Real estate and property businesses are booming across the globe. Menorca is an island belonging to Spain, and it’s located in the Mediterranean Sea. The place boasts of long sandy beaches, the palm trees that line its coast, and the turquoise-watered bays called ‘calas.’ Due to its location and aesthetics, it is very easy to find property for sale in Menorca. The villas in Menorca are also suitable for those who wish to spend a holiday on the island.
Buying and Investing in Property in Menorca
Ten years ago, the crisis in Spain negatively affected the real estate business. The recovery process has been gradual, and currently, the industry is booming again. There are several investors and business people offering villas for sale Menorca. Every year, the price for property appreciates by about 12% to 15% in this island. Therefore, what are the benefits of buying or investing in the property business around this area?
Conducive climate – The weather in Menorca is quite ideal, which increases the number of people who are willing to buy property on this island. Summers are hot and dry, and the temperatures are approximately 30 degrees Celsius. Such weather makes it ideal to enjoy the beautiful beaches found in Menorca. In winter, temperatures rarely go below 5 degrees Celsius. Buyers are free to spend their time outdoors between April and October.
Better value for real estate – Property value is 15% to 20% lower than the value in other islands such as Mallorca and Ibiza. The price margin is even wider for villas and other property located at the seafront.
Natural environment – There is a perfect balance between development and conservation in this island. Preservation of archeological and natural assets has been achieved simultaneously with development. With such natural environment available, Menorca offers a paradise to the nature lovers. (https://www.villasinmenorca.co.uk/property-for-sale-in-menorca)
Improved infrastructure – There are new roads constructed on this island. Additionally, airports and hospitals have been renovated and extended. The port of Mahon, located on the coast of Menorca is one of the largest natural harbors in the world.
High demand – Comparing Menorca to its sister islands, this place is less built. Therefore, the demand for villas and other property is quite high, from both the locals and the foreigners. The island’s small size also limits how much property is available. Over-development in the future is limited by the significant portion of the island that is currently protected.
Prices for plots have gone down – The decrease in the euro value as compared to the dollar and the UK pound has caused the price to fall. As an investor, it would be a perfect investment option to spend less on buying land suitable for building homes and apartments in the future. Additionally, it is a general rule that the price for land never depreciates, implying that in some years to come, the price for the plots will be higher. (https://www.villasinmenorca.co.uk/property/houses-for-sale-in-menorca)
Property management is cheap – in some areas, developers charge a small fee meant for property upkeep. Nonetheless, in Menorca, the property owners can join a local committee constituted by the residents. The committee takes care of the maintenance, and the total cost is divided based on the square meterage of the property.