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I think that it is a question of supply and demand and in some cases that the owner for some reason is eager to sell fast. The value of a house or apartment in Palma is much more stable than prices for apartments and houses in other areas of Mallorca. Most people want sea view so you pay extra for having that. Easy access to the beach, to Palma, to the airport etc are other factors. Most people don’t want to start by renovating the property they buy. I used a lawyer to check everything before I purchased (apartment in a new house) and considering the amount of money involved I never even thought about not using a lawyer. My belief is that other types of valuations are useful more for finding problems in the house than for finding “the right price”.
Everything is developing extremely fast particularly in the Palma area. What wasn’t interesting just a few years ago (e.g., not central enough) is now exploited and sold for high prices.