Mallorca’s property market is a sheer delight for foreign buyers
The perfect “Playground” to enjoy life on Mallorca to the full!
Mallorca is definitely a buyer’s market and foreign investors are always steps ahead of the “ordinary” buyer! The word is out all over: “now is the perfect time to buy” and this also goes for Mallorca’s neighbouring island, Ibiza, where celebs who adore the flamboyant lifestyle the island is famous for, are snapping up luxury properties in the top island hotspots.
"Foreigners are the only dynamic segment of the market today," says Antonio Fuster, CEO of Balearic Properties. "These are people buying luxury villas on the coast in top investment locations like Andraitx, Calvia, Pollensa and trendy city boltholes in Palma de Mallorca." And it is not just private buyers, he says: “institutional investors are also in the market. The likes of Goldman Sachs, JP Morgan, Blackstone, George Soros and Bill Gates are all getting into Spanish real estate in general."
According to recent research carried out for the real estate sector, online searches for properties increased by 29% over the first three months of 2014 compared with the same period in 2013. More than a fifth of overall Spanish residential sales – 55,187
transactions – were to foreign buyers with the bulk going to the Balearic Islands, of course!
A report by Spain's society of property registrars says Britons are still buying more property than buyers from any other country; but already hot on the heels of the Brits are nationals such as French, Russians and even buyers from so far afield as the USA and Latin America.
Key factors for this investment boom most certainly are the passing of the Euro crisis, the fact that property prices have now levelled out and excellent exchange rates on the foreign money markets.
For other, non-EU nationals, the Spanish government's so-called "golden visa" is also likely to spur demand. As yet there are no figures showing the impact of the visa deal, which offers legal residency to non-EU citizens who purchase a property valued at €500,000 or more. But estate agents say a similar scheme in Portugal has succeeded in attracting Chinese buyers.
However, it is at the very top end of the market, where the wealthiest overseas investors hunt for a place in the sun, that business is most brisk. Antonio Fuster is delighted with the company’s sales performance, stating that "Balearic Properties has sold more properties at the top end than could have been expected especially after the global slump.” Antoniogoes on to say that in the glamour areas of Mallorca and Ibiza there are even the first signs of a shortage of available property in the top segment! "Property on the coast will always sell at the right price. Coastal developments will always be attractive”, he concludes.
To kick-start your own Mallorca property search, it is so easy because here at Balearic-Properties.com® you find the widest range of properties currently available and an abundance of information to go with it before you even contact us!
For more information about the villa pictured in this feature, just contact the Balearic Properties sales experts. Why not become the owner of this fabulous villa in one of the most exclusive locations on Mallorca’s south-west coast!