Villas for £44,000 as co-ownership hits Mallorca
By Sue Brown, 09 Mar 2006
Majorca has become one of the hottest places to invest for sunbelt homes and the property market is about to surge after a two-year long “shake-out” that has seen German owners, hit by their country’s economic decline, selling out to Brits and Americans.
The lovely Island has hotspot beaches and mountain hideaways and a new wave of fusion restaurants and nightspots that are attracting record numbers of visitors - sparking yet another expansion of the busiest holiday airport in Europe.
Across the island, villas are the best buy and at an average price of EUR 300,000 (£200,000) are affordable to an increasing number of Brits and other northern Europeans seeking a home in sunny Spain. The widest choice can be found online at specialist website, PropertyInSpain.Net, the firm who made headlines around the world recently when they sold Mallorca’s oldest inhabited house – the Christopher Columbus family home – for EUR 1M to a UK media mogul.
Their website currently lists villas from EUR 194,000 in pinewoods close to popular tourist resort, Cala Romantica to a high-tech solar powered, state of the art, seaview villa on its own country estate priced at EUR 2.4M. There are the Island’s only four-in-a-row beachfront luxury villas, one metre from the beach at Cala D’Or offered exclusively at EUR 1.8M each and ideal for celebs, footballers or bullfighters - with private access to the beach and next door 4-star restaurant and spa.
PropertyInSpain.Net CEO, Terry Walker said: “Mallorca is in great demand again because it really does offer everything for everybody with its quality lifetsyle, unspoilt countryside and cultural nuances. Flights from the UK are arriving every few minutes and yet there's always a secluded cala or mountain hideaway offering peace and quiet. The nightlife is sophisticated and cosmopolitan and celeb spotting is a growth activity.”
Tax break promises with Libertad co-ownership
King Juan Carlos and the Spanish Royal Family visit every year and Hollywood “Royals” Michael Douglas and Catherine Zeta-Jones have an estate and many celeb friends on the Island.
But now Mallorca is going to be more affordable than ever before as PropertyInSpain.Net have introduced their revolutionary Libertad tax break buying with optional co-ownership concept. Now a 2-bed villa can be bought for under EUR 65,000 (£44,000) on Libertad 3 co-ownership where three family members or friends join to buy the freehold and share the costs, benefits, rental income and profits.
That’s the price per person and each would have to put down only EUR 22,000 (£15,000) cash with a 70 percent Spanish bank mortage for the remainder of their share.
Libertad tax break buying and co-ownership launches on 17 March and promises tax savings of minimum 20 percent on capital gains tax, low-or-no inheritance tax and a fully legal ownership and taxation status in Spain. “It matches or improves on the tax breaks that were promised with UK SIPPs before Chancellor Brown cancelled them,” said Terry Walker.
Buyers can select their Libertad villas from a new interactive website and book viewing appointments with the firm’s English speaking property professionals based in Mallorca.
Information from Google search “Libertad property Spain” or www.propertyinspain.net