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Go Back   Pollensa Forum > LIVING & WORKING IN POLLENSA > Living & Working in the Pollensa Area

Living & Working in the Pollensa Area This forum is for any comments, questions and advice about living (permanently or temporarily) and working in the Pollensa area. Aimed at ex-pats, property owners etc.

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  #1  
Old 04-02-2017, 09:39
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Join Date: Jun 2015
Location: Manchester UK
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Default PP property and Brexit

Anyone any thoughts on the state of the PP property market in 2017:
prices rising/falling?
who's buying/selling (locals/Spaniards/Brits/Germans/Others?)

Has there been any noticeable impact from the Brexit vote?

I have been looking to buy for a while but have my doubts now.

Any insights much appreciated.

- Bert
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  #2  
Old 04-02-2017, 14:28
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I'd have thought that the uncertainty of brexit, combined with the current rental rules, would suppress prices, certainly until the U.K. Finally leaves the EU (i.e years).

I cannot imagine that the Spanish will discourage tourism, or ex-pat property ownership.

Be interesting to hear other opinions, particularly from forum members who own property in the port.
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  #3  
Old 04-02-2017, 15:03
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We plan to buy but have to wait until 2019, just after we leave the EU. Who knows what will happen with the market, but I guess the exchange rate is the issue for Brits as other nations may not have the problem as their currency will probably be more stable against the Euro
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  #4  
Old 04-02-2017, 15:05
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I was trying to downsize and sell my town appartment,but following the brexit result my british buyer pulled out because of uncertainty.
I will lower my asking price and try again this year. Dont want to leave as I love the area so much,but dont need 3 bed/3 bath etc any more.
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  #5  
Old 04-02-2017, 20:49
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Thanks Guys.
We were very close to buying last March. The apartment had been on the market six months, so we put a bid in, just under asking. The seller promptly removed it from the market. Then it briefly reappeared at 40k above their original asking price, and has since disappeared again.

I'm inclined to 'wait and see'. It's quite possible that there could be other 'exits' which would hurt/kill the euro and that would be a good opportunity for us....now where's my crystal ball.......
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  #6  
Old 05-02-2017, 01:01
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Location: Maidenhead Berkshire
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We own a villa and an apartment. We are looking to sell the apartment to purchase another villa. I am without doubt that villa prices are rising. There are great shortage especially near the Port available. The one we have seen and interested in has another buyer interested. The price has been increased by 30,000 in 6 months. The agent said this was because there are few available and more people are looking to purchase villas now as the rental is so good. The British, Scandinavians and Germans are buying villas. On the other hand we haven't been able to sell our apartment which has been on the market since October. The agent said that there are just so many apartments available that buyers have a good choice. Also the fact that officially the renting of apartments is illegal has not helped as people are worried about this. I don't think Brexit will have any effect at all on the market. PP is inclusive of many nationalities some not at all worried about Britain. If you intend to buy then just get on and do so. In a couple of years there may be something else to worry about - who knows!
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  #7  
Old 05-02-2017, 15:49
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I totally agree Tomir, as a prospective purchaser,whether its for own use or rental it puts a different spin on things.Mine is an ideal home and we renovated it as such but new rental laws are now making it unviable for some dwellings,and rightly so!
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  #8  
Old 05-02-2017, 18:15
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We are involved in construction in the UK & like all our colleagues in the trade our business has gone up a 100 % since Brexit, it seems to have had a wonderful effect, i think that prices in the port will now start to rise this year.
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  #9  
Old 05-02-2017, 18:24
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We bought a villa in October and although the exchange rate was poor I think prices will increase to compensate for this.
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  #10  
Old 05-02-2017, 19:11
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Whilst not a financially-based reply, the clock never stops ticking and if you have the ability to go for it, then do so.

Mallorca is such a popular destination and will always be in huge demand by buyers throughout Europe, as it is so-close.

There will always be some deals that work out in your favour, and others that don't, but if you are serious about doing it - Go for it. I don't think that you will ever regret it.
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  #11  
Old 06-02-2017, 18:45
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Totally agree that is why we want to buy another villa. From reading various sites it seems that Pollensa has a reputation of being 'upmarket' and is building on that. All good stuff for property owners. Once again few properties are available to rent and prices are sky high. This is such a good turn around from a few years ago when people were worried that it would become less exclusive. I'm hoping to secure a villa by the start of the season but there are just so few around unless you want to spend over a million.
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  #12  
Old 06-02-2017, 18:51
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Quote:
Originally Posted by Tomir View Post
Totally agree that is why we want to buy another villa. From reading various sites it seems that Pollensa has a reputation of being 'upmarket' and is building on that. All good stuff for property owners. Once again few properties are available to rent and prices are sky high. This is such a good turn around from a few years ago when people were worried that it would become less exclusive. I'm hoping to secure a villa by the start of the season but there are just so few around unless you want to spend over a million.
Why were people worried that the area would become less exclusive??
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  #13  
Old 06-02-2017, 19:27
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Quote:
Originally Posted by Nick View Post
Why were people worried that the area would become less exclusive??
I think it was to do with the Pollensa Park before Fergus and all the all inclusives which were popping up. I think it was thought the PP charm would disappear and be replaced by something else. People were concerned that restaurants would close etc etc. I remember years ago when Burger King cropped up all the concern then too.
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  #14  
Old 06-02-2017, 20:16
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Okay. See what you mean. Totally agree and I've said before that all inclusive hotels would ruin the charm of PP. Thankfully they don't seem to have appeared.
Always a place for them, and I've used them, but not in PP!
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  #15  
Old 07-02-2017, 21:37
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Today We did a search of villas available for sale the other end of the island. We were quite taken back by the prices. The agent we spoke with said villas are in demand and selling so prices are increasing quickly. Seems this isn't just Pollensa then. Not sure if this anything to do with Brexit as it seems from our conversations that buyers are from a selection of countries.

Oh and for the record nowhere matches Pollensa so our search for a villa continues.
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