The island will be cheaper - and yet Majorca is known worldwide as one of the safest places for property investment. The real estate agent in Santanyi AM Inmobiliaria y Promociones Mallorca Properties offers a wide range of fincas, villas, chalets, commercial property, plots and apartments to buy and for long-term rentals in Majorca.
Extraordinary times require special measures - that principle seems, given the hype about the general financial crisis now also apply on Mallorca. The most salient example: Several owners are trying to strike her house by lottery.
Legally, such an approach is not, however, controversial. "The Spanish government," said the lawyer, Dr. Burckhardt Löber from Frankfurt am Main, "has the real estate lottery regulated, although the year 2007." It was not quite so simple, an approval by the Economic and receive Finance Ministry in Madrid. Among other things, the organizers have observed long application deadlines and provide substantial tax advance payments. "It appears that so far has none of the organized Mallorca house lotteries over such a permit." Accordingly, the lottery would be illegal, leading to the criminalization of the organizer and can possibly lead to the participants.
That such raffles are held, is linked to the - compared to the last great boom in 2007 - very slow sales together.
"Sellers who now want to sit out even their old price, often have to adapt to wait two or three years." Potential buyers have suffered from the financial crisis losses on the capital originally planned investments in real estates once put on hold. Broken away is especially the demand from the ailing England and from Spain itself, also because the banks have hardly any money for mortgages available. No question, therefore, Mallorca has changed since last year to a buyer's market. And the Germans, who are already re-look increasingly to homes, suddenly the most important group of buyers on the island.
Many investors, it is now against the backdrop of turmoil in financial markets about investing their money in safe property. And remains just Majorca as a hot tip: for the prestigious Financial Times is one of the island in terms of real estate investments in 2009 among the ten best and safest locations in the world. For Mallorca, the leaf, spoke the relatively balanced relationship between supply and demand, the strict control of new construction projects, the good accessibility and the highly developed infrastructure.
Market situation: When second homes and luxury properties, there were up into 2007 price increases in double digits. To a significant decline in sales (down 30 to 35 percent) occurred after the bankruptcy of U.S. bank Lehman Brothers in September 2008. News stagnating sales of objects in the middle segment (from 300,000 to 800,000 euros) and in the sector of residence. Price reductions of ten to 30 percent there is in particular there, where many Spanish owners in the neighborhood
However, this raises the question of where it actually goes with the prices. Given the steady demand in a fast bottoming of prices is more likely than in comparable markets, especially as Mallorca has gone from inconsistent in recent months in various segments of the real estate market. There are, for example in real TOPOBJEKT rarely discounts. The same is true for most new buildings, particularly for new developments of major promoters. "There are many not even think of it, stairs down to the price, people who are having three or four real estate or a real piece of cake to." German and Scandinavians already reluctant to grant discounts of 30 or 40 percent. Often discounts are rather due to individual stories, such as in the case of entrepreneurs who urgently need money, or in separations and deaths.
Nevertheless, the Internet sites of many brokers in Mallorca remember the face of the crossed-out Old price and rich reductions of the classic winter sales mood. Good targets for bargain hunters are currently the English Seller: They have a price reduction of about 20 percent to cope well, and sometimes even financial benefit, if that is conceded, the Euros are then taken with the UK.
And Spanish sellers often leave tumbling prices, which accelerated the descent locally. If prices fall in the neighborhood are finally other owners mercy of the market.
Thus, house prices have fallen, according to an analysis last year in Palma by ten to 20 percent, in the north even by ten to 30 and in the northeast at ten to 25 percent. Also in the southeast you can expect discounts of up to 30 percent. However, in the case of top-objects, the tendency to go down with the price, basically low. And of these objects, there are in Mallorca lot.
Source: Bellevue