Here is our first October update – focused this week on a few exceptional opportunities. There are still plenty of “bargains” out there at present. The market pretty much mirrors the UK with some signs of price stabilisation and growing confidence, and even price increases in some areas. Underlying this however the market is still slow and buyers are still cautious.
As I have mentioned before, in seeking out the best opportunities it is important to look beyond just the percentage price reduction. The likely achievable purchase price relative to actual selling prices in the area is the important equation. Location is of paramount importance too, and realistically many of these “bargains” are unlikely to be good investments in the foreseeable future, either because the pre-reduction price was unrealistically high, or because the property is not in a prime location.
So this selection is of some properties that we would say are “real” bargains in that they are also good investment opportunities. They are in prime locations and priced at a level that is competitive in comparison to current prices in the same area.
The Pinewalk is one of the best sea-front locations in Mallorca. This is an attractive apartment in a good location – suitable as a holiday home or permanent home.
- Ref: PTP1777
- Location: Puerto Pollensa, North Mallorca
- Type of property: apartment
- Bedrooms: 3
- Bathrooms: 2
- Constructed: 105 m2
- Reduced in price from Euro 436.000 to 395.000
Also in the Pinewalk area, this property is a townhouse with a private pool, garden, roof terrace and 4 en-suite bedrooms for the price of an apartment in this location.
- Ref: PTP2718
- Location: Puerto Pollensa, North Mallorca
- Type of property: townhouse
- Bedrooms: 4
- Bathrooms: 4
- Constructed: 180 m2
- Price: 475.000 Euros
This is a pressure sale and has been reduced to a level that is considerably below current market prices. The property had an official bank valuation of 965.000 Euros in 2006. A realistic current market price would be Euro 725.000 to Euro 775.000. It is available now for Euro 553.000 which is the final lowest price.
Apartment located in a small community in Santa Ponsa. One would expect the current asking price to be over Euro 400.000.
- Ref: A61645
- Location: Santa Ponsa, Southwest Coast Mallorca
- Type of property: apartment
- Bedrooms: 2
- Bathrooms: 2
- Constructed: 95 m2
- Price: 320.000 Euros
- Ref: POL1793
- Location: Pollensa Old Town, Mallorca
- Type of property: apartment
- Bedrooms: 2
- Bathrooms: 2
- Constructed: 100 m2
- Reduced from 290.000 Euros to 275.000 – scope for further negotiation.
There are just a selection of the property opportunities we have added since the last newsletter. You can see them all here : Selected Mallorca properties.
Our October market update should be out next week and will include some thoughts on where to find the best locations and most secure property investments. Until then, please let me know if you are interested in any of the above properties or have any questions. I look forward to hearing.
Kind regards,
Mallorca Property Partners
Posts
