Spain may be having a bit of a tough time economically at the moment, but this state of affairs isn’t putting off certain groups of Brits looking for a life in the sun on the lovely island of Majorca.
That’s because these groups of UK nationals happen to be happily retired! The upshot of this is that, after working hard and saving hard for most of their lives, they are looking for a ‘reward’ for all their efforts by buying a dream home in Spain.
And when you think about it, it all makes sense. They don’t have to look for work; all they do have to look for is a bargain property in Mallorca.
Majorca has so much to offer
And little wonder – Mallorca has so much to offer: a lovely climate, beautiful beaches, great restaurants, fascinating culture and much more besides. In short, what these people are seeking is a great quality of life.
The hard truth is, the difficult economic situation in the Balearic Islands has thrown up a number of Majorcan properties on the market at affordable prices. (Many of these are bank repossessions which the banks, naturally, want to move off their books as quickly as possible.)
And it is this current state of affairs that is attracting retirees from Britain and elsewhere in search of a bargain property.
In particular it is the 40-60 age group who can be spotted looking in the windows of Mallorcan estate agents (or online) seeking out that long dreamed-of home in the sun.
The estate agent’s view
Antonio Fuster, CEO of Majorcan estate agents Balearic Properties, is impressed by this trend: “After the global financial crisis took a hold several years ago, property prices in Mallorca plummeted.”
“However, particularly at the cheaper end of the market, house prices are starting to rise again as a consequence of improving economic confidence. The truth is, there has never been a better time to snap up a real estate bargain in Mallorca”, he says.
A strong pound helps
But it’s not just the excellent value-for-money property prices that are attracting British retirees to Mallorca The exchange rate too is very much in their favour at the moment, and appears to be on an upward trend. In fact, at the time of writing, sterling is at its highest rate to the euro since December 2012.
The result is that quite a few retirees seem happy to sell up in the UK and use the proceeds to settle in Majorca…and have money left over to fund their lifestyle in the sun.
The logical conclusion here has to be that many British retirees are looking for property in Mallorca, not particularly as an investment to make a healthy return, but to simply settle here and enjoy all the wonderful things the island has to offer.
A dream home in Mallorca
If you are looking to buy a dream home in Mallorca, Balearic Properties, one of Majorca’s most experienced and respected estate agents, can advise you all the way in order to make your purchase of Mallorca property trouble free.
To view our latest Mallorcan properties go to: balearic-properties.com
Or why not pop in to one of our offices for a friendly chat? You are most welcome!