Dear clients and collaborators:
We are now nearing the end of the year 2011, a year full of surprises and paved with good intentions. One of the highlights has been the recent change in government in the last elections, which I think will have a positive effect in as much that it will raise the confidence and hopes of the Spanish people, which until now was very low and we hope that during the following year, 2012, there will be a growth in employment numbers.
For Nova Inmobiliaria 2011 has been an unusual year with periods of intense activity and other moments of great calmness. Although in general, the closure of this year will be clearly better than the previous ones. As far as the number of operations goes, we have an increase of 20%, however, where we have noticed a difference, is in the average price value of these operations which has clearly seen an improvement.
The reduction in prices of properties seems to have come to a standstill, above all in the properties of a certain level. During the last three years banks have been able to sell a large part of their properties, the most attractive, which means that the present offer available is based on properties situated in less attractive areas. At the same time, there are fewer properties entering bank files than before.
The offer of brand new properties for sale has decreased greatly in Majorca, up to the point that it is possible that during the year 2012 the demand for these new properties will be superior to the offer, as there have been practically no new promotions and no foreseen ones in the near future.
Second hand properties on the other hand have an important position, although many of these have not had their prices adjusted to the present situation on the market. The real estate asset continues to have a very interesting value for low risk investors, an attractive profitability with increasingly less fluctuations in prices.
I would like to animate future buyers not to postpone their decision to buy much longer as the opportunities that are available on the market today will possibly not be seen in the future. Here in Nova Inmobiliaria we are extremely satisfied with the way the year is ending for us and we would like to take this opportunity to mention the opening of our office in Puerto Andratx as well as the incorporation of 5 new commercial members on our staff. We continue to invest in new technological systems with the intention of offering the best possible service to our clients and friends.