Property in Ibiza

AndyJB

AndyJB

Active Member
Hey all, hope everyone is well.

This is a question to those that live in Ibiza, but also to those in the know about property in general on the Island.

I just was wondering how the 'credit crunch' has affected property prices in Ibiza.

I've read once again today that in Spain property prices in some areas have dropped by 60% +, with some examples of ex-pats paying £750k 4 year ago for villa's that they now can't even sell for £250k.

These examples are where many ex-pats have moved and developers obviously flooded the market but it estimated that some 700,000 properties are now empty or half built in southern Spain.

This article i read was concerning mainland Spain but I'd be very keen to know if it has affect Ibiza on the same scale or if at all? Have price's dropped and by what %? Are developers still building new house/appartments?

Many thanks in advance for your answers.

Andy
 
Basic economic principals still apply to property in Europe........nobody is sure what its real value is. Estate agents are still trying to inflate the market with properties that they will never sell at current asking prices.

Simply banks are not issuing mortgages to people as they are unsure about the value of the secured asset. Unless you have up to a 40% deposit they wont lend into the market.

There are some excellent deals available, if you have the cash and are prepared to buy bank owned properties taken from bust developers.

There is now talk of an imminent bank bailout for Portugal similar to the one here in Ireland. There is also a very strong chance that Ireland will default sooner than later, thus throwing the whole euro into crisis again thus affecting stability of the property market again.

Its a buyers market in Ibiza, but be careful and do your research
 
Cheers for your reply Bez

I don't suppose you would know what property prices were like 2/3 years ago compared to now?

I've done research on here and looked at property websites which obviously show prices as of today but I would be keen to know if they have taken much of a tumble like in the UK.

Are vendors and estate agents open to offers these days or are people still holding out for top dollar??

Many thanks for any replies.

Andy
 
the last couple of years have seen the unthinkable happen in ibiza - sellers are dropping prices. in the past they asked astronomically high prices and just waited 5 years for the buyers to catch up with them.

i'd say prices are more realistic these days but still much higher than the mainland which is an ENTIRELY different market to ibiza
 
i certainly don't, but i am equipped with my own eyes and ears still and with the aid of my spectacles am able to see a big red line scrawled through the original asking price and a new lesser one written alongside.
 
Any bargains you know of?

Anyone know who is selling the property behind Fatsos and beside the petrol station in Cala des moro?
 
we too have been looking at property prices over the last couple of years , and watched them fall , obviously not at the same rate as the mainland and after a lot of saving and a great deal with Solbank have decided to buy . The apartment a couple of years ago was around 135000 - 140000 euros we got it for 100000 euros .:D
 
morrisregal said:
we too have been looking at property prices over the last couple of years , and watched them fall , obviously not at the same rate as the mainland and after a lot of saving and a great deal with Solbank have decided to buy . The apartment a couple of years ago was around 135000 - 140000 euros we got it for 100000 euros .:D
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Where?
 
Bez said:
There is now talk of an imminent bank bailout for Portugal similar to the one here in Ireland. There is also a very strong chance that Ireland will default sooner than later, thus throwing the whole euro into crisis again thus affecting stability of the property market again.
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Germany's Angela Merkel & France's President Sarkozy were both due for a meeting yesterday 21/10/2011 to discuss the euro crisis but the meeting has been delayed, thus will now take place next Wednesday. I wonder if the delay could be due to the fact that both Countries want out by returning to their original Currencies? If so then it would certainly put the cat amongst the pigeons.

NB: Ofcourse i'm joking about Merkel/ Sarko wanting out but who know's maybe sooner rather than later it just could happen along with the possibility that Britian finally votes for leaving the EU aswell.:lol:
 
Dave 1 said:
the possibility that Britian finally votes for leaving the EU aswell.:lol:
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If the UK pulled out through a referendum the country would be bankrupt through compensating the firms (etc) which rely on a tariff-free EU for trade, and would face a constitutional crisis if the Scottish vote was "for" Europe as opposed to an English "against" plus the question of the legality if EU citizens that reside in the UK now, and the UK citizens who reside in the EU.

So hoping for a vote is a non-starter. The best anyone will get is a "tide me over" vote about new European powers, which the UK wouldn't accept anyway so it's just a paper exercise.
 
howardh said:
If the UK pulled out through a referendum the country would be bankrupt through compensating the firms (etc) which rely on a tariff-free EU for trade, and would face a constitutional crisis if the Scottish vote was "for" Europe as opposed to an English "against" plus the question of the legality if EU citizens that reside in the UK now, and the UK citizens who reside in the EU.

So hoping for a vote is a non-starter. The best anyone will get is a "tide me over" vote about new European powers, which the UK wouldn't accept anyway so it's just a paper exercise.
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Yep, regardless of your personal stance or looking at all the negatives in hindsight, there is no doubt that pulling out of the EU would be both political, social and economic suicide.

I genuinely believe this is why Cameron and co have more sense than put it to referendum, because the ill-informed masses would believe half the shoite thats written in the media and vote us out.

Its a sad state of affairs. It seems today, more than ever, everyman and his dog has a political opinion, in contrast to a few years ago when "I don't do politics" was a common response. Trouble is, ignorance was bliss. Some of the political "ideas" you see knocking around the web on various forums frighten me to death.

And these people are allowed the same number of votes as me?! Scandalous.
 
I know someone who got a one-bed apartment just north of Santa Eularia for (if memory serves) a little over 100k. Just off the beach, ocean view, community pool and nice little balcony.

There are bargains to be had. Just not quite bargain enough for what I want :lol:
 
Its in Cala llonga on the Pueblo Esparagus community , two bedrooms , a small patio on the front and a lovely seating area at the back with a bit of a sea view , we didn,t think we would ever get something as lovely for the price . Looking forward to lots more holidays now :D:D:D
 
Not sure if it's on topic but i've seen an appartement 45m2 currently for sale in Puerto San Antonio with small terrace giving a sea view. Asking price is 74000 euros however their is just one problem? It's very basic thus look's in need of some modernising & TLC.
 
Dave 1 said:
Not sure if it's on topic but i've seen an appartement 45m2 currently for sale in Puerto San Antonio with small terrace giving a sea view. Asking price is 74000 euros however their is just one problem? It's very basic thus look's in need of some modernising & TLC.
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Some of those apartment buildings are very ugly looking, especially the older ones. I wouldnt buy one if I got it for half the asking price. More trouble than its worth IMO
 
morrisregal said:
Its in Cala llonga on the Pueblo Esparagus community , two bedrooms , a small patio on the front and a lovely seating area at the back with a bit of a sea view , we didn,t think we would ever get something as lovely for the price . Looking forward to lots more holidays now :D:D:D
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do they have any more? what are the service charges like etc.
It's a good view from up there, we did a family treasure hunt from there in the summer but came second so we didn't get in the local rag! Hey ho!
 
rewdan said:
do they have any more? what are the service charges like etc.
It's a good view from up there, we did a family treasure hunt from there in the summer but came second so we didn't get in the local rag! Hey ho!
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Hi Rewdan if you google Pims Holidays they have some apartments for sale , they are the company who run the site . I think the service charges vary on the size of the property , ours is a two bedroom and it,s 1600 euros a year , which seems quite expensive but you have pools , restaurants , and the communal areas are very well looked after .We go over in a couple of weeks to sign so if you need any more information let me know.:D:D:D
 
thanks, I need to look into the rents that one could generate to see if it makes sense, good luck with your purchase.
 
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