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-   -   Property Prices PP (https://www.forum.puertopollensa.com/living-working-pollensa-area/2887-property-prices-pp.html)

gpm 08-03-2008 22:26

Property Prices PP
 
Hi,
Have being looking at buying an apartment in PP, but with all the talk of not being able to rent out your apartment, does anybody think we would be better waiting to see if prices are going to fall. I realise a lot of owners won,t want to think about this, but to a lot of people renting helps to pay for the apartment.
GPM

Pinereto 10-03-2008 10:32

The short answer is yes—probably. The rental situation is not the only factor likely to have a potential impact on prices. Supply is exceeding demand at the moment for a number of reasons. Spanish and UK tax authorities are actively targetting tax evasion from rental income; the reduction in capital gains tax for non-residents from 35% to 18% last year seems to have driven a round of profit taking and, in Puerta Pollensa (PP) at least, a number of relatively large apartment building projects have combined with the second-hand market to provide a huge range of choice. In our apartment block in Pinaret (where property used to change hands very quickly with no, or very little, advertising) two apartments have been on the market since May and June of last year. In the same area, new property has failed to find buyers for an even longer period. Some of this, of course, may be due to the impact of the second phase of the ring road. Combine all the above with economic problems in the UK, where the majority of apartment buyers come from, and PP appears to have arrived at a position where apartment prices are starting to fall. Try making offers, but bear in mind that for many vendors an apartment in PP is not their likely to be their first home and a quick sale is not always a high priority. Conversely, how long will owners want to pay community charges, local taxes, etc, on a property they no longer want? My guess is that values will be lower in the autumn than they are now. Hope this helps.

Labore 10-03-2008 23:47

exchange rate
 
Some very valid points made by Pinereto however if you wait until autumn to buy any fall in property prices could possibly be offset by the falling pound which has dropped like a stone against the euro and it could possibly drop even further.

My advice would be if you want to buy an apartment because you will use it and you love P.P. then go for it and over a long term period at worst you will break even or probably even make a few quid, but if you are looking to make a quick profit then you are probably a few years too late.

Good luck whatever you decide.

Pinereto 11-03-2008 19:02

Valid point but euros could be bought forward and used at an appropriate time. True the euros would attract a lower interest but life's a gamble and anyway, there are strong indications that Germany and France (not to mention Spain) will need a big cut in interest rates this year which could well see sterling strenghten again.

Sharonh 11-03-2008 21:04

I think the postings on this issue show that hindsight is a wonderful thing and if we knew what way Euro/ Sterling relationship would go we would be making a fortune on the futures markets!

The advice is well given that if you are in the investment for the long haul then the risk of a declining value is lessened. If you are in the market for a quick buck I don't think Mallorca is the place to achieve that - regardless of not being able to rent apartments.

gpm 11-03-2008 21:47

thanks for your reply,s, we are coming over tomorrow (wed) on a house hunting mission, so if you want to sell your house be prepared for a first miserable offer.
regards, gpm

Sharonh 11-03-2008 23:12

GPM

Good luck with the property search. We bought last year and we were out in PP searching exactly one year ago! We managed to find an apartment which was reasonably priced for what it offered. So far we have not regreted the decision and we and our families have got a lot of use out of the place.:)

Hope it goes well.

Sharon

Lady Pollenca 12-03-2008 00:39

Go for it, life's too short zipping between UK and PP in later life what could be better! Good luck whatever you decide.

gpm 12-03-2008 09:04

thanks everybody, i,ll let you know how we get on. gpm

Sharonh 12-03-2008 19:16

GPM

I am looking forward to news of your visit.

Sharon

gpm 23-03-2008 18:06

property prices in pp
 
hi, just back from pp, looking for an apartment to buy. the one my wife liked best was in the square but we are concerned about the noise. Does anybody know how bad it gets in Oneils and the other pubs in that street, is triple glazing an option and do the police get the pubs to keep the noise down late at night?
regards, gpm

Lady Pollenca 23-03-2008 20:32

Quote:

Originally Posted by gpm (Post 19058)
hi, just back from pp, looking for an apartment to buy. the one my wife liked best was in the square but we are concerned about the noise. Does anybody know how bad it gets in Oneils and the other pubs in that street, is triple glazing an option and do the police get the pubs to keep the noise down late at night?
regards, gpm

We don't live far from there and had the same concerns about the noise, but certainly don't have a problem with O'hara's or Mulligans. I think we are double glazed def not triple glazed and don't need it. We did test the water so to speak, listening out for those pubs at different times of the night before buying and thankfully since buying we've had no problems.

Smiddy 27-03-2008 10:35

Property Prices
 
When bought our apt, some years ago, the seller sold to us in sterling. Don't know if this is still in practice. But it saved a lot of complications. Mind you the seller was a UK resident.

Lala70w 27-03-2008 11:02

Noise
 
Quote:

Originally Posted by gpm (Post 19058)
do the police get the pubs to keep the noise down late at night?


Hi GPM,

When we were there last September we were sitting in Bony's around 12 pm one night when the police came around. We watched as they went from establishment to establishment and waited until each closed up for the night. Not sure how regular an occurance this is, and we left before they got to Bony's, but all the staff seemed anxious to clear up the tables as soon as the police were spotted.

Lala

BonysLad 27-03-2008 17:49

Property Prices PP
 
Quote:

Originally Posted by gpm (Post 19058)
hi, just back from pp, looking for an apartment to buy. the one my wife liked best was in the square but we are concerned about the noise. Does anybody know how bad it gets in Oneils and the other pubs in that street, is triple glazing an option and do the police get the pubs to keep the noise down late at night?
regards, gpm

Hi GPM,

Wouldn't worry too much about the noise as there is a byelaw which prohibits outside music noise after midnight. We live off the square, admittingly the other side of the church but we are never troubled by late night noise. In fact I think you are better off there cos if you are amongst holiday lets a lot of people can stay up real late and play music. The town centre is also well patrolled by the police. I'm often sitting on the balcony reading til the early hours and the police are always on the prowl.

As far as we are concerned the ability to just fall home from most places or to grab a coffee out quicker than boiling the kettle far outweighs the chance of noise. I'm amazed just how quiet the town goes at night and in the afternoon, it just seems to die for a couple of hours during siesta time.

Go for it , sure you won't regret it.

BonysLad :):)


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