Now open for business, the new office headed up by Brian Reynolds and Dan Potter is the latest office acquisition for Belgravia-based Quintessentially Estates.
Sister company to the Quintessentially Group, the buying agency also has dedicated offices in Dubai, Switzerland, Turkey and Ukraine. As part of the firm’s expansion plans, a new office is due to open in Monaco this autumn and the business will branch into the US in early 2015.
According to Quintessentially Estates, the market in Ibiza is currently buoyant at the upper end, with more transactions taking place above the €2m threshold. Buyers enquiries on the island are up by 12% in the last year and large, prime properties are high on wish list of buyers as they offer the opportunity to derive rental income.
Whilst lifestyle appeal is the common denominator, purchaser profiles in Ibiza differ greatly, ranging from second and third homeowners to retirees and families relocating.
With regular, good value flights across Europe, an increasing number of ‘City commuters’ are also moving to Ibiza. Ibiza airport registered a record number of passengers in August and, in the first 8 months of this year, the airport has experienced a year-on-year rise of over 9% in international traffic.*
The marina in Ibiza town also had one of its best years in 2013, with increased demand for new moorings of over 25 metres – an indicator of the growing popularity of the Balearic Island amongst high-net-worth-individuals.
Commenting on the launch of the Ibiza office, Penny Mosgrove, Managing Director of Quintessentially Estates, said:
“Buyers from around the world are attracted to Ibiza, but often find that the market can be complicated to understand and negotiate. As with any overseas purchase, it is vital to understand the tax and legal systems, as well as the associated costs of purchasing and owning a property abroad.
”The search and sales process in Ibiza is not straight-forward and can take between 9-12 months, so we felt buyers would benefit from having a team of experts on the ground. With over 50 years of experience, Brian and his team understand the local culture, language and legal processes and, through their extensive network of contacts, can open doors to properties on the island that might otherwise be available.”
* Research from Aeropuertos Españoles y Navegación Aérea (Aena) released in September