No oversupply of property in Mallorca
A number of commentators have observed that the property market in Mallorca is faring a good deal better than any other region is Spain and is likely to be the first to recover.
"We’re seeing quite good activity there," says Mark Harvey who looks after international residential developments for Knight Frank. “ It seems to be a market unto itself – particularly Mallorca.”
Victor Sague, marketing director at Taylor Woodrow de Espana, agrees, saying: "There is no oversupply in Mallorca. Yes, they’re discounting but that’s to keep up the sales whilst buyers are so cautious. It’s a question of demand, not oversupply.”
This illustrates two points. First, that whilst the overall picture remains gloomy, there are significant differences between regions and within them.
You cannot compare the outskirsts of Madrid to Mallorca, says Sague, nor even, within the Costa Del Sol, the “horrendous” over development between Manilva and Marbella, It's so different from one market to another,” he argues.
Most agree on the general trend, though: Good quality stock in established locations with good infrastructure are faring best; while overbuilt markets in newer areas lacking sufficient infrastructure are suffering most.
Overseas Property Professional September 2009
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