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For those of you who are waiting to buy - NOW IS THE TIME ! There is a definite improvement in the market and I am sure that prices will now start to gradually increase. Not all sectors are flourishing but certainly the upper end properties (i.e €1.5 million upwards) are stabilised and selling.
Property prices have risen by 0.4% last month and the Balearic Islands have weathered the financial crisis considerably better than the rest of Spain according to official statistics. In fact they predict a shortage of "first time buyer " properties by the middle of 2014.
It is a reflection on the market when I point out that throughout the recession over the last four or five years our "average sale price" has increased year by year. In 2007 our average was around € 2.3 million steadily rising to well over € 3 million in 2013. And the year is not over yet !
Sellers can also take comfort that they should be able to realise somewhere closer to their asking prices but buyers still want "a deal" !
Various other factors are giving a boost to the Mallorcan property market. The German election result will please most wealthy Germans. And with a slight "upsurge" in the pound against the Euro, property in Mallorca is an increasingly attractive proposition.
I am sure that prices have reached the bottom of their long lasting downward trend and sales are being made at levels closer to asking prices. So if you are thinking of buying - NOW IS THE TIME !