Posts Tagged ‘Majorca’

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Mallorca – Top Destination For 2008

Sunday, November 1st, 2009

The Spanish island of Mallorca is the main island of the group that forms an archipelago called the Balearic Islands. Located in the Mediterranean off the east coast of the Spanish mainland, Mallorca is the largest of the Balearic Islands. Mallorca is also the most popular of the islands for holidays with German and British tourists in particular returning year after year.
According to the 2005 census, the population of the city of Palma, the capital of Mallorca, was 375,048. The population of the entire area was estimated to be 517,285 – the twelfth largest urban area of Spain. Approximately half of the total population of Mallorca lives in Palma.
Mallorca started to develop as a tourist hot spot in the 1920s. Today, Mallorca sees more than six million visitors each year, but nearly all the tourists concentrate in only five percent of her territory.
Less developed areas of this elegant island are ripe for new development and prime property commands a great premium. It seems more people than ever before want to live on or invest in the gorgeous island of Mallorca. Mallorca is known as the Mediterranean Lady and it offers a little something for everyone.
The Spanish housing ministry released figures stating that housing prices rose by over nine per cent during 2006, and over twelve per cent the year before. This presents an excellent time to shop for a deal of your own private spot of heaven, Mallorcan style. Property prices remain competitive when compared with other regions of Spain.
Buyers from Russia, Sweden, France and Ireland are jumping on the band wagon that was once dominated exclusively by Brits and Germans. Mallorca’s leading international real estate marketing company has twenty sales offices in Mallorca and Ibiza in the Balearic Islands as well as in Germany. Leading agents in the area show little sign of slowing down. An agent is an excellent starting point to find properties that accommodate individual investment needs and tastes.
The rich culture and history of Mallorca are a large attraction for visitors and homebuyers alike, making it a peaceful place to live and experience serenity.
However, there is far more to Mallorca than the sea, the sand and the sun. Atmosphere is conducive to everything else in life, surroundings, weather, healthy diet and lifestyle and especially state of mind.
Tourists and home buyers alike are attracted to Mallorca’s unique subtropical climate offering peace of mind year around. Soft breezes rolling in from the Mediterranean adds to the simple charms and personalities of wonderful lifestyle.
Healthy diets of fresh vegetables, fruit, fishes and olive oil constitute a better quality of life. European chefs and sommeliers present culinary delights, cooking savoury meals with natural juices and fresh herbs. Discover Gothic architecture treasures, beautiful almond and olive groves, small sun bleached hilltop villages and white beaches galore. Take a stroll along the quiet city and find yourself surrounded by chic shops full of treasures. Hike along ancient mountain paths. Visit romantic villages mountainside and the historic castles set in the rolling hills of the island. Mallorca Island is dynamic with its dramatic mountains, hidden coves and various historical archeological sites.
Find your palace on Mallorca for a week or for the rest of your life and spend your next holiday in a Mediterranean paradise, and see for yourself why Mallorca holidays are the most popular in Europe.

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Finding the Best Rental Villa Deals Online

Sunday, November 1st, 2009

Holiday villas and apartments have become a popular alternative to Hotels and B&BS for tourists going on holiday. Advantages include greater privacy, the opportunity to cater for oneself, a more homely feel, more space and better value for money for groups and families. With so many opportunities to rent holiday accommodation in location like Majorca, Florida and the Algarve how do you choose just one property and get the most bang for your buck?

The first step is choosing a destination. If price is important then opt for a destination where rental accommodation is more affordable. Such destinations include Turkey, India and Nicaragua. In Europe there are often better deals in the north of Portugal and Spain than in the south and even cheaper properties in nearby Morocco.

Consider renting accommodation in an inland location. Often one can book larger villas with their own swimming pool at a lower price by avoiding the most high demand locations by the beach. Benefits can include a quieter, more rural location and with a hire car many beaches can still be reached after a short drive. As always location is everything when it comes to property so if you are prepared to compromise you can often get a better deal.

Renting in the shoulder seasons, in the spring or autumn is another excellent way to save money. With less demand for holiday villas and apartments during these periods you will be able to choose from a wider selection of properties and rates are usually a good 30% less then they are in the peak season. Furthermore it is often possible to get considerably better deals on hire cars and flights during the shoulder season so your total savings can add up.

Keep an eye out for accommodation rented directly by the property owners! Many rental properties are advertised by agencies who will take a proportion of the rent as their fee. Renting with the owners direct can save you money as some of these savings may be passed on to you. Property owners can often offer added value by providing you with insiders knowledge on the best places to eat out, places of special interest nearby, the best local beaches etc. and it can be reassuring to form a relationship with the owner and to have their contact details should any problems arise during your trip.

Book your flights early. By booking your airline tickets well in advance you should be able to secure a good deal. Research which low cost airlines (e.g. Easyjet and Ryanair) fly to your preferred destination and sign up with their mailing lists so they can notify you when flights go on sale. As a general rule it is always best to book flights at least two weeks in advance and midweek flights are often more affordable then those on the weekends or during holiday periods.

Use long tail search phrases. Search the internet using detailed search phrases rather than simple short terms. Try using quotation marks to force the inclusion of important attributes such as ?internet access?, ?a swimming pool? or a ?garden? in your search. Also, try including words like ?affordable?, ?value?, ?owner? and ?discount? in your search.

Prepare an email in notepad or your word processor with details of your holiday plans, the dates you would like to book and any important requirements. It never hurts to ask if it is possible to get a discount especially if you intend to stay for 2 or more weeks in the low or shoulder season and you could ask about feedback from previous guests. When you see a property you are interested in paste your email into the web form or your email program and send out plenty of emails. You should then receive further details about properties that are available and get a feeling for which renters are most responsive and helpful.

The next step is to telephone the owners of properties on your short list. Find out as much as you can about each property and get to know the people renting the property. Often you will find someone who you get on well with and feel comfortable doing business with.

Follow your instincts. If you feel good about a certain property and trust the person you have spoken with you should be confident to book with them. Once you know in your heart that you are working with trustworthy people and are happy with the offer you have been made you should be ready to reserve your rental villa or apartment and enjoy the final preparations for your holidays.

Do plenty of reading on the destination you intend to holiday at. There is a wealth of information online that will help you make plans for your holidays. Consider what you are going to do with your time and decide on some things you would like to do. Print out or jot down notes so that when you are on holiday you are prepared to make the most of your holidays. Finally when you set off on your vacation sit back and relax with the positive intention to enjoy your entire trip as much as possible.

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Tennis Star Borg To Stay In Majorca

Tuesday, October 27th, 2009

You may remember Bjorn Borg as the famous Wimbledon legend. Born in Stockholm, Sweden, in 1956, he was the youngest player to have so much success in the sport of tennis. His first win came at the ripe age of 17. He quickly turned into a heartthrob and mesmerized fans with his calm, reserved, and charismatic personality, which also enabled him to make money from publicity events.
Setting a Winning Record
Borg is a former number-one tennis player who won five Wimbledons in a row (1976-1980) and six French Opens. He won 11 Grand Slam singles and was the youngest tennis player to win the Davis Cup match, the Italian Open, and the French Open. He was the only player to win the French Open and Wimbledon in the same year, and his record remains unshattered to this day. The only thing he couldn’t seem to win was the U.S. Open, despite numerous tries.
Knowing When to Quit
Borg was a player of strength and endurance. After nine years on the tennis scene, Borg threw in the towel. Being defeated by John McEnroe in the 1981 final was enough to send him packing. He left when he was still at the top of his game, and one loss shouldn’t have affected that. But this wasnn’t the last time the public would see Bjorn Borg. He later returned to the tennis scene for a brief stint in 1991 only to found out that he could not compete with the new players and their graphite rackets. He was still fond of using his famous wood racket.
Borg Became a Trend-Setter
Borg had an unusual style about him, both on the court and off. He wasn’t afraid to do his own thing or use techniques that worked for him. Unintentionally, he was setting fashion standards. If he wore a headband to keep the sweat off his face and his hair off his neck, it soon became the thing to do and you would see people everywhere wearing headbands.
A New Calling
Borg used this popularity to his advantage by introducing his own line of clothing. He uses his own unique style to create clothes to appeal to his fans. To push sales of his clothing line further, he would only wear clothes with his name on the label.
Borg’s Family Life
Borg dreamed of a family life he could never have. He married and divorced twice, leaving him in financial trouble. Each ex-wife walked out of the marriage with a house. Each of them also gave him children, but he was never able to fully enjoy them as he wanted to. The media and other groups gave them a hard time over the years, and he rarely sees them anymore.
The Rise and Fall of an Empire
When he dreamed of his family, he bought a large piece of property in Mallorca, Spain. It was eight spots that he bought and transformed into a small community for himself, his family, security guards, and guests. He restored an old section and built up around it until he had the stone villa just the way he wanted it, including farm animals, stables, a pool a spa, a sauna, a fitness room, and tennis courts.
Now that his dream of the perfect family life has been shattered, he is ready to sell the property and downsize to a smaller house in Mallorca.

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Does “credit Crunch” Mean Bargain Mallorca Property Deals?

Monday, October 26th, 2009

Inevitably it has been a relatively flat year for the Mallorca property market, but compared to other locations the market is proving resilient to the prevailing economic slowdown. There are certainly some good deals to be had and this could be a good time to get into the market, but buyers should not expect the kind of dramatic price cuts seen in other markets, and wise investors will not necessarily look to the most heavily discounted properties.

Mallorca has, for many years, been one of the most solid and positive property markets in Europe. But even this strong market is not escaping the effects of the economic instability we are seeing across the world. Overall however, the slow down in Mallorca is less severe than that being experienced in the UK, mainland Spain or most other locations. Also the effect of the slow-down varies widely between areas and types of property.

Underlying this, Mallorca still remains one of the most sought-after property markets in the world and the supply of good properties continues to be limited. It is important to understand this, and the reasons behind it, if you are to get the best value during this period when there will be some good buying opportunities:

 

These factors all mitigate against the effects of the international slow down and show Mallorca to be a good investment. But even the strongest markets are not escaping the current slow down and there are good opportunities to buy that would not have existed last year. This all points to this being a good time to get into the Mallorca property market if you are in a position to do so.

So, where do the best opportunities lie?

There are already some “bargains” to be had, and likely to be more. But the best investments will not necessarily be the properties where the greatest price reductions have occurred. Just as there are far more significant cut-price deals on the mainland at present … would you rather own one of those or a good property in Mallorca in a few years time?

The same applies to different areas and properties within Mallorca. The best properties will go down by the least amount, and go up by the most when things turn around.

Our advice is to focus on the well-established prime areas. They are the prime areas for good reason, i.e. they are the most attractive when you take all factors such as amenities, scenery and accessibility into account. The price reductions in these areas might be less, but this is where the demand has remained most solid and where it will escalate most when things get back to normal.

Areas at the top of the recommended list are, therefore, probably ones you have already heard of: Pollensa Old Town and Puerto de Pollensa in the north, Palma Old Town and Santa Catalina, Puerto de Andratx, Port Adriano and El Toro / Santa Ponsa on the SW coast, Puerto de Soller and Soller Old Town in the NW, and the good resort towns on the east coast such as Cala d’Or and Portocolom. (See our area guide – Mallorca Properties Area Guide).

Within these areas, focus on properties that are in a good location (views, nice countryside, good part of town, premium developments, good accessibility etc), and those which are high quality properties or can be renovated to a good standard.

Don’t expect such properties to come at the sort of bargain knock-down price reductions we are seeing on mainland. But you can expect some negotiation and there will be some good deals to be had on properties that should be excellent investments for the future.

What you need to consider is how much these properties will start escalating when the economic environment improves, and how advantageous it will be to get into the market now rather than leave it until then. Our tip as to the best time to buy is early next year through to mid-March (i.e. before the holiday season and main buying period gets under-way).

If you are interested and want to discuss any aspect of the Mallorca property market in more detail please do not hesitate to email or call us via our website Mallorca Property Partners or using the contact details provided on this page.

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Spanish Property To Drop Value 2007

Sunday, October 25th, 2009

In some parts of Spain, so many British people have bought a property it is quite possible to live there quite comfortably without having to learn the language.
While many Brits do learn Spanish and socialise with locals who haven’t moved away because of the high property prices, many of the bars and restaurants and other businesses are British owned.
Helping to create the enclaves within their own country some Spaniards have sold their property to move to more traditional – and less expensive – areas, while young Spaniiards have had no choice but to leave their traditional family villages and towns as property prices have been too high.
And while the British who have moved to Spain over the last twenty years have seen their investments rise in value, consistently above the price of inflation, they could been in for an unpleasant surprise with signs that the housing market in Spain is weak, and prices could soon drop.
So spectacular have the price rises been over the last ten years that many Spanish homes on the Costas have doubled and more in value.
But developers have been busy, building hundreds of thousands of new homes, and this is leading to oversupply. 2006 saw 800,000 new home starts, more than Italy, Germany and France put together – a staggering amount by any European country’s standards.
Often developers are offering low cost inspection trips to potential property buyers, and the buyers don’t even get to see re-sale properties during their house hunting trips.
With many apartments and houses on a mortgage, interest rate rises push more and more people to selling, especially for second homes when the lettings no longer cover the mortgages. Since Spain joined the Euro, she has lost control over setting her interest rate, and all those in the Eurozone have had several rises in the last twelve months.
The Spanish island of Majorca reflects well the precarious position many second home and full time residents are facing should interest rates rise again across Europe.
Already many locals are finding it increasingly difficult to get on the property ladder, with prices having risen consistently in recent years, with their best hope being a slow down or even drop in Majorca property prices.
A survey recently found that over 90 per cent of Majorca’s domestic population were worried about the number of overseas people buying property on the island.
One travel guide for Majorca isn’t surprised at the local opinion.
‘It’s difficult for local people, especially when they are in their twenties and thirties and working with decent salaries, to see villas which are hardly used when they often can’t even get a good size apartment in the areas they want, close to family or work.’They say, referring to holiday homes that are used a few weeks or even long weekiends a year, and standing empty the rest of the time.
‘They see these properties as some of the cause of high prices, and they cannot see where it is going to end,’ they conclude.
‘The problem with building a way out of the housing crises, by constructing dozens of new apartment buildings and villa complexes is that it spoils the whole nature of Majorca, and it’s a catch 22 because while locals do want to buy a house, they don’t want it at the expense of the island.’
Official figures for Majorca holidays this year indicate an increase in tourist numbers by between five and seven per cent. And it is from the pool of holidaymakers where property sales often happen a few months later, as some visitors like the island so much they decide to look into buying an apartment or villa, with some even retiring to the island, or buying a business.
With the increase in visitor numbers, property demand should in theory be high for 2007 overall, but time will tell if the higer interst rates see a drop in prices in Spain and Majorca.

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Mallorca Property Developers Face Local Opposition

Friday, October 23rd, 2009

Holiday homes and investing in a property on the Spanish island of Majorca has been popular for several decades now, with many Europeans who have holidayed on the Spanish island deciding to buy a second home for holidays, a business, or for retirement.
But now the Mallorca islanders are concerned that future development plans could ruin the island, and if left unchecked the island could become a concrete jungle.
Already many locals are finding it increasingly difficult to get on the property ladder, with prices having risen consistently in recent years, with their best hope being a slow down or even drop in Majorca property prices.
A survey recently found that over 90 per cent of Majorca’s domestic population were worried about the number of overseas people buying property on the island.
One travel guide for Majorca isn’t surprised at the local opinion.
‘It’s difficult for local people, especially when they are in their twenties and thirties and working with decent salaries, to see villas which are hardly used when they often can’t even get a good size apartment in the areas they want, close to family or work.’ They say, referring to holiday homes that are used a few weeks or even long weekiends a year, and standing empty the rest of the time.
‘They see these properties as some of the cause of high prices, and they cannot see where it is going to end,’ they conclude.
One way out is to build more properties, but this is what has sparked many of the protests against further development.
‘The problem with building a way out of the housing crises, by constructing dozens of new apartment buildings and villa complexes is that it spoils the whole nature of Majorca, and it’s a catch 22 because while locals do want to buy a house, they don’t want it at the expense of the island.’
Official figures for Majorca holidays this year indicate an increase in tourist numbers by between five and seven per cent. And it is from the pool of holidaymakers where property sales often happen a few months later, as some visitors like the island so much they decide to look into buying an apartment or villa, with some even retiring to the island, or buying a business.
With the increase in visitor numbers, property demand should in theory be high for 2007 overall.
Current prices for property in Majorca include brand new 2 bedroom 2 bathroom apartments in Puerto Pollensa at 285,000 Euros, a country house with its own pool at 1,500,000 Euros, and a three bedroom three bathroom villa with its own pool at 900,000 Euros, around UK 600,000.

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Majorca Developments Upset Locals

Thursday, October 22nd, 2009

Buying a property on the Spanish island of Majorca has been popular for several decades now, with many Europeans who have holidayed on the Spanish island deciding to buy a second home for holidays, a business, or for retirement.
But now the Majorca islanders are concerned that future development plans could ruin the island, and if left unchecked the island could become a concrete jungle.
Already many locals are finding it increasingly difficult to get on the property ladder, with prices having risen consistently in recent years, with their best hope being a slow down or even drop in Majorca property prices.
A survey recently found that over 90 per cent of Majorca’s domestic population were worried about the number of overseas people buying property on the island.
One travel guide for Majorca isn’t surprised at the local opinion.
‘It’s difficult for local people, especially when they are in their twenties and thirties and working with decent salaries, to see villas which are hardly used when they often can’t even get a good size apartment in the areas they want, close to family or work.’They say, referring to holiday homes that are used a few weeks or even long weekiends a year, and standing empty the rest of the time.
‘They see these properties as some of the cause of high prices, and they cannot see where it is going to end,’ they conclude.
One way out is to build more properties, but this is what has sparked many of the protests against further development.
‘The problem with building a way out of the housing crises, by constructing dozens of new apartment buildings and villa complexes is that it spoils the whole nature of Majorca, and it’s a catch 22 because while locals do want to buy a house, they don’t want it at the expense of the island.’
Official figures for Majorca holidays this year indicate an increase in tourist numbers by between five and seven per cent. And it is from the pool of holidaymakers where property sales often happen a few months later, as some visitors like the island so much they decide to look into buying an apartment or villa, with some even retiring to the island, or buying a business.
With the increase in visitor numbers, property demand should in theory be high for 2007 overall.
Current prices for property in Majorca include brand new 2 bedroom 2 bathroom apartments in Puerto Pollensa at 285,000 Euros, a country house with its own pool at 1,500,000 Euros, and a three bedroom three bathroom villa with its own pool at 900,000 Euros.

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Majorca Real Estate on Brink of 2007 Price Drop

Thursday, October 22nd, 2009

Mallorca real estate has been popular for several decades now, with many Europeans who have holidayed on the Spanish island deciding to buy a second home for holidays, a business, or for retirement.

Prices have risen on the island as buyers – mainly British and German – have moved in, but there are mixed signals coming from the property and tourist sectors, which could see a freeze in Majorca property inflation, and possibly even a dip in prices in the near future.

Official figures for Majorca holidays this year indicate an increase in tourist numbers by between five and seven per cent. And it is from the pool of holidaymakers where property sales often happen a few months later, as some visitors like the island so much they decide to look into buying an apartment or villa, with some even retiring to the island, or buying a business.

With the increase in visitor numbers, property demand should in theory be good.

Cheap Mallorca flights have been running for some years now, and even with increased air tax in the UK, Mallorca is easily accessible from more than a dozen airports in the UK for property owners and tourists alike, with a flight time of under two hours, allowing a market for weekend homes for overseas property buyers.

Although one of the earliest package holiday destinations with companies like Thomas Cook, Mallorca has had new competition in recent years from the former Soviet Bloc countries in Eastern Europe, that are now able to offer cheap holidays to the British market, and for the property market countries like Croatia and Bulgaria have been able to offer apartments and villas at a fraction of the price Majorca can offer.

In response, the island has fought back showing it’s not just the Mallorca weather that attracts property buyers, but a well established market with the infrastructure in place to protect overseas investors money.

Any slow down or possible reversal of property prices could be welcomed by the local Majorca population.

They have seen the price of property in Majorca escalate, and many have been priced out of buying their own home.

This has led to some protests, with a demonstration against plans for more development in Mallorca being held earlier in the year, with the belief that developers will destroy what is left of Majorca’s open spaces, and rendering the map of Mallorca unrecognisable in years to come.

With encouraging tourist figures, Mallorca hasn’t been resting on her laurels. This summer’s SuperCup yachting event has seen the appointed of an experenced race organiser, in an attempt to make the event more high profile.

Similarly, neighbouring island Minorca is hosting a Classic Yachts weekend, with entrants expected from across Europe, with the event boosting occupancy for Majorca hotels.

Of the three Balearic Islands, Ibiza comes top for spending per tourist according to official recent statistics, reaching nearly a hundred Euros a day per tourist, with Majorca second, and Menorca third.

Current prices for property in Mallorca include brand new 2 bedroom 2 bathroom apartments in Puerto Pollensa at 285,000 Euros, a country house with its own pool at 1,500,000 Euros, and a three bedroom three bathroom villa with its own pool at 900,000.

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Spanish Property 2008 Could Cost Less

Wednesday, October 21st, 2009

So many British people have bought a property in regions of Spain that it is now it is quite possible to live there quite comfortably without having to learn the language.
While many Brits do learn Spanish and socialise with locals who haven’t moved away because of the high property prices, many of the bars and restaurants and other businesses are British owned.
Helping to create the enclaves within their own country some Spaniards have sold their property to move to more traditional – and less expensive – areas, while young Spanish people have had no choice but to leave their traditional family villages and towns as property prices have been too high for many.
And while the British who have moved to Spain over the last twenty years have seen their investments rise in value, consistently above the price of inflation, they could been in for an unpleasant surprise with signs that the housing market in Spain is weak, and prices could soon drop.
So spectacular have the price rises been over the last ten years that many Spanish homes on the Costas have doubled and more in value.
But developers have been busy, building hundreds of thousands of new homes, and this is leading to oversupply. 2006 saw 800,000 new home starts, more than Italy, Germany and France put together – a staggering amount by any European country’s standards.
Often developers are offering low cost inspection trips to potential property buyers, and the buyers don’t even get to see re-sale properties during their house hunting trips.
With many apartments and houses on a mortgage, interest rate rises push more and more people to selling, especially for second homes when the lettings no longer cover the mortgages. Since Spain joined the Euro, she has lost control over setting her interest rate, and all those in the Eurozone have had several rises in the last twelve months.
The Spanish island of Majorca reflects well the precarious position many second home and full time residents are facing should interest rates rise again across Europe.
Already many locals are finding it increasingly difficult to get on the property ladder, with prices having risen consistently in recent years, with their best hope being a slow down or even drop in Majorca property prices.
A survey recently found that over 90 per cent of Majorca’s domestic population were worried about the number of overseas people buying property on the island.
One travel guide for Majorca isn’t surprised at the local opinion.
‘It’s difficult for local people, especially when they are in their twenties and thirties and working with decent salaries, to see villas which are hardly used when they often can’t even get a good size apartment in the areas they want, close to family or work.’ They say, referring to holiday homes that are used a few weeks or even long weekiends a year, and standing empty the rest of the time.
‘They see these properties as some of the cause of high prices, and they cannot see where it is going to end,’ they conclude.
‘The problem with building a way out of the housing crises, by constructing dozens of new apartment buildings and villa complexes is that it spoils the whole nature of Majorca, and it’s a catch 22 because while locals do want to buy a house, they don’t want it at the expense of the island.’
Official figures for Majorca holidays this year indicate an increase in tourist numbers by between five and seven per cent. And it is from the pool of holidaymakers where property sales often happen a few months later, as some visitors like the island so much they decide to look into buying an apartment or villa, with some even retiring to the island, or buying a business.
With the increase in visitor numbers, property demand should in theory be high for 2007 overall, but time will tell if the higer interst rates see a drop in prices in Spain and Mallorca.

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Posted in Majorcan Property Sales | No Comments »

Majorca Real Estate Prices Could Drop 2007

Wednesday, October 21st, 2009

Spain’s Majorca real estate has been popular for several decades now, with many Europeans who have holidayed on the Spanish island deciding to buy a second home for holidays, a business, or for retirement.
Prices have risen on the island as buyers – mainly British and German – have moved in, but there are mixed signals coming from the property and tourist sectors, which could see a freeze in Majorca property inflation, and possibly even a dip in prices in the near future.
Official figures for Majorca holidays this year indicate an increase in tourist numbers by between five and seven per cent. And it is from the pool of holidaymakers where property sales often happen a few months later, as some visitors like the island so much they decide to look into buying an apartment or villa, with some even retiring to the island, or buying a business.
With the increase in visitor numbers, property demand should in theory be good.
Cheap Majorca flights have been running for some years now, and even with increased air tax in the UK, Majorca is easily accessible from more than a dozen airports in the UK for property owners and tourists alike, with a flight time of under two hours, allowing a market for weekend homes for overseas property buyers.
Although one of the earliest package holiday destinations with tour companies, Majorca has had new competition in recent years from the former Soviet Bloc countries in Eastern Europe, that are now able to offer cheap holidays to the British market, and for the property market countries like Croatia and Bulgaria have been able to offer apartments and villas at a fraction of the price Majorca can offer.
In response, the island has fought back showing it’s not just the weather in Majorca that attracts property buyers, but a well established market with the infrastructure in place to protect overseas investors money.
Domestic Market
Any slow down or possible reversal of property prices could be welcomed by the local Majorca population.
They have seen the price of property in Majorca escalate, and many have been priced out of buying their own home.
This has led to some protests, with a demonstration against plans for more development in Majorca being held earlier in the year, with the belief that developers will destroy what is left of Majorca’s open spaces, and rendering the map of Majorca unrecognisable in years to come.
With encouraging tourist figures, Majorca hasn’t been resting on her laurels. This summer’s SuperCup yachting event has seen the appointed of an experenced race organiser, in an attempt to make the event more high profile.
Similarly, neighbouring island Menorca is hosting a Classic Yachts weekend, with entrants expected from across Europe, with the event boosting occupancy for Majorca hotels.
Of the three Balearic Islands, Ibiza comes top for spending per tourist according to official recent statistics, reaching nearly a hundred Euros a day per tourist, with Majorca second, and Menorca third.
Current prices for property in Majorca include brand new 2 bedroom 2 bathroom apartments in Puerto Pollensa at 285,000 Euros, a country house with its own pool at 1,500,000 Euros, and a three bedroom three bathroom villa with its own pool at 900,000.

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