, however this makes Mallorca to keep a luxury destination for many property investors.
Mike Watson , Head of International Mortages Ltd, commented: “Retiring in spain is a dream for many people, but does require careful planning and advice. Do your homework prior of buying abroad matching your retirement income and expenditure, and make the appropriate decisions around purchasing a property overseas .”