Alcudia property report 2008

After years of successful tourism, this area still retains its natural beauty. Now, improved accessibility with the faster motorway link from Inca has opened up the area and increased demand for property particularly at the top end. Alcudia is renowned for its excellent, clean, sandy beaches and family tourism. There is also an 18 hole golf course at Alcanada boasting wonderful sea views.

Values are holding well here and are increasing by around 8% with the average prices for an apartment at €300,000 and €700,000 for a villa. Fincas, which are also in demand, are reaching values of around €2 million and most property is selling within 4-8 months. The most requested properties are villas, front line property and plots of land.

The main buyers are British (33%), German (32%) and Spanish (15%). Followed by Scandinavians, Irish, French, Swiss, Dutch, Belgian and some Russians. The average spend is around €500,000, although the Swiss spend in excess of €1 million and the Russians spend over €2 million.

The main buying market is aged from 30 to 50 plus and approximately 40% are buying a second home. About the same percentage buy as an investment in order to let. This area also attracts permanent residents (approximately 20%).

The most requested areas are Bonaire, Alcanada and all beachfront properties. Country houses and plots are highly sought after and the local office reports a “boom” in 2007 for high end deluxe property. The areas of Bonaire, Son Serra de Marina, Playa de Muro and Playa de Alcudia look to be good investment opportunities.

 

Puerto Alcudia Property Prices

TYPEAV. PRICE €PRICE INCREASE 2006 VS. 2007AV SALE PERIOD IN MONTHS
Villa with views, 4 bed, 350m21.600.0008-12%4 – 8
Villa no views, 4 bed, 350m2900.0006-8%6 – 12
Apartment with views, 2 bed, 100m2320.0006-8%6 – 12
Apartment no views, 2 bed, 100m2225.0002%4 – 8
Country house, 3 bed, 350m21.300.00010%4 – 8
Townhouse, 3 bed, 180m2500.00010%4 – 8
Plot m2 (rustic / urban)45/38010-12%4 – 8

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