Pollensa Property Market - Property For Sale in Pollensa & Puerto Pollensa

Por: Novi Property Mallorca  24/02/2010
Palabras clave: Property for sale in mallorca, Mallorca property market, property for sale in pollensa,

While the Pollensa property market undoubtedly benefits from some "defensive qualities" - limited supply, strong brand and associated "loyal buyer" interest (in the long term) and an excellent local environment, the area has suffered, like all others of Mallorca, in terms of significant price corrections (or should I say "value". Regular readers of my Blog - Mallorca Property Market at wordpress will know I believe there are many cases where prices / asking prices are out of line with underlying values).

Later than many other areas, owners and local agents have begun to "correct" asking prices / expectations, something long over due and something which should help to generate some buyer interest and all important sales (up until now it was diificult to say what the market ws doing due to the simple fact of negligible activity and thus transactions which "are" the market.

One particular developer has recently cut prices (to be fair for the third time so they were always offering pretty good value) to levels that are up to 50% lower than at the paek of the market when the units were first released. Were they originally too high? Probably so we should perhaps take with a wee bit of caution that "headline" figure of "50%" but even say at 35-40% these are at least in line with overall market falls and perhaps even more generous.

So is it time to get into the market? If you are a buyer looking for a long term investment or home the answer is yes , BUT with one big cautionary note - do your homework! Not all property is well priced and not all owners are being realistic when it comes to their expectations, but where they are I feel the downside risk is pretty much under control and a purchase now will offer buyers good long term returns.

Contact David Novi to discuss the market, valuations in the area and where there may be buying opportunities

Palabras clave: Mallorca property market, Property for sale in mallorca, property for sale in pollensa,