Overseas Property Market Thriving In Majorca And Ibiza
News Posted On: 01 February 2013
Wealthy investors from Non-EU nations have set their sights of the Balearic Islands as rising demand may finally put Spain’s high-end real estate market out of its bludgeoning misery. The lifestyle in Ibiza and Mallorca appeals to millions of people who dream of owning a second home in one of the world’s most renowned and beautiful locations, reports Sotheby’s International Realty. The firm’s managing director, Mr Daniel Chavarria Waschke, revealed that the real estate market in these regions has picked up, and that the future looks good.
Mr Waschke explained that 2012 was a year of recovery for Ibiza in contrast to the faltering mainland markets. Even properties that are still under construction are receiving much more interest than real estate in other parts of the country. He added that Ibiza has developed a reputation for safe and sound investment, and that has aided its success in terms of real estate sales. According to Mr Waschke, the prices of properties in Majorca and Ibiza are comparatively high, but that does not have any effect on buyers as they continue their pursuit of substantial homes.
Sotheby’s reports that the south coast of Ibiza has several gated communities that are ideal for security conscious investors. Finished villas in the region are available for anything between two and twenty five million Euros, but sales are steady with continued interest from overseas investors as well as football players from the country’s national team. The largest region in the Balearic archipelago, Mallorca has also performed well in its real estate activities. However, the region hasn’t completely recovered just yet. According to Mr Waschke, it is still a year behind Ibiza with regards to recovery.
Not as good as Ibiza, but Mallorca is on the Right Path to Recovery
Most of the luxury homes in Mallorca haven’t experienced declines of over 15 per cent in price, like most properties in other parts of Spain. Some of the seafront villas and apartments that feature panoramic views have even experienced an increase in prices. The market in the region is wide open, and considering the fantastic opportunities available to buyers, the rate of recovery in Mallorca is expected to accelerate this year. Throughout the real estate downturn, Mallorca has managed to attract high levels of interest from all over the world thanks to the fine blend of nationalities. Over 80 per cent of property purchasers in Mallorca come from outside Spain, making it the ideal location for foreigners.
The beautiful inland villages, pretty coves, beaches and marinas, several golf courses and intriguing mountain ranges continue to attract overseas investors to Mallorca. Upmarket design has also played a crucial role in attracting buyers. In 2012, the increase in demand for property in the region coincided with the opening of Port Adriano (a super yacht marina), Jumeirah Port Soller Hotel & Spa and Nikki Beach. The establishment of such venues is proving to be successful in attracting investors as Spain looks to get itself out of financial turmoil.
Written by Les Calvert
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