Posts Tagged ‘Mallorca’
Mallorca The Place For Investment In The Crises
Tuesday, November 3rd, 2009Mallorca – Top Destination For 2008
Sunday, November 1st, 2009The 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.
Investing in Mallorca Real Estate
Friday, October 30th, 2009Investing in real estate in Mallorca could be one of the most exciting purchases you make in your lifetime. Whether you are investing or looking for a home to settle down in there is plenty of choice of real estate on the Mallorca market.
While looking for a new home and sorting out the paperwork can be a stressful experience, try to relax and enjoy it as much as possible. After all, this is Mallorca and there are few better places to relax. Try to combine you house hunting with a holiday. Take a few days off to enjoy the excellent local cuisine and beautiful scenery.
Before you start searching on the Mallorca real estate market, try to seek the advice of someone you know who has already bought in Spain. Get as much information from them as possible so you know what to expect.
You will also need to enlist the help of a good Mallorca real estate agent and a good lawyer. Again, try to get some recommendations as a good real estate agent and a good lawyer will help make buying a Mallorca home a much more enjoyable experience.
Try to be practical about your needs. If you only use your home for a few weeks each year you may not need anything too lavish. Or if you plan on retiring in your new home, you do not want a house with steep steps or that is hard to access. Try to figure out the exact kind of home you need before you start searching on the Mallorca real estate market.
Also, try to find a good location. Prime property will always be by the coast but even if you decide to buy inland, be sure that you have access to local amenities such as shops and schools.
The fees and charges associated with buying Mallorca real estate, or real estate anywhere in Spain, are relatively high. Add 10 per cent of the purchase price to cover legal fees and other charges.
Ideally, you will have the funds to cover your new property. However, most of us have to borrow to cover costs. You have the choice of getting a mortgage in your home country and using that to buy your home in Spain, or you can get a Spanish mortgage. Interest rates in Spain are significantly cheaper than in the UK so you could save a lot of money with a Spanish mortgage.
If you find a home you are really interested in, visit as many times as possible and at different times of the day. If possible, try to spend some time staying in the area so you get an idea of the locality and have an opportunity to talk to some of the locals.
If you decide that it is the property for you, you will need to talk to a lawyer. Find a lawyer who is fluent in both Spanish and English. You can expect to pay about 1 per cent of the purchase price to your lawyer, but this is well worth it.
To make an offer for Mallorca real estate you should first have agreement in principle for your mortgage. It is common to make a provisional offer that is subject to mortgage approval. The buying process in Spain can be slow so be patient. However, if you do see something you really like, be prepared to act fast as the Mallorca real estate market is competitive.
Once you have paid a deposit on a home the selling process can begin. Once your lawyer has ensured everything is in order, you sign an agreement with the seller and pay 10 per cent of the purchase price.
The final completion takes place when you sign the title deeds in the presence of a Spanish notary, and pay the remaining balance.
In Mallorca real estate, you will have something you can enjoy and value for years to come.
Buying your New Home in Mallorca
Friday, October 30th, 2009Though Mallorca properties remain among the most sought after in Europe, there are still plenty of quality Mallorca properties for sale. Whether you want a holiday, retirement or permanent home on the secluded beaches or if you have an eye for Palma properties, Mallorca, there’s plenty to choose from.
In Mallorca you have it all. Great climate, nature in abundance, and quality Mallorca properties for sale at very reasonable prices.
Mallorca, and Spain in general, has been drawing house buyers for generations. Needless to say, the hot sunny days and relaxed lifestyle are a big attraction, but there’s more to Mallorca than that.
It’s history for one! Occupied since approximately 6,000BC it has been a Mediterranean stronghold for many races. Romans, Christians and Moors have all settled here.
In 1983, Palma became the capital of the autonomous region of the Balearic Islands, reflecting Spain’s place as an autonomous and democratic European State.
Investing in Mallorca properties for sale or having a dabble in Palma properties, Mallorca is getting easier. But there still should be some things you should watch out for.
Basically, if you are thinking of investing in Mallorca properties you will have the following to choose from:
An apartment – Perhaps the easiest to choose from. You can be guaranteed a newly built, modern property. Some will come with balcony, swimming pool and other perks.
A villa – There’s something about buying in Spain that makes a villa seem like the right choice. Whether newly built or a renovation, a villa can be a great property buy.
A townhose – Townhouses are available everywhere when you are looking for Mallorca properties. But if you are looking in a built up area, such as for Palma properties, Mallorca then this might be the option for you.
Rural homes – If you are looking for that old world feel then you might want to check out a finca rustica. These are mostly old farmhouses and will take at least some renovation, or at most a total rebuild. But there are great bargains to be had here.
Off the plan – Get in early and buy a Mallorca property off the plan. There are many Mallorca properties for sale of the plan and many quality developments to choose from. Off the plan homes will give you a full outline of your future home and you can often get ahead of the market by going down this road.
In light of the recent housing booms in the United Kingdom and Ireland, Mallorca properties and Palma properties, Mallorca sell at very reasonable prices. However, you should budget carefully. Mallorca properties range from anywhere between €150,000 and millions.
Investigate to see what your mortgage repayments will be, and if you plan to let the property, how much rent you will get. If you use the property just as a holiday home it is a good idea to rent it when you are not there.
Also consider other expenses when investing in Mallorca properties. You can expect to add 10% to the buying price of the property to cover legal costs, estate agent fees and other costs.
You can either get a mortgage in your own country to cover the cost of the property, or you can get a mortgage in Spain. If you are a UK buyer you should certainly get a mortgage in Spain as interest rates are much lower than in the UK.
If you want to make a serious offer for Palma properties, Mallorca, you will need to put down a deposit, usually €10,000. If your offer is accepted by the seller, then this deposit is non refundable so make sure you are happy with all aspects of the property before you make an offer.
You should make it clear that the offer is subject to mortgage availability and structural checks to make sure the property is sound.
If the offer is accepted, you lawyer will take you through the legal process of finalizing the deal and you can relax and enjoy your new Mallorca property.
Tennis Star Borg To Stay In Majorca
Tuesday, October 27th, 2009You 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.
Does âcredit Crunchâ Mean Bargain Mallorca Property Deals?
Monday, October 26th, 2009Inevitably 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:
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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.
Mallorca Properties Continue to Attract Buyers
Sunday, October 25th, 2009If you are on the market for Mallorca properties then there is no shortage in choice. There are countless estate agents and websites offering both Mallorca properties and Palma properties, Mallorca. These range from basic studio apartments to lavish villas, so there is something for all budgets.
Whether you have fallen in love with Mallorca on your first visit or you have been coming here for years, you can rest assured that a Mallorca property is a sound investment.
However, any property purchase can have its pitfalls so here are some things to watch out for.
Make sure the Mallorca property for sale is structurally sound. It is not standard practice to have a survey carried out in Spain but it is a good idea, especially when buying an old property.
Have your legal adviser carry out conveyancing to check that all is in order with the ownership of the Mallorca property for sale and that there are no outstanding debts related to it.
Location, location, location. Consider whether the property is in close proximity to the facilities you need. Check out public transport, schools and amenities in the local area.
Make sure you have access to all the utilities you need. For example, it may be difficult to get internet access in more remote areas.
Before you begin to look at Mallorca property for sale, carry out a thorough investigation of what is on the market. There are countless websites that list Mallorca properties for sale and Palma properties in Mallorca so try to get an idea of the going rate for the type of property you are interested in.
Also, a good legal representative is essential when buying any property and especially if you are buying overseas. A good lawyer will ensure that the property is free from debts, negotiate with the selling party and deal with all issues relating to taxes and the transfer of the property to your name.
When it comes to completing the sale, you must sign an ‘escritura publica’ in the presence of a government representative. This official document will serve as proof of the sale.
If you plan to invest in Palma properties, Mallorca you have the choice of paying for the entire property from your own funds or getting a mortgage. You can apply for a mortgage in your own country or there are many Spanish financial institutions that offer mortgages to foreigners.
Spanish banks offer mortgages to foreigners at slightly higher interest rates than residents pay. However, if you are based in the United Kingdom these should still represent a much better deal than you would get at home as European Bank interest rates remain low.
There are a number of different types of property on the market in Mallorca. These include apartments, townhouses, villas and old farmhouses. It is up to you to decide which one best suits your needs and your budget.
If you are an investor, finding the right Mallorca property for sale at the right price could be one of the wisest investments you ever make. As a holiday destination, it is one of the most popular in Europe so you will never be short of people looking to rent a home on the island.
Millions pass through Son Sant Joan Airport every year and there is also a busy ferry link to Catalan capital Barcelona. The number of visitors to Mallorca has been growing for decades and continues to grow.
In 1960, there were only about half a million visitors to Mallorca. By, 1997, this number had grown to almost seven million. In the last ten years, this figure has rocketed with an estimated 20 million people visiting the island each year.
The best way to find Mallorca property for sale or Palma properties, Mallorca is to go there yourself and see what is on offer. Spend three or four weeks on an island to get an idea of where you would like to live and view as many properties as possible.
Mallorca Property for Sale- Unique Hotspots to Buy Property
Saturday, October 24th, 2009Mallorca property for sale-To buy Mallorca property, it has been since long the ultimate investment in Spanish property, and Mallorca has the best in luxury property. Online “Mallorca property for sale” related websites are the best place for buying property in Mallorca with expert sales team. Mallorca property for sale offers ultimate collection of luxury sea view villas, penthouses & apartments on the entire island of Majorca. Property in Spain has raised so fast, given that Mallorca the Mallorca property the most popular tourist destination in the Majorca Island. Even if you don’t wan to stay in Spain, you can invest in Spanish property on simply renting out the Mallorca property to tourists. To invest in Mallorca property for sale is one of the best possible investments you can make in the current economic climate. There is a peak rise in number of Europeans who purchasing Mallorca property which offer both a welcome escape from colder climes and rich rewards in terms of both rental income and capital appreciation. Inspite of huge popularity, there is still a bewildering option available for Mallorca property for sale as dealers, construction companies and property builders fall over each other in an unseemly scramble for a slice of the staggering gains to be made from the hunger to own a dream home in the sun.Thinking of location! You must have to gain knowledge on whether or not there are recreational places nearby such as shopping malls, commercial centers, airports, beaches, bars, golf courses, etc. The Spanish property should be close to hospitals and food shops for your own convenience. Online Mallorca property websites provide you with useful and completely independent information designed to guide you through the minefield of the Spanish property market. Information Mallorca property for sales are currently available on the internet.Persons seeking to for Mallorca property for sale for the first time will generally feel overwhelmed by the abundance of information available online and number of real estate agents trying their best to offer you their ‘unique’ services.To buy Spanish property consider the property as a purely investment deal or as a family home. Choosing a perfect property from Mallorca property sale is never a simple task, it takes your time to research and be prepared for it all; this will save you the hassle of facing unpredictable circumstances that may befall you in the buying process.
Mallorca Property Developers Face Local Opposition
Friday, October 23rd, 2009Holiday 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.
Majorca Real Estate on Brink of 2007 Price Drop
Thursday, October 22nd, 2009Mallorca 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.