Selling Property in Mallorca and Ibiza
Sensibly and ‘inline’ priced property IS being purchased. Your property for sale in Mallorca or Ibiza must be sensibly priced; if the asking price is too high, potential buyers will be ‘put off. Some vendors overinflate their asking price to have ‘room for maneuver when negotiations occur.’ 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, having multiple agency agreements to increase your property’s marketing possibilities is common practice. The more exposure you have. The more chance you have of attracting more potential buyers, the better. 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 not apply to all sellers. As the property market in Mallorca and Ibiza constantly shifts, it is important to ‘keep a grip’ on your asking price and continually contact your sales representative to monitor price changes. As recent years show us (with all the price reductions), your property’s 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.
Are you looking to sell but 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 feel the same. If you buy a similar property in a similar location, the property you buy will have had similar reductions over the years.
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Bricks and Mortar are still regarded as the safest investment!
Buying Property in Mallorca and Ibiza
It is widely regarded that it will remain a ‘buyers market’ throughout the latter half of 2013! The lucrative cash buyer particularly reflects this. A good deal should be available if the seller is in a vulnerable position and the buyer has the cash. Banks are now lending again, which will 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 may still be worth inquiring on the chosen website. There are several reasons for this; for example, due to the huge volume of property many sales representatives have on their books, some prices may be outdated. 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.
When searching for a property sold in Mallorca or Ibiza, it is essential to youse the ‘press’; the media’ of mainland Spanish property must be ignored! The Balearic Islands are a separate entity with stringent 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 tough to build extensions to existing builds (if not impossible). In these areas, a minimal supply of new building plots is available. These strict planning regulations (although they make it expensive for first-time buyers) will only increase your chance of making a far greater return on 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, buying in an area that you think will also be easy to sell in the coming years is essential. Do not buy in a location ONLY you love unless you want to keep the property for life!
Property prices in Mallorca and Ibiza in 2013 were historically low but will not be sustained forever. As the global economy picks up over time, the increase in property prices on the islands of Mallorca and Ibiza (regarded as extremely safe property investment havens) will certainly return! To browse a large selection of properties 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.
