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In addition to these properties First Mallorca is also the preferred estate agent for 5 other new off-plan developments in various stages of completion in the general area of Andratx, namely Cala Llamp, La Mola and Cala Moragues. Six of the new apartment projects include high quality deluxe penthouses and apartments designed to cater for clients requiring high quality accommodation and exceptional sea views.  Prices of off-plan penthouses range from 950.000 Euros to over 2 million Euros and apartments from 560.000 Euros.

These developments, some as exclusive as only 6 units, are likely to be the final apartment developments permitted in the area. New sites or plots for future development are now practically non- existent and the coastline of South West Mallorca is subject to severe rules to preserve the area and its coastline. Due to the limited availability of new apartments, off-plan buyers in the sought after areas of Mallorca are enjoying substantial appreciation of prices before their new properties are ready to occupy. Buyers reserving properties during 2006 in the general area of Puerto Andratx are enjoying price increases in excess of 25% before they are due to make the final purchase payment.

 

Buyers of high quality apartments and penthouse close to marinas are often clients who can well afford a superior villa but in the case of Puerto Andratx, as an example,  they might well have a yacht moored in the Club de Vela Yacht Club Marina and only require a quality land base with the responsibility to only remember to take care of the door key.  Developers had envisaged this requirement for top quality apartments from overseas buyer in Mallorca's more exclusive areas on the coast. Great sea views, live-out terraces, underfloor heating, hot & cold air-conditioning, marbles floors and deluxe bathrooms are now the norm.

 

During the late summer of 2007 the first of these projects will be ready for occupancy and all ten of the units, including 2 spectacular sea view penthouses directly over the sea, sold before even the first floor was in its raw construction stage. These buyers have already enjoyed an asset value appreciate of approximately 30%. Other developments, presently being marketed by First Mallorca are due to be completed during 2008 and 2009. Payment schedules vary and may included a small reservation fee, a 10% deposit within a month and stage payments to completion and full freehold ownership.

 

The amount of the final payment my vary between 30% to 70% depending on the developer.