Thursday, December 18, 2008

Real value for money in Mallorca and the Balearic Islands

Property in Mallorca Spain

The Spanish islands of Mallorca and the Balearics offers for those wishing to buy property abroad a variety of bargains, experts have claimed.

According to Nick Stuart, managing director of Spanish Hot Properties has said that investors can buy things considerably cheaper as there are opportunities all over the region and real value for money with quality properties and price cut by up to 30 per cent. The government of Mallorca's strict planning laws controlled the over-supply of housing stocks and it has helped keep Mallorca the premier place to buy in Spain.

This means that property values in these places are now within the reach of more people.

Experts have suggested that Foreign buyers should take advantage of the current lull in the market and snap up a home while it is at a bargain price as If they buy into a crashing Mallorca today, chances are that they will be buying into a location that will boom again because the process is cyclical.

Prices on the island have fallen by around 30 per cent in the last year, with one and two-bedroom flats available for £150,000-£200,000. Mr. Stuart cited recent sales such as a townhouse in Santa Ponca which was valued at 380,000 euros (£339,903), but sold in the market for 270,000 euros.