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British buyers eye luxury Mallorca homes on favourable exchange rate

MALLORCA (April 3): British buyers and investors are expected to invest more in luxury properties across Europe and Mallorca on the back of a weakening euro, Spanish developer Taylor Wimpey España says.

With the sterling to euro exchange rate hovering around the 1.39 to 1.40 mark, and having reached its best rate in more than seven years last month, many British buyers see now as the perfect time to invest in luxuries.

“With the favourable exchange rate, Mallorca’s temptations have become even more attractive to British buyers and many keen sailors are looking to do the double while the price is right — buy the holiday home and yacht that they have always dreamed of,” said Taylor Wimpey España sales and marketing director Marc Pritchard in a recent statement.

Mallorca, the largest of the Spanish Balearic Islands, is a sailing haven that hosts world cups, regattas and other events and offers many high-end goods at high-end prices from properties to yachts, Pritchard said.

“Many of those who visit Mallorca are quickly drawn in by its unique charms and discover it is the perfect location for the second home they have always dreamed of. Property sales on the island are on the up. Mallorca property offers incredible value for money in light of the current exchange rate,” he said.

Spanish government statistics cite a 29.2% increase in property transactions across the Balearic Islands from 2013 to 2014.

Taylor Wimpey España is also the developer of the local Cala Anguila II and Cala Magrana III apartment projects.

The low density 2-bedroom Cala Anguila II has built-ups from 80.14 sq m (862 sq ft) to 80.42 sq m, priced from €245,000 (RM972,897). It features low-rise, high-end apartments arranged in small clusters around generously-proportioned communal pools. The development also serves as one of the last remaining developments with direct access to the beach.

Separately, Cala Magrana III has an 80.28 sq m built-up, priced from €230,000. The 2-bedroom, low-rise apartment is just 600m away from the Cala Anguila beach with facilities that include a swimming pool and sunbathing area.

This article first appeared in The Edge Financial Daily, on April 3, 2015.

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