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Mallorca Property For Sale

Mallorca Property Market Overview

Despite the economic crisis, the Mallorca market property has fared rather better than other parts of Spain. Mallorca has been spared the massive over development that has blighted the Costa's. Mallorca has not been massively over developed and does not have large supplies of unsold properties.

The Mallorca property market has, however not been exempt from the economic crisis and prices have fallen. To an extent buyers have the upper hand in most property negotiations. Prices have fallen but properties in good locations in Palma and on the coast have fallen we feel in the region of just 15% or so.

Before the 2008 crash, Lehman Brothers et al., overseas Mallorca property purchasers were mainly British or German. Now we estimate German buyers at around 60%. British buyers are a still active but at much lower levels. However, the Mallorca property market has become interesting to northern European buyers such as Norwegians, Swedish and Fins.

Property values have fallen Mallorca but in comparison to other areas of Spain not drastically.

Reasons for the popularity of the Mallorca property market

1. We feel it is fair to say that, the Mallorca property market is a lifestyle destination. There are property investors in Mallorca but they remain in the minority. The beauty of this island and the ease of access via flights from all over Europe to Palma make it a great place for a second home or a permanent property. Added to a mild Mediterranean climate it is no wonder that the population of Mallorca is growing.

2. The supply of land remains restricted in Mallorca which helps maintain a stability of property prices. Whilst it is a fairly large island only around 20% is classified as urban land. A large amount of the remaining is either rustic or national park

3. Planning permission has been by and large more difficult to achieve in Mallorca than in the Costa and in general this remains the case. This further restricts supply and is helping to achieve an element of price stability.

4. Mallorca is also major yachting and cruise centre for the Mediterranean. This industry provides skilled employment and source of economic activity on the island. Mallorca has in the region of over 30 harbours.

Mallorca property - Palma

This stylish Mallorcan city known fondly as Baby Barcelona is only ten minutes from the airport. A bustling sophisticated Mediterranean city with a fascinating medieval quarter makes this a compelling place to buy property in Mallorca. Crime levels are low and public transport is cheap and efficient.

Prices for apartments in the city reached an all time high in 2008. Now, however, you can now find one bedroom apartments from €150,000 to €255,000 and two bedroom apartments with terraces from €375,000 to 500,000.

Popular areas of Palma include La Calatrava, a historic area around the cathedral, Santa Catalina market with its cool culture and bistros and La Lonja.

South West Mallorca Property

The southwest corner of Mallorca has many of the most sought after golf courses, marinas and international schools. This area does not die in the winter. The proximity to Palma helps its popularity.
Sea view apartments are priced form €350,000 for older property. Properties in sought after communities, such as Bendinat or Santa Ponsa, or close to marinas will cost €450,000 and considerably more.

North West Mallorca Property

Character stone townhouses with a garden or roof terrace will fetch starting prices of 350,000 upwards.

North Mallorca Property

Pollensa is only 25 minutes from Palma. Alcudia offers a range of sea view properties. Quality villas are priced from €1m upwards.

Inland Mallorca Property

This is possibly the toughest part of Mallorca to sell property at present. Some good price reductions have been seen. Village properties are available from €300,000 upwards.  Incas start from around 500,000.

For more information on the Mallorca property or view any of our Mallorca Properties contact us