Charlie Hill is a partner in Charles Marlow and head of sales for the company. We thought now was a great time to ask Charlie for some valuable property intelligence for Deia, Mallorca and the Balearics as a whole.
So, as the sun began to set on another beautiful Deia day, we sat down in the shade outside Sa Fonda and had a chat.
Could you describe the sector of the property market in which Charles Marlow specialises, Charlie?
Charles Marlow has built its reputation by offering the best homes at every price point. We start by working closely with homeowners to agree a price that’s in line with the current market. This saves new buyers time and money – as we won’t list a home with an unrealistic asking price.
Could you share some property intelligence for the market so far in 2017 in Deia, the north-west of Mallorca, Mallorca in general and, if you like, Ibiza and the rest of the Balearics too?
It’s no secret that demand from holidaymakers and people looking for a home in the Balearics has been increasing in recent years. The islands have featured in the European and international press constantly in the past three to four years. And, although each island is different and has its own distinct market, they’ve all been affected by similar factors.
Up until June 2016, the residential property market in the Balearics was very active and growing at an increasingly rapid rate. Post-Brexit, we saw demand become steady. This, combined with homeowners wanting an unprecedented premium, meant that the market slowed. Property continued to sell but not at the rate previously experienced and there was a readjustment in the market.
That’s great. What factors have influenced the market?
I think the exchange rate and uncertainty in various sectors would be the biggest factors influencing any market at the moment. As far as real estate in Deia and the north-west coast of Mallorca is concerned, consistently good weather and the reduced number of homes available along this protected cost – together with tight building restrictions and a low turnover of clients wanting to sell – are the reason prices continue to increase.
We’ve also seen a growing number of enquiries from America, Australia and other countries outside Europe. It will be interesting to see how this develops.
Has anything surprised you about how the market has been in 2017?
I can’t say I’ve been surprised but, after seeing sales at the middle to top end of the market slow in 2016, it’s been reassuring to see these begin to rise again. I’d imagine that people have been watching the market and are now confident enough to get serious about buying a property.
How has Charles Marlow performed so far in 2017?
We’ve been fortunate enough to be involved in a large proportion of the sales of homes in Deia and on the north-west coast of Mallorca, which is excellent. At the same time, we’ve continued to grow as a business across both islands and, in this, we’re a direct reflection of the market as a whole. If our enquiries are down, it’s the same for all the leading agents and this is true for sales as well.
Is this a good time to buy or sell?
Absolutely. It’s a good time to sell because the lack of really outstanding homes on the market has resulted in a significant growth in value. Also, if you’re looking to move money back to sterling, the currency rate is particularly attractive right now.
For buyers, the only factors to consider are what’s happening outside the Balearics. If you’re looking for a holiday home, I’d recommend you step up your search.
How do you see the market performing later in 2017 and early 2018?
Judging by all the investment I’m seeing into homes and businesses alike, I expect to see prices and demand continue to grow. It would be difficult for anybody to predict how the property market is going to perform but there are plenty of positive signs that inspire confidence in the local market.
Mallorca – especially Deia and the north-west – and Ibiza remain quality of life destinations with very limited opportunities to buy. And, as I said, demand is increasing worldwide so the real estate market across the Balearics is not reliant on any single market to prop it up. Good news for sellers.
Quite simply, that we’re delighted with our success in the rental market this year. We’ve filled most of our clients’ diaries while maintaining our high standards and making sure rental customers have a great experience.
Last question, Charlie, why do you think Charles Marlow continues to be so successful?
The obvious reason is that we have a talented, close knit team incentivised to build the company as a whole, rather than focusing on individual deals or short-term goals. And, of course, because we’re involved in so many successful sales and purchases of homes, we know the correct market values for properties in all price brackets. This enables us to always offer clear advice grounded in property intelligence.
It certainly does. Thanks, Charlie. Salud!
If you’d like to talk to Charles Marlow about buying, selling or renting property in Mallorca, email email@example.com, call +34 971 636 427 or pop into our office in Deia, opposite the hotel Belmond La Residencia. You can’t miss it!
For Ibiza, email firstname.lastname@example.org or call +34 971 636 427.
If you’d like to ask Charlie for some personalised property intelligence, email email@example.com or call +34 634 316 800. He’d be happy to have a chat with you.