Mallorca property update - 7th November 2010

Here is our latest Mallorca property update. The market here was busy throughout October. Most likely this is the seasonal factor coming into play, with late September, October and early November usually being the time of year when the largest range of properties is available and owners likely to be most flexible on prices.

December and early January are normally quieter, as the focus is on Christmas and New Year festivities. By the same token, these months are also good times to search for and buy property. Underlying all this, it is still very much a buyers market and there will be more on this in our 4th quarter market update which should be online later this week.

In advance of this, here is something to consider regarding the pricing of properties in the current market. I have often commented that each property needs to be judged on a case-by-case basis due to there being a greater-than-usual variance in how realistically / competitively individual owners set their asking prices and how flexible they might be in negotiations. Judging opportunities on the asking price can be misleading - a property might be priced relatively high but have a lot of scope for negotiation. A similar property close by might have a lower asking price but have very little negotiating scope.

Ideally I would indicate both the asking price and the negotiating scope for each property, but that is not possible. Sometimes we have an accurate idea of what the lowest price could be, sometimes not. But all the properties listed on our blog have the potential to be a good investment and, if you are using our service actively to search for properties, we will give you all the relevant background information to help you judge each opportunity. We will also relate this to other comparable properties and take into account all the other factors that might influence each property's value, so you can be more confident you are working with realistic figures in any negotiations.

Moving on to this weeks selection, they range from 240,000 Euros for some good value apartments in Pollensa, to 1,600,000 Euros for a country house with two guest casitas, also in Pollensa. As noted above, they are listed with the official asking prices so, if any are of real interest, get in touch and we can discuss in more detail.

Luxury 2-bed apartment in high quality community, Nova Santa Ponsa

Apartment in one of the prime location communities of Nova Santa Ponsa. Realistically priced at 350,000 Euros. see details

Price reduction: Las Abubillas townhouse, prime Southwest Mallorca community

Las Abubillas is recognised as one of the prime developments for community villas and townhouses in Mallorca. This property is a very nice townhouse with private garden. The price has been reduced from 585,000 to 550,0000 Euros. see details

Villa for sale, Las Abubillas, Nova Santa Ponsa

Another Las Abubillas property, this one is a detached villa with an asking price of 695,000 Euros. see details

Stunning traditional town house for sale, S'Arraco, Andratx

Traditional townhouse renovated to an exceptional standard. Priced realistically to sell at 550,000 Euros (was 695,000). see details

Newly-built apartment for sale, Pollensa Old Town

Moving up to the North Coast, this newly built property has a large roof terrace and is located just a few minutes from Pollensa's town square. Priced at 240,000 Euros. see details

Price reduction: spacious apartment with mountain views, Pollensa Old Town

This property has now been reduced from 290.000 Euros to 240.000 Euros making it exceptional value for a good 2-bed apartment in Pollensa. see details

3-bedroom apartment for sale, Pollensa Old Town

This spacious apartment was built recently in Pollensa Old Town. Realistically priced at 249,000, an ideal lock-up-and-leave property or permanent home. see details

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Luxury ground floor apartment for sale, Puerto Pollensa

A top spec' ground floor apartment within walking distance of the town centre and beach of Puerto Pollensa. Asking price 400,000 Euros. see details

Renovated country house for sale in prime location, Pollensa

7-bed country house in La Font, a prime location adjacent to Pollensa Old Town. Renovated to a high standard, the property has lovely gardens and two self-contained guest casitas. Asking price 1,600,000 Euros. see details

Very good value opportunity, recently built country house for sale, Alaro

The final two properties are in Alaro in the foothills of the Tramuntana Mountains. Alaro has a lot to offer including stunning scenery as well as easy access to Palma and other parts of the island. This property has a pool and mountain views. Price: 1,050,000 Euros, open to offers for a quick sale. see details



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Recently built traditional styled finca, Alaro

Another high quality country house with lots of living space, lovely gardens, a pool and wonderful mountain views. The asking price is 1,500,000 Euros but offers will be considered for a quick sale. see details

There is one other outstanding opportunity I would like to highlight - a luxury penthouse in Los Jardines de Portogolf, a prime frontline development close to Port Adriano in Nova Santa Ponsa. It is a spacious 2-bed with large roof terrace, BBQ and excellent sea views. The community has exceptional gardens and pool areas. The asking price is 750,000 Euros - it can potentially be bought for considerably less.

Please get in touch if you would like more information on any of these properties or have questions regarding the market in Mallorca. My contact details are at the bottom of this newsletter. I look forward to hearing from you, have a good weekend.

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Mallorca Property Partners