Mallorca Property Market October 2010 - Prices On The Increase

18 Oct 2010

Mallorca property along with Barcelona Catabria and Galicia is bucking the trend and is now showing property price increases. This isn’t a major surprise to use because all of these 4 areas have huge demand and less oversupply than the rest of the Spanish property market.

The latest data from the National Institute of Statistics (INE) suggest that property sales in August were up 1% on the previous month and 26.6% year on year. In particular, resale properties had a good month in August with sales up 34% compared to last year.

But despite these apparently positive figures the sales market is still 24% down on 2008 and transactions are 45% down on 2007 However in Mallorca prices rose by a 3.7% and Barcelona by a whopping 44% and minor increase in Galicia and Cantabria.

So why is Mallorca bucking the trend and out performing most other areas of Spain? The reason is quite a simple one in that Mallorca is the London of the Spanish property market for international buyers with the key factor of demand versus property that people actually want to buy There are still some distressed sales in Spain but only a few in Mallorca and what we have noticed is more and more buyers beginning to realize that they may have missed the boat completely and are desperately hunting around to find that real value.

The hardest thing in Mallorca is to find an agent that can bring buyers and sellers together and can tell you the real value of a property as there is huge disparities in price for very similar property. This is because some property is price to sell and some is not. The real upshot of all of this is if you are looking to take advantage of a good deal you better move fast.

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