Exclusive Apartments for sale in North East Mallorca

Beautiful new build apartments for sale in the quiet and exclusive Port Verd area of Cala Bona / Costa de los Pinos. These light, bright and contemporary style apartments offer spacious accommodation, set in lovely gardens and a privileged location enjoying sea views, and easy access to the beach and all other amenities.
The apartments are on ground, first and top floor levels, the latter benefiting from a spectacular private roof terrace, the ground floor with private gardens and the first floor with good sized terraces.
There are 2 and 3 bedroomed options, each with two bathrooms, fully fitted kitchens and a spacious lounge / diner. The apartments come with an underground car parking space and store room and exclusive membership of the 4* Esperanza Mar Hotel amenities, less than 100m distant, including restaurant, gardens and swimming pool.
Contact us to arrange viewings or for further information (see http://www.novipropertymallorca.com/property.asp?id=1320)

See also Apartments for sale in Cala Bona / Costa de los Pinos (http://www.novipropertymallorca.com/property.asp?id=1201)

For cheap good value properties in Sa Coma North East Mallorca see (http://www.novipropertymallorca.com/property.asp?id=1314)

Other resources:

Novi Property Mallorca – property for sale in Mallorca

Properties International Mallorca - property for sale in Alcudia, Pollensa and throughout Mallorca

Mallorca Mortgage Brokers and Insurance Representatives

Mallorca Chartered Surveyors – Independent Mallorca property valuers

Rural villa for sale in Sencelles Mallorca at heavily discounted price

I don’t shout “bargain” very often when it comes to Mallorca property but when a lawyer friend of mine told me to look at this property in Sencelles, central Mallorca, that is exactly what I did! The owner have genuine reasons for selling and my friend is sorting out some unfinished legal paperwork which had lost some earlier sales and with this nearing completion a quick sale is wanted.

Price? 535,000€ down from 750,000€! This makes it a very interesting opportunity for anyone looking for a large family house in Mallorca with additional rental potential from the two guest apartments

The accommodation is extensive to say the least and can be described as follows:

 

Rural property made up of 4 buildings, situated on a large flat plot of 10,000m2, offering wonderful views of the mountains, and situated near to Sencelles. There is a main house with tower and garage; a small 50m² building with sauna and indoor swimming pool; in addition to two guest houses. he property has been fully renovated. Outside there are gardens, covered terraces and outdoor swimming pool (10m x 4m). In addition there is farm land. The total constructed area is 447m2. The property benefits fro central heating and air conditioning.

 

Mallorca Property Market Update December 2009 – Beware of over priced property in Mallorca

It is always interesting to read the views, news and opinion of those operating in any particular market place, in this case, the Mallorca property market. This is especially the case when the views and news seem to be ever contrasting!

Only a couple of months ago one major agent in the South West of Mallorca, Calvia in particular, spoke about how the luxury end of the market, far from riding out the storm as so many had been maintaining (irrationally in my opinion!) was indeed suffering the same problems as the wider economy and market, with falls in asking prices of 30% or 40% (ie in line with general Mallorca property market adjustments).

Now, courtesy of another “big name” Mallorca agent we are reliably told that the “prime property market” in Mallorca, and specifically the South West where much of this market is concentrated, is in fact doing very well thank you very much! On top of this we have market reports from the big valuation companies like Tinsa that seem to tow the middle line ie things are still bad but improving (or not getting worse to be more accurate!).

So what is really happening and more importantly what are behind these headlines and what does it mean for potential buyers and sellers of Mallorca real estate? The short answer is they are probably all correct but the reality and facts get lost behind headline and the vested interests of the writter. As I have maintained for a long time underlying property values, across the board, have been falling even if “asking prices” have remained, in many cases, stubbornly high.

The result? Initially few appropriatly priced properties and, unsurprisingly, few buyers. This was followed by an increasing number of better priced properties (ie properties where asking prices had been adjusted in line with underlying values) and more buyers chasing these new properties offering “value for money”. Agent “one” told us many properties had seen their asking prices reduced by 30 – 40% and that is correct – they are commenting on the properties where the owners have recognised that the only way they can sell is by reducing their sales prices. It is an interesting factor that many of these vendors are British / Sterling denominated and thus can see a currency angle on the sale which allows them to reduce their asking prices while actually taking home (back to the UK) the same as they would have 12-18 months ago when Sterling was 30 – 40% stronger. I wonder whether they would have done this had Sterling not dipped so strongly!

The reality is strong Sterling or Weak Sterling is not really the issue. What is, is that the market has fallen and asking prices must reflect that if a property is to sell or, very importantly for buyers, the price paid is not to be too high (an expensive mistake indeed in this market especially when you add on the costs of purchase of over 10%, which you are always going to need to pay, and thus impact on the “book cost” of the property – the total cost of purchase. It may take many years for the market value to equal or exceed this “book cost” where over paying in a weak market*.

 Agent two is commenting on the same situation but putting the typical agent spin of “the market has turned so get in quick if you want to get a bargain”! To be fair it could be argued that the ability and willingness of British vendors to cut their Euro asking prices and negotiate reduced price sales may be less in the future if, as some anticipate, Sterling gathers ground against the Euro in 2010. Beyond that however don’t feel the need to rush as the fundamentals of the market are still on the weakside and, in my opinion, prices will bump along the bottom for some little time yet. In many respects I expect at least some of the headlines to express the view that values are still falling, where statistics are based on “asking prices”, as many still remain artifically high, out of line with underlying values, and thus in need of downward adjustment. That does not mean that values are falling just artificially high asking prices.

This does however highlight the importance of taking good advice when buying so that you do not purchase one of the overly priced properties or, if you do, you have negotiated an appropriate discount first.

In summary my opinion is as follows:

• Mallorca property “values” are at or very near the bottom of the cycle.
• A very significant % of the market – probably at least 50% is significantly over valued ie the current asking prices are not in line with underlying values. Dependent on each individual case these properties are unlikely to sell unless their prices are reduced by 20 – 40%. Although this % is falling I expect this to weigh heavily on the market in terms of sentiment.
• Properties purchased at market value will offer buyers a good opportunity to invest for the long term in a market that still has good fundamentals when viewed generally and with a medium – long term horizon (controlled supply side and strong demand from lifestyle purchasers).
• Expect capital growth to be very limited in the near term but the downside risk of capital erosion, through further market price reductions, limited.
• Properties purchased now at some of the inflated asking prices will have significant downside risks. Losses of 20% – 40% are a real possibilty.

For further information and advice regarding how Novi Property Mallorca and Mallorca Chartered Surveyors can assist buyers to find, negotiate and purchase real estate in Mallorca at the best price, please contact David Novi at info@novipropertymallorca.com or info@mallorcacharteredsurveyors.com

 *Note: When you buy a property at market value your “book cost” ie the full cost to you, is the purchase price plus costs (say10%). If the market rises by 5% pa (ignoring inflation) it will take 2 years (aproximately) before the market value equals what was paid. If the buyer over pays by say 20% and we add in the buying costs of 10%, it will take between 5 and 6 years for the value to reach what was paid!

Property For Sale in Arta – Reduced Price Country House For Sale in Arta North East Mallorca

Wonderful opportunity to aquire a traditionally designed Mallorquin Country House / Finca in Arta one of the most beautiful and tranquil areas of Mallorca. This 4 bedroom, 4 bathroom property (comprising Main House and separate Guest Accommodation, has been greatly reduced in price, down from 1,450,000€ to 995,000€, for a quick sale.

The property offers buyers all the comforts of a new build property (the property is 10 years old) with all the charm and character of a traditonal Mallorca country house / finca, at a now greatly reduced price and one offering real value for money.

Full details can be found on (http://www.novipropertymallorca.com/property.asp?id=1311) and  Novi Property Mallorca and Properties International Mallorca

Houses for Sale in Sencelles Central Mallorca – Family Property For Sale near Sencelles

Charming and good value property for sale in close to Sencelles Central Mallorca offering spacious family home in the country side, and set in a beautiful private garden with many established plants. Short drives to traditional villages of Sencelles and Costitx. Inca with all shopping possibilities is also close by.

The house was completely refurbished in 2007, all new wiring, plumbing, wooden double-glazed windows, all new bathrooms, new A/C warm cold, new oil central heating, new Kitchen with all new Bosch appliances.

Mature garden, out-building with BBQ and pizza oven, pool room and garage with storage possibilities.

Ground floor: entrance, W/C, 2 bedrooms (one ensuite), living-dining room (45m2) with open fireplace and staircase leading to the 2nd floor, open plan kitchen (20m2) with utility room.
First floor: living room with open fireplace, three bedrooms en-suite (master with large shower and bath) attic

A really lovely family home in the heart of Mallorca with ease of access to Palma, the airport, all amenities and the beaches of Alcudia, Playa de Muro and Pollensa.

For further Central Mallorca properties see Novi Property Mallorca

For Property Finding Services from Mallorca property market specialist and Chartered Surveyor contact David at Mallorca Real Estate Search

 

Front Line Penthouse Apartments for sale in Palma de Mallorca – Luxury Palma de Mallorca Apartments

Luxury Palma Apartments

Penthouse apartment for sale in Palma de Mallorca situated adjacent to the beach in a quiet residential area yet with ease of access to the city centre and the stunning Old Town. These new build units offer top quality modern accommodation with a stunning location benefitting the owner with access to all the top quality amenities of Palma and a beachside “retreat”. This is ideal for all year around living or a second residence / investment property.

Details of the penthouse can be found on the Novi Property Mallorca web site:

“Stunning penthouse apartment for sale in Palma de Mallorca enjoying sea views. Just a stones throw from the beach yet equally within walking distance of the city centre and the splendours of the Old Town of Palma this modern penthouse apartment with spacious terraces and internal accommodation, offers the purchaser a perfect mix of urban living with all the amenities Palma has to offer, with an exclusive beachside location for escaping from the busy streets of the city.

There are a number of other units available in the development all of which will be completed by the year end. Excellent long term investment opportunity”

Contact us for further information and latest availability.

For exclusive property finding services from Chartered Surveyor and Mallorca property specialist David Novi see Mallorca Real Estate Search

Cala Dor Property Prices Slashed – Mallorca Property Prices Adjust To The New Market

One of Mallorca’s top property developers has taken the bull by the horn and slashed property prices on their CalaDor development. Having earlier this year reduced prices by up to 25%, the most recent adjustment of a further 10%  sees the scheme offering real value for purchasers at a time when many other owners and developers are still shying away from the deep cuts in prices that will stimulate demand.

David Novi, Managing Partner of Novi Property Mallorca, Chartered Surveyor and Mallorca property market commentator highlighted the CalaDor scheme amongst a small selection of properties he believes deserve serious consideration by those seriously considering  purchasing a Mallorca property. “one could say that it is simply a reflection of the times we are living through, and to some extent that is of course true, but for me the most important aspect is that this developer has reacted positively and realistically to the market conditions and adjusted their asking prices to underlying property values. I have maintained for some time that only some properties are appropriately priced in Mallorca and it is very important for buyers to take professional advice to ensure what they are paying genuinely reflects market value”.

For further information regarding the CalaDor Scheme of 2 bed, 2 bathroom apartments with private car parking and 3 community swimming pools, as well as other buying opportunities in Mallorca, contact David Novi at http://www.novipropertymallorca.com or www.mallorcacharteredsurveyors.com

Calvia Property Market – Luxury Property Prices Fall in Mallorca

At last some admission that the market for luxury property in Mallorca can not operate in isolation and is now coming under the similar pressures effecting the wider Mallorca and Spanish property markets. Evidence coming out of Calvia one of Mallorca’s most exclusive and high value areas, including not only Calvia village but the highly sought after towns of Bendinat; Portals / Portals Nous; Santa Ponsa and Paguera, is that the price of high end villas and country houses have fallen up to 30% in the last year.

This is in sharp contrast to what had happened up until then where Luxury Mallorca Property prices seemed to be holding up despite the wider market falling sharply and the quite dreadful economic backdrop. This appeared to define simple logic and although there was always an argument that the supply side was, and is, relatively constrained demand has fallen dramatically, funding hard if not impossible to arrange, and thus prices unsustainable.

The British owner appears to be the biggest seller no doubt caused by the economic problems back home but also encouraged by the sharp falls in Sterling and the opportunity to sell at lower euro prices while still preserving much if not all their capital when transferring the funds back to the UK. In other words the British owner can afford to adjust their asking prices downwards, and be more competitive, without significantly reducing the actual net receipts in Sterling. The flip side is the Germans are net buyers along with other Euro denominated nationals.

At an individual town level some areas appear to be suffering less than others in the main due to issues of supply and the availability of land for new luxury property developments in the future. In Bendinat for example, where there is little if any development land left, there have been relatively few registered falls in asking prices while in Santa Ponsa / Nova Santa Ponsa, Costa de La Calma and Paguera some significant adjustments in prices can be seen.

One of the biggest falls in asking price, a whopping 38%, has been registered in Calva Village where the asking price, for an estate with a main house of 400m2 (3 living rooms, 5 bedrooms and 4 bathrooms), two guest houses, wonderful tropical gardens, pool, stables and sand school, has been dropped from 4.3€ million to 2.6€ million.

For further information regarding the Calvia property market and the wider luxury homes market in Mallorca please contact David Novi BA MPhil MRICS.

For other comments on the Mallorca Luxury Property Market see:

Property For Sale in Es Capdella, Calvia – Well priced villa in Es Capdella

Property for sale in Costa den Blanes / Portals Mallorca – Urgent sale required!

Property For Sale in Andratx – A Review of the Andratx Property Market

For general property for sale in Mallorca enquires contact Novi Property Mallorca 

For professional advice, surveys and valuations see Mallorca Chartered Surveyors

For bespoke property finding services in Mallorca see Mallorca Real Estate Search

Spanish and Mallorca Property Market Update – Beware of Off Plan Property – Spanish New Property Market in Meltdown

No one has to remind you of the difficult times effecting the Spanish property market, and the local regional markets including Mallorca. Press reports, economic studies, reports from the EU and even none too impartial reports from the Spanish Government itself, all point to “double trouble” in Spain – economic recession as a consequence of the international financial crisis plus the “home grown” property market crash resulting from an economy far too heavily dependent on bricks and mortar and which has not gone into “slow down” but “melt down” following a 7 year speculative development boom of almost unimaginable proportions.

During this time the Spanish construction sector delivered upwards of 700,000 new units per year when underlying long demand is less than half of that (and likely to find a new level of 200,000 per year for the near term). Now the construction companies, from the largest household names down to the local builder, are going out of business by the day leaving an alarming number of unfinished properties on the market, apart from the ever growing stock of unsold completed new properties and, perhaps more worryingly, a banking sector that, to hide its exposure to the construction sector, has in effect become a dumping ground for unsold properties (over 110,000 properties are sitting on the balance sheets of the banks with estimates that this will grow to 150,000 by the end of the year). Add to that the other 800,000 plus new build homes still in the hands of the developers and unsold, and you get a feel of the problem and the difficulty that the property market will have finding a stable base while this supply overhang persists.

I will comment in more detail about the implications for the housing market and Spanish economy of this weight of unsold properties in a separate report as here I want to emphasise the point that  buying off plan is now very risky and even buying completed new build should be approached with some caution to ensure all necessary Guarantees are in place and backed up by the appropriate Insurance Company policies (a legal requirement but one ignored by some of the many developers going out of business, leaving purchasers with no recourse in the event of problems with the build quality in the future).

A recent study of new build properties started 2 years ago suggests 25% are not finished, and are unlikely to complete in the near future, due to cash flow problems and the bank credit squeeze, a none too happy picture if one of those thousands of properties is yours and you have tied up your life savings in the deposit! And don’t think that this problem has reached a peak. Most experts agree that not until mid 2010 will the number of new build properties in the pipeline, and reaching completion, stop exceeding the take up in the market i.e. the stock of unsold properties is going to carry on growing!

My advice - ”be very wary of buying off plan” and where buying a completed new build property make sure you do thorough checks with your lawyer to ensure the appropriate insurance guarantees are in place.

In relation to prices and underlying values, only buy if you are in this for the long haul. I have long maintained that the Spanish and Mallorca property markets would probably not see any return to positive territory until 2012. No one accused me of being too optimistic (quite the opposite!) but I now think it could be some time later. How does 2016 sound for the Spanish market as a whole?

Will Mallorca fare better? Probably. The estimates of unsold stock in the Baleraic Islands are around 16,500 units while the much larger Communities of Andalucia and Valencia are facing an overhang of 176,000 and 155,000 respectively! Even after taking account of the population differences, the situation in these areas, and others like Murcia, are significantly worse. As regular readers will recall I have long maintained that the Mallorca property market has some defensive qualities, which include this “better than Spanish average” supply side picture and a demand side predominated by life style purchasers rather than investors. The strength of the Mallorca “brand” adds further support to the market.

That said it is not reasonable to assume that the Mallorca market can be de-coupled from the wider Spanish property market entirely. Problems of affordability, unemployment and wider general economic weakness effecting the tourism sector are all realities in Mallorca and can not be ignored. Property asking prices in many cases remain high where owners and agents have failed to readjust to the new market conditions and this alone is acting as a heavy weight on the local market. Other asking prices are now more in line with underlying value and thus have a much more limited down side risk. Others should carry a bold “health warning”!.

The conclusion? It is all about “stock selection” ie if you are looking to buy in Mallorca do so with caution and look for the well priced properties hidden amongst the ridiculously over priced. If you are in for the long haul, are a lifestyle purchaser and want to enjoy a home in Mallorca now, rather than sometimes in the distant future, then with care, particularly regarding issues of price and value, then now may still be a good time to buy.

Property For Sale in Andratx Camp de Mar – Houses For Sale in Camp de Mar Andratx – Mallorca Golf Property

It looks increasingly that value for money is easier to find in the Mallorca new property market than in the market in general. Along with the recent properties I have highlighted In Cala Dor and Port Verd these new Town Houses in Andratx, Camp de Mar, traditionally one of the most expensive areas of Mallorca, are worth a look. Enjoying a priviledged position adjacent to the Andratx Golf Course, many with sea views, these properties will be of interest both for those looking for a full time home in Mallorca; golfers looking for an easy to maintain Mallorca golf property less than 30 minutes from the airport; or those looking for a holiday house in Mallorca for their own use or as a rental investment.

The first phase of 2 bed, 2 bath properties start from 418,000€. See “Houses for sale in Andratx” for more information

Contact Novi Property Mallorca for further details.