Tag Archives: Mallorca

Palma – the best city in the world to live…

According to the Sunday Times, Palma is the best city to live in the world 2015. Below is an extract from the article.

images-Optimized“Our winner is Palma. We believe it has everything” said the newspaper. Although not explaining the exact criteria when making its choice, it does highlight some of the elements that make Ciutat de Mallorca attractive to the British, including the climate, the beauty of the old town , gastronomy and beaches.

“It ‘s a pocket-sized city that has it all on a beautiful island ”

Another argument is that the city is easily accessed for a Brit who wants to live abroad. The short distances across the island are a plus to living in Mallorca emphasising that Palma is a ten minute drive from the airport and throughout the year there are cheap flights.

Apart from Palma , Sunday includes three other Spanish cities in their top 50: Barcelona ; Ojén north of Marbella, and Zahara on the coast of Cadiz.

In the list of the 50 best cities to live in, the Mallorquin capital has also been located ahead of destinations such as Berlin , Honolulu, Miami , Rome, Florence , Paris, Vienna , Stockholm , Copenhagen , Rio de Janeiro and Sydney.

Uk divorce valuations and Spanish Property

We can help minimise difficulties following the breakup of a marriage or relationship by providing a market valuation of your Spanish property.
Although always a difficult situation, we can help identify the value of your asset, hopefully, before it goes to court. If this is not possible, we can act as an expert witness if required by providing a valid UK court valuation of your Spanish property.

We offer a competitive Nationwide service throughout Mallorca, Ibiza and mainland Spain.

El Pais…”the green shoots of recovery” (!)

The Spanish newspaper, El Pais, has dared to use the cliche “the green shoots of recovery” to describe the Spanish Property Market.

This is always slightly worrying, as it usually sounds like a desperate politician, or an estate agent, bigging up the state of the market  and pretending there are no more inherent problems.

They argue that Spain offers, sun, beaches and cheap properties and today’s buyer is a cash buyer.

The agencies on the street are registering some activity, from Brits, Germans, Scandinavies and new nationalities, Belgians Russians and Algerians.

Institutional investors are waiting for “demolition prices”, that’s considered to be 70% off the book values, compared to 50%  discount seen today.

A couple of other interesting points include the fact that 350,000 properties changed hands last year in Spain, down from 750,000 in the peak of 2007, but still respectable.

Mallorca property is still popular with the Germans, and now holds some 11% of its total holiday property stock.

For the full article go here.





Spain to offer residency to anyone who can buy as house for more than 160,000€

It says it all in the title. Mariano Rajoy is considering offer non-resident property buyers the chance to have citizenship if they can afford the purchase of a 130,000€ property.

Spain has about 700,000 unsold properties on the market and this appears to be a move to  help shift some of the housing stock and to get some high worth individuals onto the books and into Spain.  its also a move to try and lower the “bad debt” current considered to be at about 10% of total loans.

This a isn’t a first, in Ireland you can get residency with a 400,000€ purchase and in Portugal, 500,000€.


Property Works Mallorca 2012

Gathering in Palma de Mallorca to raise awareness of the consequences of bank eviction.

A demostration has taken place in Palma de Mallorca in order to show solidarity to people who, they claim, are victims of the “banking and estate agency violence”. The demostration was organised after it made front page news that a man in Granada had commited suicide on Thursday hours before he was due for eviction. The organising group says this suicide was not a “one off” and that many  hundreds of lives are being broken by abusive banking legislation.




Would having a nuclear power station nearby affect your decision to buy a property in Spain ?

The guardian has published an interesting map of nuclear power stations. It shows the power stations’ ages too.


What is a nota simple?




A “nota simple” is a summary report from the Property Registry that describes the property in the deeds, known as the “Escritura”.

It should be noted that a nota simple is only informative and is not valid in front of a court. A registry certificate is needed for the courts.

Judicial information is brief, and usually covers outstanding debts (mortgages or unpaid taxes), the current owners, the boundaries, the total square meters of the land and of the house.

It also describes the type of land, any rights that others may have on the property, such as public paths/roads, water or sewage lines, etc.




Mallorca property market report September 2012

The rather good First Mallorca September 2012 market report. For this and other past reports  please see www.firstmallorca.com


Briefly, their September 2012 report suggests Mallorcan Real Estate is a safe haven for investors. It discusses the good weather on the island and easy access from Europe.

It suggests the Spanish, then Germans, closely followed by the Brits, are the main property owners  in Mallorca, with the Germans and the Brits being the principal purchasers.

Interestingly, negotiation margins are at a whopping 11.54%, implying offer prices are high and  purchasers should not be afraid to put in a low offer…


The Bad Bank – coming to Spain soon.

The Spanish government is creating a “Bad Bank”, or “Banco Malo”, in which to put all the toxic property assets.

The idea is to progress from the current building crisis by drawing a line under the current woes in the construction sector.

Basically, the Government of Spain issues debt and buys from Spanish banks all their bad investments, which are accumulated in a “bad bank”.

Presumably, the acquisition takes place at a significant discount relative to the actual value, so that in the long-term, taxpayers could even win when the assets are re-sold.

At Property Works, we beleive that this measure, although not without its risks, could be of some help to help the Spanish economy overcome the deflation of its recent property bubble.

Time will tell…




Spanish & Balearic Property Market Statistics 2012

Balearic House Prices Second quarter  2012

According to the National institute of Statistics, house prices have fallen in the Balearics by 15% compared to the same period (second quarter) of 2011. This is based on the House Price Index published on 13th September 2012.

By type of property, new construction has fallen by 15% and second hand properties by 14.1%

The housing ministry has the number of transaction down by 17.59% on the same quarter last year.

According to Tinsa, the Spanish Valuation Company, in the Balearic Islands house prices dropped 6.8% year-on-year to June 2012.


Spanish House Prices second quarter 2012

The nation-wide fall in house prices compared to the same quarter last year is 14.4%.

This is the highest fall since 2007. It is also the 17th consecutive quarter showing a fall.

The number of transactions has fallen from 90,756  to 80,235 with a variation of 11.59%