There’s no better place to recharge one’s batteries after a winter of hard work and play than the Spanish island of Mallorca, a jewel in the Mediterranean.
Mallorca has justifiably offered some of the best property returns over the past ten years, with price increases almost four-fold, and forecasts of 6% year on year growth over the next four years. Why? Offering arguably the highest standard of living in the Med, well-run and well-regulated, Mallorca is renowned for its dynamic food and cultural offerings, with the historic city of Palma considered one of Europe’s most vibrant small cities.
The island is also a magnet for high profile personalities like Michelle Obama, Brad Pitt, Michael Douglas, Claudia Schiffer, Sir Richard Branson, Bob Geldof, Sir Andrew Lloyd Webber and the Spanish Royal Family because of its pristine beaches, world-class cruising grounds, and large national parks with cycling and hiking trails. Mallorca is renowned for its low-key lifestyle, where the rich and famous mingle casually with locals, and privacy is respected.
Unusually for the region, the infrastructure of Mallorca is constantly being upgraded, and future major projects include multi-million-euro port upgrades, new roads and infrastructure. These projects catapult nearby property prices. Given the speed at which values are climbing, now is the time to buy. By following a few tips, you can secure your dream Mediterranean villa in Mallorca – and enjoy the process.
- Assemble Your Team: As a CEO, you understand the value of assembling a top team on the ground. When buying a luxury villa in Mallorca, a good local lawyer and buying agent should be the key members of your team. Sourcing and closing on a villa in Mallorca is necessarily a time-consuming process that should be carried out by experts with extensive professional and local knowledge. These two individuals will be not only essential in finding the right property, but will also be the people safeguarding your investment and negotiating the intricacies of the option contract on your behalf. Use only professionals you like and trust.
- The Brief: Take time to understand what you want to get out of a property in Mallorca. Taking the time to establish a detailed brief will enable your buying agent to select locations on the island that will work for you. For instance, if you must have sea views and want a boat, then he will identify property near marinas and ports with a sea view. This may sound obvious, but even just a few defining factors will eliminate 80% of the island or equally open up 80% of the island.
- Keep an Open Mind: Sadly, digital property search systems across the world are all equally impersonal. In the same way that these systems will send you property that is of no interest, it’s also likely they will not show you property that IS of interest. A good local buying agent should add that key emotional intelligence and intuition to a search commonly carried out by an algorithm. The majority of property I buy for clients has a very different list of characteristics compared to the initial brief. Be open to viewing property that falls outside your initial criteria.
- Ask Questions: Although the buying process in Mallorca isn’t drastically dissimilar to buying property in the US, UK or other parts of Europe, buying on any foreign soil can be a daunting experience. Ask questions no matter how trivial you think they may be, and don’t hesitate to ask those questions again and again until you have a clear understanding, as cultural and language differences can sometimes muddy the waters.
- Be Patient: Manana, manana. Have patience: It took 372 years to complete Palma Cathedral! Mallorca doesn’t operate at the pace you may be accustomed to. It is worth remembering that this may be the very reason you are looking to buy a property on the island. The rewards for a patient buyer are well worth the wait.
- Trust your gut feeling on value: It’s fair to say that the asking prices of property in Mallorca are erratic. In the majority of cases, there are few comparables to draw down on. Location, size, access, electricity, water, views, proximity to beaches, ports, airports, and amenities are just a few factors to take into account when establishing value. Your gut feeling will tell you when you and your agent have found the right property. Similarly, your buying agent’s instinct, honed by years of experience, will tell him if the asking price of the property is too expensive or represents good value. My personal view is that it is the buyer who determines the value of a property, not the seller – without a buyer there is no value.
- Enjoy the Journey: Some people hate shopping. Buying agents love it. In essence we are the most privileged private shoppers in the world. We get to source incredible property for our clients and enjoy the challenge while doing so. If you like shopping, then embrace the journey with your agent and explore the different styles, views, and locations they see when searching for you. Even if you like to shop, you may need the time-efficient hassle-free service of being presented with only a short, hand-selected list of potential villas.
Your buying agent should be part of the negotiation process, advising on value with local inside information, and support the transaction and beyond, while protecting your interests and privacy. After care is something you can also look to your buying agent for, with recommendations for local surveyors and builders, property management, and more. The goal is to find your dream villa to cherish and enjoy without the hassle factor.
Written by Richard Heaney, founder at Elan Palma Property.
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