With Spain's leading internet and real estate company Spanish Hot Properties selling more property in Mallorca than the rest of Spain put together in 2010 you might be wondering what makes Mallorca property so Special.
On the face of it one finds it hard to fathom with real estate prices not being reduced nearly as much as they are on the Costas of Spain. Mallorca is a relatively small percentage of the International property market in Spain about 20% if you exclude Madrid and Barcelona which tends to be a different type of buyer and market. So if you take Spanish Hot Properties figures Mallorca is out performing every other area in Spain by at least three to one.
There are two major reasons for this in that Mallorca to use a UK example is the London of the Spanish real estate market. There just isn't the oversupply that you have in other areas of Spain and because of the strict planning laws applied by the Balearic government you don't have supply outstripping demand. Obviously the market was affected by the Spanish property recession and property prices did fall but not nearly as much as the rest of Spain.
So what about the future for Mallorca property during the rest of 2010 and beyond. I believe there is a window of opportunity for people to still get a good deal but come 2011 I think you will start to see small price rises of 1% or 2%. The other interesting factor in Mallorca is that its here where property investors are buying because they know unless they are completely stupid they wont lose money and most property investors that are around today are not stupid.
Other smaller factors that effect the Islands popularity include is the fact it is known as the Kings Island because this is where he likes to spend his free time and the diverse international make up of the island with a large German, UK and Scandinavian community
So my advice would be if your seriously interested in Mallorca real estate you should make that investment some time during 2010.
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