The southwest is generally regarded as the area with the highest density of top value properties with an average spend of €1 million by new property investors. Regardless of what is happening outside the island the level of investment has not changed in this area and if anything it has slightly increased. Furthermore, there is little evidence of “bargains” and owners have accepted that they will have to wait longer to sell their property in the current property market conditions.
Puerto Andratx & Paguera
The market at the beginning of the year was quite slow which is not unusual and buyers include German, British and Scandinavians. There has been little significant change in property prices in these areas and prices for well located top quality properties remain basically the same.
However, there have been some reductions in price for properties away from the front line with no sea views of 10 -13%. For example; in Puerto Andratx, a typical four bedroom villa is now on the market for around €1.4 million with views you can expect to pay €2.8 million and a two bedroom apartment with no view can be picked up for around €400,000 – with views would cost approximately €700,000
Further down the coast, Paguera offers excellent value particularly for first time investors of properties. A villa with sea views is priced at around €1.6 million. Prices for apartments in this area have come down this year and well located two bedroom apartments with sea views can be found for around €495,000.
The Easter period has been steady and sales of properties have been made. The spring looks promising with potential clients already booking viewings over the next few months.