Well, it’s fair to say things are recovering here in Mallorca. From when the recession initially began and the great real estate bubble burst, house prices in Mallorca like everywhere in Spain, plummeted and the market became stagnant. Buyers and investors were affected and influence by:
- Banks not giving mortgages
- Problems with the Euro and Euro zone countries linked to the Sovereign debt
Now, seven years on from the onset of the recession the real estate market in Mallorca is showing positive signs of recovery and we perceive a new-found confidence in the property market developing again. With an increase in the number of sales and a number of good summer holiday seasons, this gives buyers sense of ‘security’ when owning a property in Mallorca.
We found this quote which sums up our thoughts on the current real estate market in Mallorca:
“A funny thing happens in real estate. When it comes back, it comes back up like gangbusters.” – Barbara Corcoran
Maybe Barbara was right, only time will tell…