This month saw the launch of the all-new Ibiza Sotheby’s International Realty website and, with 70% of listings priced in excess of €1.5 million, it captures perfectly the current trends within the White Isle’s property market.
Amanda Martí, Director of the Ibiza Sotheby’s International Realty office, comments, “Despite 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. 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.”
Amanda continues, “The most sought-after homes in Ibiza throughout 2012 are frontline to the Mediterranean with good sea views or tired properties in need of renovation but in the best locations. Buyers are also waking up to the beauty of the wilder and less commercialised north of the island, for example the unspoiled town of Sant Joan de Labritja where we are currently selling a whitewashed €3.5 million villa designed by Jade Jagger for Yoo. Our problem is a lack of modern style properties with privacy and fantastic sea views, the demand is there but the supply is diminishing. Owners are wise to this and therefore reluctant to reduce their prices.”
“Prices on Ibiza have fallen, as is the trend across much of Europe, although not as far and as widely as in mainland Spain. From the peak in 2005 to 2006, values have decreased 20 to 30%, perhaps more for apartments, but it is location dependent with sought-after areas and desirable modern architecture holding up much better. The reason for the more marked price drop-off in the apartment sector is the reluctance of banks to lend, putting the brakes on this lower end of the market. However, new mortgage options are appearing on an almost daily basis in Ibiza with 70% loan-to-value available for non-residents on the condition that the projected monthly repayment does not exceed 40% of the buyer’s income.”
“With many different nationalities participating in the property market, vendors largely British and German, buyers from Holland, Switzerland, Belgium, Italy and the City of London, the Ibiza market remains a solid investment and resilient to the bigger picture Spanish property crisis. A small island, at little over 570km² in area, there is a lack of building land and strict planning laws in place to keep prices high and the vital supply-demand equation in check. Ibiza is still the ‘in’ place to own a home and works off-season for permanent living thanks to Morna International College teaching the UK national curriculum and the College Francois subsidised by the French Government. British Airways is also offering direct flights from London City Airport throughout the winter for commuters or weekend breakers.”
Two examples of properties that are currently on the market:
Villa, Cala Tarida, Ibiza
Luxurious west-facing modern villa with beautiful sea and sunset views close to the village of Sant Josep and Ibiza’s west coast beaches. Fully renovated in 2010, the property boasts a large light lounge with fireplace, a dining room and sleek white kitchen. The beautiful master bedroom commands the entire upper floor with a glass-fronted fireplace, sitting room and en-suite bathroom. Meanwhile a further two bedrooms and two bathrooms are found on the lower floor alongside a small adjoining guest house with one bedroom and bathroom. Outside there is an infinity swimming pool to the front of the lounge, numerous fruit trees and Mediterranean plants and an enchanting barbecue and al-fresco dining area. The property is fully fenced with plenty of space for parking. Ibiza’s International Airport is a 20-minute drive.
Price €2.3 million (approx 1.84 million GBP)
Villa, Formentera, just south of Ibiza
The ground level comprises an ample reception hall leading to a dining room and open-plan fully fitted kitchen and living room. Also on this floor are three double bedrooms, all with access to the exterior, two with en-suite bathrooms plus an additional guest cloak room. Upstairs the large master bedroom suite has an office area and opens onto a gorgeous sunny terrace. Outside there is a lovely Mediterranean garden and terraced swimming pool area with exceptional sea views. The house is beautifully decorated and immaculately maintained.
Four Bedrooms, Three Bathrooms
Built Area – 300m²
Plot Size – 4,000m²
Price 3.5 million euros (approx 2.81 million GBP)