House prices may have risen but they are still way below the highs of 2007

House prices may have risen but they are still way below the highs of 2007. | CCL

Humphrey CarterPalma21/02/2022 10:13
TW
1

Now has got to be the time to invest in a property in Mallorca, or elsewhere in the Balearics. Yes, property prices may be some of the highest in Spain and have risen by 45 percent over the past five years, but according to the real estate sector, prices are still below what they were during the 2007 property bubble, which then burst when the great recession hit. For potential investors from the UK, now could be a golden moment to take the plunge and purchase a holiday or second home in Mallorca.

Considering property prices have shot up in key holiday destinations in the UK during the pandemic and led to some areas, such as Cornwall, seeing their own residents being priced out of the market, not to mention a rise in the cost of living on the back of its success as a staycation spot, why not look to Mallorca. The benefits are endless and, as property prices will continue to recover and rise, investing in the island would be a sound move.

We have already seen an increase in the number of foreign property buyers in all sectors of the market, from sea front homes, rural fincas, city apartments to hotel chains, Mallorca is proving very attractive.

Imagine having spent half term in the UK and having been housebound by the weather, in Mallorca, most of the year is spent outdoors.

The only snag is the 90 day rule, but for people who do not have that much time off a year, it should not prove a stumbling block.