Selling Property in Mallorca and Ibiza
Sensibly and ‘in line’ priced property IS being purchased. It is important that your property for sale in Mallorca or Ibiza is sensibly priced, if the asking price is too high then potential buyers will simply be ‘put off’. This sounds obvious, but some vendors over inflate their asking price so that when negotiations take place they will have ‘room for manoeuvre’. This results in them reducing their price to try and create a successful sale. This can backfire!
For this reason, many displayed asking prices may not reflect the true ‘realized’ sales prices achieved on the islands.
In the Balearic property market it is common practice to have multiple agency agreements so that you can increase the marketing possibilities of your property. The more exposure you have the more chance you will have of attracting a larger spread of potential buyers. As the internet is fast becoming the most important factor in any property search, the more websites your property is on; the greater the audience. This will obviously not apply to all sellers.
As the property market in Mallorca and Ibiza is constantly shifting, it is important to ‘keep a grip’ on your asking price and be in constant contact with your sales representative to monitor price changes. As in recent years show us (with all the price reductions) your properties asking price set in 2008 would now look totally out of place in 2013!
If you bought a property in Mallorca or Ibiza several years ago and are looking to sell but are looking to stay on the property ladder in the Balearic Islands, do not be disheartened by the lack of profit you make on your sale as the owners of the property you purchase will be feeling the same. If you are buying a similar property in a similar location then the property you buy will have had similar reductions over the years.
Bricks and Mortar are still regarded as the safest investment!
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Buying Property in Mallorca and Ibiza
It is widely regarded that it will remain a ‘buyers market’ throughout the latter half of 2013! This is particularly reflected by the lucrative cash buyer. If the seller is in a vunerable position and the buyer has the cash, a good deal should be there for the taking. This said, banks are now lending again which will also obviously assist other buyers.
When searching for property in Mallorca or Ibiza and you find that perfect property but the asking price is slightly out of budget, it maybe still worth inquiring on the chosen website. There are a number of reasons for this; for example, due to the huge volume of property that many sales representatives have on their books, some of the prices maybe out of date. This is mainly due to the sellers having many different agents and they may not have passed on asking price reductions (or increases!) to all of them.
It is very important to understand when searching for property for sale in Mallorca or property for sale in Ibiza that the ‘press’ or ‘media’ of mainland Spanish property must be ignored! The Balearic Islands are a totally separate entity with very strict planning regulations. The building of new property has been controlled to a far greater extent than that of mainland Spain. For example, in the North West region of Mallorca in places such as Soller, Deia or Valldemossa, it is extremely difficult to build extensions to existing builds (if not impossible). In these areas, there is a very limited supply of new building plots available. These strict planning regulations (although make it expensive for first time buyers) will only increase your chance of making a far greater return for your investment once you own your property.
As in any country, Location is key. If you are looking to buy a property in Mallorca or Ibiza for a short period, it is very important to buy in an area that you think will also be easy to sell on in the years to come. Do not buy in a location that ONLY you love unless you are looking to keep the property for life!
The prices of property in Mallorca and Ibiza in 2013 are at historically low levels but will not be sustained forever. As the global economy picks up over time, it is certain that the increase in property prices on the islands of Mallorca and Ibiza (regarded as extremely safe property investment havens) will return!
To browse a large selection of property for sale in Mallorca or Ibiza please visit Balearic Estates at http://www.balearic-estates.com/ We look forward to assisting you with your property search.