“We bought a four-bedroom villa in Cala d’Or, Mallorca, about six months ago. It was built six years ago, at the height of the credit-crunch, when it was worth more than 1m pounds. I paid 500,000 pounds. Prices in Mallorca have stopped falling and have even started going back up. That’s one of the reasons I bought. For me, everything is an investment.”
Clearly he thinks this is a good moment to invest.
‘Clearly he thinks this is a good moment to invest’
First he’s investing in Mallorca which is a more niche market than on the coast, and in a property that had halved in price so probably a fairly safe bet.
Second, he’s pretty rich so it won’t matter quite so much for him as for a Joe Blogs if the price should continue to fall some more.
Third, it’s probably to holiday there rather than to live so not dependent on his only property as others might be.
Mallorca is like a separate country compared to the mainland, I think it’s prettier, less of a glut of unsold properties in comparison, and IMO I’d rather be stuck with an unsold property there than on the busy Costas, the market should improve there quicker I think, also has this Royalty goes there connection.
I don’t know Mallorca much either. However, that old chestnut of a story has been doing the rounds for a few years(groan!!) a real internet myth on the CDS. Take a look at some of these claims and the said “million pound properties” were never truly worth more than around 600,000 max….good story for straw clutchers and the desperate for a story though…yawn……
The forum ‘Real Estate Topics, News & Discussion’ is closed to new topics and replies.