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Ibiza real estate benefits from Balearics booming economy
| Published: | 12 Jun at 6 PM |
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Whilst potential expat property purchasers are growing nervous about the effect of Spain’s new license laws, investors are transferring their attention to booming Ibiza.
The Balearics holiday island’s recovery began last year and is surging ahead of its mainland resort competitors since Ryanair’s bargain flights began again in March. According to leading real estate firms, there are already around 24,000 British expats living in Ibiza, Mallorca, Majorca and Formentera and there’s plenty of room for more.
At present, even off-plan developments are selling like hot cakes due to the islands’ year-round warm weather, beaches, buzzing nightlife, social networks and sheer beauty. The problem of a lack of direct winter flights to and from the UK has now been solved with the inception of British Airways’ City Flyer service, which plans to double its service to the island from October 2013.
The Balearics already have a license system for holiday lets in place for any resident, Spanish or expat, who isn’t permanently on the island, so there are no unpleasant surprises for new purchasers. The choice of properties ranges from luxury hillside villas to older cottages and modern condos, and Ibiza is as lovely in the winter as it is in the crowded summers.
Although the strength of the euro against the £ sterling isn’t the best of news, real estate moguls suggest that a property purchased now can only increase in value as the island gears up for even more visitors. For those not sure about the currency market, fixing an exchange rate at the start can give peace of mind as regards budgeting.
The Balearics holiday island’s recovery began last year and is surging ahead of its mainland resort competitors since Ryanair’s bargain flights began again in March. According to leading real estate firms, there are already around 24,000 British expats living in Ibiza, Mallorca, Majorca and Formentera and there’s plenty of room for more.
At present, even off-plan developments are selling like hot cakes due to the islands’ year-round warm weather, beaches, buzzing nightlife, social networks and sheer beauty. The problem of a lack of direct winter flights to and from the UK has now been solved with the inception of British Airways’ City Flyer service, which plans to double its service to the island from October 2013.
The Balearics already have a license system for holiday lets in place for any resident, Spanish or expat, who isn’t permanently on the island, so there are no unpleasant surprises for new purchasers. The choice of properties ranges from luxury hillside villas to older cottages and modern condos, and Ibiza is as lovely in the winter as it is in the crowded summers.
Although the strength of the euro against the £ sterling isn’t the best of news, real estate moguls suggest that a property purchased now can only increase in value as the island gears up for even more visitors. For those not sure about the currency market, fixing an exchange rate at the start can give peace of mind as regards budgeting.
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