Spain seen from the eyes of Mallorca

As in all aspects of life, there are always at least two points of view for one same problem.  If I come to think about it, there are probably as many opinions, as people are interested in Spain and the situation which we are living right now.

Facts are simple.  Standard of life in the country has risen from a mediocre economy to one of the important countries in the international panorama.  This has occured not based on a strong industry nor on investing in developing technology, but on speculation, construction and if I am allowed to say, greed to obtain money the fast and easy way.  This is not sustainable, as it has been proven.

On the other hand, I must say that there has been an enormous effort from certain parts of the entrepeneurial society, a serious middle-right wing government at the end of the nineties and an intensive investment in basic infrastructures, providing the country with positive inputs for sustainable growth.  The shame that much more of all of these are required.

What is the situation today?  Spain is not as dead as some people intend to prove.  We are definitely in a critical situation, but lets look at things objectively.  I have lived and studied crisis of all sorts and am sure that you yourself have seen the same.  It is time for ECB and the EU to adopt measures.  The decissions Spain was asked to take, have been taken, (we can talk about how much more, could and can be done), but the backup of the other partners needs to happen now.  The more time it takes for the help to come, the worse and more Spain and the other countries will suffer and the later recovery will take.

Now to the situation of Mallorca and the Balearic Islands.  Anual sales of homes to Spanish non-residents has had the largest YoY increase in history, up to date.  British, German, Scandinavian, Russian, Swiss...are potential property buyers here on the islands.  Even more, we can confirm that more luxury properties are being bought now than in the preceeding years.  Some of the reasons being:  

Our situation: one to three hours flight, from the main cities of Europe. 

Price decrease: enormous discounts on prime properties on excellent locations.

Weather: an average of 5 to 10 degrees warmer weather in comparison to most european cities, as well as a much higher percentage of sunny days during the year.

Knowledge of the island: people have realised that this island, has a lot more to it than the famous 1980's and 1990's touristic locations.  Great restaurants, golf courses, mountain trekking, horse racing, beaches...and what is more important, many of our friends and clients are telling us that Mallorca is starting to be considered Europe's Florida.  An exclusive place for living, retirement or simply to retreat and disconnect in some secluded finca.

Therefore, I tend to see the glass half full.  Now is the chance to make business.  Now is the opportunity that many people have been seeking for, to buy an exclusive and unique property at an excellent price.  Did you know that one out of ten Germans, dream of having a home in Mallorca?  It is one of their goals in life.

Money is coming to Spain and more exactly to Mallorca.  We are long on investing here and our non-resident clients, many of which are much more experienced in finance and economy, back-up this opinion.  Situation in Spain is difficult, but it is not as catastrophic as many try to prove.  Maybe, Spain just needs to be something it has been for a long time: a place specialised in receiving foreigners and making them feel like home.