In recent times the Mallorca Property market has been hit by the economic downturn just like any other. In such times holiday destinations suffer more as a large portion of the properties are non-essential second homes and are therefore expendable if finances come under pressure. However, compared to mainland Spain and other Southern Mediterranean locations, Mallorca has faired relatively well. Whilst it is difficult to put accurate figures on the level by which prices have decreased it would be less than in the Spanish Costas, the other Balearic islands and most other Mediterranean locations.
More importantly, much of the demand for property Mallorca has not gone away but is "on hold" and looks set to return quickly once the global economic climate stabilises. This will not be the case in other locations where over-building has created too much supply, something that will take longer to correct regardlesss of any economic revival. This means for those in a position to buy now there is a window of opportunity while prices remain under pressure. Indeed in December of last year the Financial Times cited Mallorca as one of the top 10 "safest" locations in the world to invest in property in these uncertain times.
New service for Mallorca property investors
With this in mind, Mallorca Property Partners (MPP - http://www.mallorcapropertypartners.com) has launched a service intended for people looking to invest in properties in Mallorca. MPP is a long-established property finder and advisory service specialising in the Mallorca property market. The new service brings their expertise and island-wide network to a sector that, to date, has really only been serviced on an ad-hoc basis by estate agents. The new service offers an alternative approach whereby MPP are involved at all stages including helping to set the objectives and investment strategy when appropriate.
MPP's founder Kevin Reeves further explains, "... clearly every one who is buying property at present is looking for a good deal. However, this should not be based purely on discounts off asking prices as this does not necessarily mean your purchase will be one of the fastest appreciating when the market improves. The correct approach is to set realistic objectives and identifying the investment opportunities that will best meet those objectives. In simple terms the service works pro-actively with investors rather than just listing opportunities as and when they appear. So-called bargain properties and repossessions are part of this but investors need to tread carefully in this arena. A "bargain" deal on a property in a poor location for example is not likely to give the best return!"
"The service is similar in many respects to our current search service process, but there are some key differences in the way it operates that are specifically designed for investors. The service is not only applicable in the current stressed market and we will be carrying it forward when the market improves. Until then however there is no doubt that there are some particularly good opportunities and we predict this will continue to be the case at least for the remainder of 2009 and most likely well into 2010."
You can see more about Mallorca Property Partners investor service and contact them via their website: http://www.mallorcapropertypartners.com/
