The north of the island attracts many discerning clientele whom this year will find that they can buy more for their money. For example, a four bedroom villa in a good location now has an average price of €1.7 million representing approximately a 6% decrease in value over 2007/2008. The apartment market has witnessed decreases of around 17% with average price for a two bedroom apartment with views of approximately €250,000.
Townhouses have seen price decreases of around 20% achieving an average price of around €550,000. Fincas and country houses are maintaining their prices although some will offer a slight reduction to close a deal. Now, you would expect to pay just under €2 million for a well located finca. Plots of land have also come down in price by approximately 28% costing around €300,000 for a 1,500m2 plot.
Coastal properties still achieve premium prices together with well located fincas with good views and plenty of land providing complete privacy. There is increased demand for contemporary designer houses. Although the market is slower, particularly for properties over the €3 million bracket, there is a great deal of serious interest.
Property prices rocketed in this area over the past five years. Currently, a well appointed, four bedroom villa with views has come down marginally by approximately 10% in price and will cost an average of €1.7 million. In the apartment market prices have come down around 25% with a good two bedroom apartment with views selling for an average of €300,000.
Recently, there has been a strong demand for the exclusive end of the property market with clients willing to spend large budgets on penthouses with views to the sea and close to the beach, which average €640,000.
Alcudia & Puerto Alcudia
In this area there remains a healthy demand for premium property, usually front line, which has retained its value. Similarly, well located fincas and good plots are much sought after and generally property is taking between eight months to over a year to sell.
Some property prices have decreased in this area at around 10-20% depending on the property and location. For example, a four bedroom villa with views now has an average price of €1.2 million. A two bedroom apartment with views will come in at around €290,000 and a plot of 1,000 sq metres will now fetch an average property price of approximately €380,000.