Magalluf property bonanza forecast

John Wright, who runs Imperial Properties in Palmanova and the Port of Andratx, is convinced that the revamp of the resort will push property prices up. “Any upgrade of Magalluf is going to lead to an increase in property value,” he said yesterday. “I've spoken to a number of home owners and business people in the area and they have all welcomed the project and are confident that their properties will increase in value. “What is more, with some real bargains to be had in the resort at the moment, it is an investors dream,” he added. “It's an investor's market right now,” Wright, who believes property prices will start rising within the next two years, if not before when work on the mega-resort project gets underway, said yesterday.

Looking at the current state of the property market in Majorca, Wright said that his company has had a very good year. “I know it depends on which estate agent you talk to but, not only have we expanded this year, we've also seen a marked improvement in the market in comparison to the past few years. “I'd say 50 percent of our market has been from the UK but we're selling to Russians, Swedes, the French, we can't complain.”