Ibiza is still a hit with the wealthy

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Ibiza continues to attract wealthy overseas property investors as homes worth millions on the islands are still being snapped up.

Ibiza’s property market is definitely on an upward curve as a brand new Ibiza Sotheby’s International Realty website is being launched to cater for wealthy property investors interested in the island.

70% of the property listings on the website are priced at more than €1.5 million, which captures the trend of the market on the island.

The global recession doesn’t seem to have affected purchases among wealthy investors.

Amanda Marti, Director of the Ibiza Sotheby’s International Realty office, said: “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 continued to comment on the property prices on the island, which she claims have fallen by 20 to 30%.

“Prices on Ibiza have fallen, as is the trend across much of Europe, although not as far and as widely as in mainland Spain.”

Marti concluded by acknowledging the new mortgage options that enter the market in Ibiza “on an almost daily basis”.

Transferring money to Spain

If you are looking to invest in Spain, think carefully about how you will perform your international money transfer. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Spain – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Ibiza is still a hit with the wealthy

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