Mallorca Luxury Property - A review of the Market
Novi Property Mallorca
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Mallorca has increasingly become one of Europe's top residential locations boasting an increasing number of rich and famous residents and visitors. With increasing levels of investment in one of the many high quality sea front villas, exclusive rural fincas or port-side penthouses, this segment of the market enjoyed continued growth well after the rest of the market had slowed as cash rich buyers sought a home not only for their families but also their money!
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But what is the situation now, the prospects and what properties are available? Firstly and from a general perspective cash rich buyers are likely to dominate this segment of the market for the near future as is the case in other locations, such as London and Paris, particularly where good rental income can be expected providing buyers with not only an ongoing yield but, if purchased at the right price, good long term capital growth prospects.
The key is "quality" and "location" ie top quality specification with an excellent location - sea front or in unique locations such as Deia and Valldemossa or Old Town Palma. Supply is very limited and thus, it is our opinion, that long term growth prospects are very good. Throughout the Island we can find truely spectacular properties such as the Cielo de Bonaire hill top mansion enjoying some of the best views in the Balearics; the La Fortalaza private peninsula with historic buildings luxuriously restored, over 85,000m2 of grounds and hundreds of metres of private coastline; Son Coll near Arta in North East Mallorca a luxury finca with over 285,000m2 of land, private Spa and international quality tennis court befitting the current owner of the property; a magnificent rural retreat near Alaro, dating from the 17th century and meticulously restored; Las Brisas in Puerto Andratx one of the top 2 or 3 addresses on the Island, along with Formentor and Son Vida boasting 15 exclusive villas; Sa Torre in nearby Sol de Mallorca, a Mediaeval fortified tower with direct sea access; or Portals Views one of Mallorca's top penthouses enjoying top quality interior design and views to match!
That Mallorca has top quality properties, in truly stunning environments, is not in doubt nor is the fact that the Mallorca "brand" remains very strong and attractive to international buyers, but that is not to say however that these properties are immune from the world economic backdrop and that appropriate "pricing" is not also an integral part of the due diligence process. In the past top prices were demanded and paid while now they are demanded but less often paid. While valuing such "unique" properties is difficult in any market, thorough market research and professional advice is more important than ever with the "odd few million euros" quite often dropping off asking prices when negotiations get under way and the seriousness of a purchaser seen! Obviously each individual case needs to be understood in it's own right so "getting behind" the sale, who the owner is, why they are selling etc is critical to seeing where prices can be pushed and how a deal can be structured.
This is certainly a case where buyers should be looking at their professional team, who is advising them and ensuring they are independent of the owners and sitting firmly in the "buyers corner" before any serious search gets underway. Legal and property advisors - Solicitors and Chartered Surveyors for example, should be appointed at the outset that can look at the ownership position; the land registry rights; finance and payment options; the valuation of any property being considered and it's structural condition, all critical if an optimum price is to be paid. With so many millions at play a few thousand invested in a good set of advisors certainly pays dividends.
For further advice in exclusive property investment options in Mallorca and the Ballearic Islands, market conditions and valuation advice please contact David Novi BA MPhil MRICS at [email protected] or see the Mallorca Chartered Surveyors web site
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