Now might be the time to buy luxury property in Mallorca

Dec. 9, 2011 - PRLog -- The worst of the property downturn might be over in Mallorca. In the 3rd quarter of 2011 the average house price on the island was €416,000 which is 75.9% above the national average house price in Spain, with the average 5 bedroom property being valued at €1,269,000 or 117.66% above the national average fro similar property.

This supports anecdotal evidence from Estate Agents that demand has started to return for higher end properties. The properties that are selling are those at the top end that buyers can simply walk into and use. For the time being the purchase and renovation of dilapidated fincas seems to be a thing of the past.

There are many reasons why Mallorca is still a good place to buy luxury property. Firstly being an island with tight planning controls there is a finite number of properties and development plots, secondly the island is very popular with the Germans and the German economy is coming out of recession more powerfully than many of its neighbours, thirdly the island is still extremely popular with holidaymakers so rental returns remain buoyant. Lastly the island gets around 300 days of sunshine a year and is within a short flight of most of the Financial Hubs of Europe like London and Franfurt.

http://www.mallorcaluxurybalearics.com is a website that specialises in the best that Mallorca has to offer and specifically properties with a price tag of over €1,000,000. They can also use their extensive network of contacts to source properties for you that might not currently be advertised. You can contact them through the website.