Property in Ibiza still a hit with wealthy cash buyers

Property in Ibiza still a hit with wealthy cash buyers

Property in Ibiza still continues to be a hit with wealthy overseas buyers, with the launch of the all-new Ibiza Sotheby's International Realty website, where 70 per cent of the listings are priced at over €1.5 million, perfectly capturing the upwardly moving trajectory of the island's property market.

Cash buyers, who do not seem to have been put off by the global recession, are especially prevalent on the island, according to Amanda Martí, Director of the Ibiza Sotheby's International Realty office.

“Remarkably, given obvious global economic conditions, this winter was one of our busiest on record with the bulk of buyers looking for a property priced between 1 and 2.5 million euros. With a scarcity of bank lending, most of these intend to purchase with cash and hope to do a deal on the quoted asking price. Property in Ibiza is selling, the market is moving, provided the price is right,” she said.

“Prices on Ibiza have fallen, as is the trend across much of Europe, although not as far and as widely as in mainland Spain. From the peak in 2005 to 2006, values have decreased 20 to 30%, perhaps more for apartments, but it is location dependent with sought-after areas and desirable modern architecture holding up much better. However, new mortgage options are appearing on an almost daily basis in Ibiza with 70% loan-to-value available for non-residents on the condition that the projected monthly repayment does not exceed 40% of the buyer's income,” she added

Read our feature on Ibiza in the July 2012 issue of A Place in the Sun magazine - available now at all good retailers.

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