We are all aware that the property market here on Majorca has been stagnant for more than just the ‘credit crunch’ months. We all probably know of someone who has lost their property despite all their best efforts, or we know people that are struggling. Let’s be truthful, unless you are fortunate enough to have a healthy bank account to cushion the blow then you too will have felt the effects of the current economic climate in some way. But Majorca will always survive… why? Well despite a lot of thought to the contrary, the UK property purchaser does not fuel the Spanish market, which is excellent news for the Spanish. It is a pretty large chunk of it yes, but the purses of the other property purchasers on Majorca are a lot larger than that of the average UK purchaser. Find more Majorca buying tips
Property here was so overpriced a few years ago it was a foregone conclusion that the bubble would burst, and burst it did, with a credit crunch on the tail end of it, but Majorca will always be an affluent area not completely dependant on the property market. It is a cosmopolitan island that is well established in high society, where people come to either base themselves permanently, run their international businesses, or have their lovely holiday home. Whichever one it is, they all ensure the future of Majorca. Find more articles about property for sale in Majorca
Tax incentives are now in place to attract buyers back to Spain. With the introduction of tax cuts on Income Tax which previously was 35% this has now been taken down to just 18%. This change will mean for many individuals less worrying about paying taxes on worldwide assets, if their income is coming from investments, dividends or capital gains.
Balearic Properties Real Estate
Website: www.balearic-properties.com
Via Pollentia 3
Phone: +34 971 53 22 21
Fax: +34 971 53 45 06
Important property links:
Mallorca Property Viewing Tryp