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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 26-04-2018, 10:04
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Smile Property Prices in Port de Pollenca

I took the keys to my first overseas property in January. Its a ground floor garden apartment in Llenaire and I'm smitten! However during the search estate agents kept bringing up the subject of the ban on unlicensed rentals and zoning. Various theories were offered up about how this may effect the property market from hold your powder because a glut of properties will enter the market due to investors running for the hills - to buy now because once its sorted out prices will skyrocket!
I took the view that for me this is a long term purchase, a second home for my family to enjoy so the rental market wasn't really a factor. Having said that I don't want to loose my shirt either!
So I'm wondering if any of you wiser more established Pollenca aficionados have any insight into how the property prices have reacted over the last year since the ban started kicking in & where we think it may be going?
Your views as always will be greatly appreciated
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  #2  
Old 26-04-2018, 11:40
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Hi jaimethelad....I think you could have lived in PP for 20 years or never and still not have much of an idea as to how it will all pan out. Like you I've just bought a property in Llenaire for the long term and was happy that I got a decent price. I did think that there must be a lot of Apartment owners who would want to sell once they saw their income dry up, so I'd suggest that Apartment prices might drop a little now and in the next couple of years. But you just don't know and the Agents don't know either.....will be interesting to see though. Don't see prices skyrocketing any time soon though!
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Old 26-04-2018, 12:57
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Thanks Rockape! I have a feeling you might be right re prices of apartments dropping a bit in the short term. But I suppose its only an issue if you want to sell & that's certainly not on the cards for me ;-))
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Old 26-04-2018, 13:59
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Indeed, no one likes the idea of their property dropping in value, but its only a problem if you are selling up. Like you, I've waited a long time to be in a position to do something as amazing as this, so we're not about to sell it.

You have to think with everything we know about Mallorca and PP....it isn't going to go down in value in the longer term!
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  #5  
Old 26-04-2018, 18:14
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Like both of you, my wife and I completed the purchase of our new second home on Tuesday. We too have no interest in renting and our property will only be used by family and very close friends. I hope the property will eventually pass to our sons, who like us have adored PP since we first visited as a family in 1994.

I have to say that the Spanish legal system is quite brilliant, and everyone we dealt with were leaps and bounds more professional than their UK counterparts - in my opinion. Our solicitor, bank, and indeed the estate agents we dealt with were simply a pleasure to deal with.

Mallorca, and PP in particular, is a far more expensive place to buy than many areas of mainland Spain (just watch ďA Place in the SunĒ), but I feel blessed in my recent retirement to be able to live this dream and the value of my property really is the last thing on my mind.

As an aside, I wonder, post Brexit, if there will be any increases in non-resident taxation?

Anyway, property speculation is best left to those with more resources than I - this was very much an emotional purchase for the family.

Congratulations to you both.....Iím thrilled to have joined you and I wish you every happiness and many, many more treasured memories of our favourite place.

D
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Old 27-04-2018, 08:05
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Its encouraging for me to know that I'm not the only one ploughing my life savings into the Mallorca property market when there is a bit of uncertainty about!
I'm 40 this year and I still cant believe I've achieved this long held dream..... Maybe a few weeks at the beginning of June chilling out and watching my son play in the sea might help it sink in ;-))
Good luck to you both and I hope you have a long and happy retirement Mr D
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Old 27-04-2018, 11:25
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A little off topic but to those of you here that have just bought I just wanted to say that we bought an apartment 4 years ago, I was possibly more reticent than my husband as I like to "travel" but I can without doubt state it was the best thing we have ever done. We have young children and they light up when we say we are going. My husband usually takes a while to relax on holiday and the loveliest thing is that with no initial days of figuring out where everything is he relaxes the minute we get there. We too are lucky enough not to have to rent so I can't comment on the pressures the new measures might bring to the property market but I wanted to add my two pennies.
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Old 29-04-2018, 09:10
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Hi Pratty, that's great to hear! I've definitely talked my wife into buying our place. She too has concerns that the only place we are going to visit now is Mallorca. So let's hop PP works it's magic on her too 😎
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Old 02-05-2018, 17:54
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I see our latest new member 'Hanser' has just bought a property in PP......so if we are all mugs for buying in the current uncertain climate......at least there's a few of us to console each other!
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Old 02-05-2018, 19:43
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IMO...and from the Balearic Gov data it suggests that Mallorca prices are at a "high"..... a 10% / 15% drop in prices over the next 2 years combined with a strengthening pound against the euro by 10 % over the same period and post Brexit makes it a very interesting period.
I would never call you investors mugs....... I wish I was not so cautious.
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Old 02-05-2018, 20:13
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I appreciate that no one likes to think they will lose money on any investment, however personally I believe when buying property in PP you are investing in two different things, one of course is financial the other is enjoyment.
Like all property it is likely that in the longer term you will make money,
in 1985 we seriously looked at buying an apartment in PP and then I took cold feet, in 2002 we bought our apartment in Llenaire and at that time it was said that properties were at a high, I am now told we could sell for double what we paid.
In October 2016 we bought a villa in Llenaire and at that time I did consider if it was a good investment or should we wait but decided as I turned 60 that year that we should go ahead, time will tell if it is a good financial investment but in terms of enjoyment both our apartment and villa have been a wonderful investment.
For anyone considering buying the one point of caution would be if you think you may have to turn your investment back into cash quickly then this is probably not right for you at the moment as it can take sometime for property to sell.
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Last edited by PP76; 02-05-2018 at 20:21.
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Old 02-05-2018, 22:29
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It also depends on whether you could afford it 5/10/15 years ago!

Last edited by bobley; 03-05-2018 at 10:24.
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  #13  
Old 05-05-2018, 13:43
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Quote:
Originally Posted by bobley View Post
It also depends on whether you could afford it 5/10/15 years ago!
Yes of course before you can seriously consider making a purchase you have to be able to afford it, in the 70ís when we started to come to PP we would have liked to buy property but did not have that amount of spare money so it was a dream but as circumstances changed AND we had the time to use it we went ahead and bought in PP and are very glad we did.😀
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  #14  
Old 16-05-2018, 08:15
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https://majorcadailybulletin.com/new...dum-slump.html

Quote:
The General Council of Notaries' report for property sales in the second half of 2017 points to there having been 49,553 transactions involving foreign buyers in Spain as a whole. This was an increase of just over fourteen per cent.

... Below the 14.1% national increase were four of the main coastal regions of Spain, with the Balearics having been one of them. The rise in the Balearics was 5.3%, ...

...

As for prices, the average per square metre paid by resident foreign buyers was 1,420 euros, an increase of 4.6% over the second half of 2016. Non-resident foreign purchasers were paying more - 2,027 euros, a rise of 8%.

... With the British, there was a rise of 7.8%, which represented a notable recovery. In the second half of 2016, i.e. after the Brexit referendum, there was a 23.6% slump. In the first half of 2017, there was a further decline, one of 16.1%.
see full article on the MDB website
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  #15  
Old 16-05-2018, 18:06
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Ah, Brexit! One thing for UK non-resident property owners to be aware of is the probable impact of Brexit upon inheritance tax. For some years there has been an agreement that for EU residents, inheritance tax is set at 1% of property value, so not a massive hit. However, once the UK leaves the EU the charge reverts to the previous highly complicated arrangement......significantly (I mean Dick Turpin country!) more costly......several times more costly.

There are ways to alleviate the expense, but only if you have a Spanish Will to deal with your Spanish assets, and make sure that your UK Will states that you have a separate Spanish Will, and it takes precedence over your UK Will.

I’m no expert.......I took advice and if you haven’t, I would recommend you do before the wishes of the British people are finally carried out. Remember the phrase “Be careful what you wish for”?

Last edited by Disorderly; 16-05-2018 at 18:12.
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