buying an apartment

[rioja]

Anyone looking to but an apartment or whatever in Pp should really jump in now, the estate agents say that prices are on the way up and they're getting a lot of serious buyers from Scandanavia and Russia

 

[Belladonna]

And if you are selling, then hang on!

 

[eleanor]

How strange that when you are selling those same people tell you that prices are dropping and things are awful!

I sincerely hope you are right rioja!

 

[usandthewoof]

Totally agree Eleanor. The estate agents act as good cop and bad cop at the same time

 

[eleanor]

Totally agree Eleanor. The estate agents act as good cop and bad cop at the same time

They can make or break a place! They do not realise their power in influencing a market. To receive constant emails from them stating 'bargain' or reduced by 100,000 or whatever really isn't good for an area and gives the impression of desperation! They should be helping to build an area up and not bringing it down to secure a quick sale and claim their 5% commission.

Have I just opened a hornets nest!

 

[Sparky]

I can't say anything about Spanish estate agents but i still keep getting emails from the UK agent who sold our house over there offering their services, even though they know full well that i moved out of the country .

Ah well i suppose like most people they have to earn a living .

 

[Nick]

Got to be good news if true but I have my doubts.

Have heard about the Russians coming to town and bulk-buying though. If it is true then good news all round, not just for owners. More sales equals more money into Mallorca. We'll see what the year ahead brings.

 

[gpm]

When we were in PP last month we were talking to one of the agents who was involved when we bought our apartment. He told us they had just sold a villa in the Alcudia area that was priced at over 900,000 euros for just under 300,000, the couple were being divorced and needed to sell. Very depressing at the time so I hope this is true. I would love to be in the position I was 6 years ago when we bought, there is some amazing bargains to be had just now.

 

[rioja]

Sounds like an urban myth to me. The only places selling cheap through the banks are in Inca, sa pobla and the less desirable parts of Alcudia.PP is a different market

 

[allanglens]

Sounds like an urban myth to me. The only places selling cheap through the banks are in Inca, sa pobla and the less desirable parts of Alcudia.PP is a different market

Well, all I can say is that I have been getting a few e-mails touting properties at prices reduced by anything up to 30%.

And I know of someone in Palma Nova who recently sold after 3 years on the market at 25% less than original asking price.

As a caveat I would say I have no idea as to how realistic the original prices were.

 

[klad1]

They can make or break a place! They do not realise their power in influencing a market. To receive constant emails from them stating 'bargain' or reduced by 100,000 or whatever really isn't good for an area and gives the impression of desperation! They should be helping to build an area up and not bringing it down to secure a quick sale and claim their 5% commission.

Have I just opened a hornets nest!

Prices need to be more realistic. A lot of people are still wanting to sell for prices reached at the peak of the market. I don't think it is fair to just blame the agent though I'm sure there are good and bad ones out there! If the price is wrong then a property will not sell. There are hundreds and hundreds for sale at the moment competing with each other.

 

[rioja]

Well, all I can say is that I have been getting a few e-mails touting properties at prices reduced by anything up to 30%.

And I know of someone in Palma Nova who recently sold after 3 years on the market at 25% less than original asking price.

As a caveat I would say I have no idea as to how realistic the original prices were.

Palma Nova is a completely different market,good property realistically priced in PP and Pollenca is selling. Anyway, I'm butting out of this debate before I'm accused of being an estate agent!

 

[Sparky]

This article is in the UH here :- El precio de la vivienda cae en Balears el 13,8 % en 2012 » Nacional » Noticias » Ultima Hora Mallorca


The house price fell by 13.8% Balears average in 2012 compared to a year earlier, a tenth higher than the Spanish average of 13.7%, the housing price index (HPI) of the National Institute of Statistics (INE). Housing prices fell on average in 2012 in all regions. Catalonia (-15.8%), Madrid (-15.3%) and Basque Country (-15.1%) recorded the largest decreases. Meanwhile, Extremadura presented the more moderate decline (-8.2%). According to data released today, the new housing prices in Spain fell by 10.9%, while that of the used under 14, 0%. In Islands, the decline in new housing was 9.1% and 12.6% the second hand. With these data, the price of housing in Spain has the path of decline that began in 2008, when this indicator fell 1.5%. Since then, the housing price index fell by 6.7% in 2010 and 2% and 7.4%, respectively in 2010 and 2011. After posting a record high in 2007, when home prices reached 13.1% more expensive at the beginning of this year, this indicator was moderating to start falling in the second quarter of 2008, when it dropped 0.3%. Thereafter, coinciding with the bursting of the housing bubble The price of housing has continued to fall until 2012 to do so even in double digits. downs of financial institutions' balance sheets, the high "stock" of housing, financing difficulties, the creation and Sareb uncertainties about the Spanish economy were some of the factors that have contributed to the lower prices of housing. Regarding the fourth quarter of the year, housing prices fell by 12.8%. By type of housing, the annual rate of new housing prices stood at 10.9% in the last three months of the year and the annual variation of the second hand on -14%. Regarding the third quarter, prices housing fell 1.4%. Housing prices fell on average in 2012 in all regions. Catalonia (-15.8%), Madrid (-15.3%) and Basque Country (-15 , 1%) recorded the largest decreases. Meanwhile, Extremadura presented the more moderate decline (-8.2%).