Property News

Market for luxury property on Ibiza remains strong

Market for luxury property on Ibiza remains strong
Ibiza has long been a popular destination with British property buyers. Combining breathtaking coastal landscapes with a vibrant club culture, the island has been a haven for wealthy property investors for years.

Now, a local property expert believes that the market for luxury Ibiza Property remains strong, despite some price falls. Keep reading to learn more.

Property in Ibiza remains a solid investment

Amanda Marti, a leading Ibiza real estate agent, says: “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.”

Buyers in Ibiza are benefiting from lower prices and an increased availability of mortgage finance. Ms Marti adds: “New mortgage options are appearing on an almost daily basis in Ibiza with 70 per cent loan-to-value available for non-residents on the condition that the projected monthly repayment does not exceed 40 per cent of the buyer’s income.”

Ibiza is a small island and strict planning regulations mean that there is often a lack of supply of homes on the island. So, while values of properties have fallen by around a quarter in the last few years, the island has not been as hard hit as other Spanish destinations.

Property in Ibiza remains a solid investment, and with regular flights to the island from the UK, it’s the perfect location for a second or holiday home.”