Well it’s been a pretty interesting year to date with the current credit crunch adding further fuel to an already depressed market. The oversupply of Spanish property at the bottom to middle end of the Spanish property however the Balearic Islands and especially Mallorca has faired better than the rest of Spain explained Nick Stuart managing director of Spanish Hot Properties, Spain’s number one internet based real Estate Agency. Whilst mainland Spain has had price falls of 9% prices in the Balearics held up better than on the mainland, falling by only 4.4%. According to a recent Tinsa report
“The forward thinking government of Mallorca through its planning laws and not allowing an over supply of housing stock has helped to keep Mallorca as a the premier place to buy Spanish Property in Spain” explained Nick. “Obviously no place is currently immune from the credit crunch and European wide housing market crash but Mallorca is weathering the storm better than most” Said Nick
However at the bottom end of the market for property in Mallorca you are now beginning to see unheard of Bargains with Taylor Woodrow Espana leading the way with price reductions of up to 30% on last years prices of newly built property and not just at the bottom end of the market either. However the top end of the market is still strong and property prices don’t tend to reflect the bargain prices that can be achieved up to the €600,000 Euro price level explained Nick
