And with British Airways’s new direct flights from City Airport, Ibiza’s charms as a haven for a second home have just multiplied.
Buying in Ibiza is not just about catching rays, either. Cathy Ouwehand, managing director of Savills’ partner company in Ibiza, says that second home buyers who buy cleverly stand to make a strong long-term investment. “For buyers with a budget of around €1-€1.5m, I recommend going for a great location and then transforming and renovating the property,” she says. “A lot of the properties here built over the last 30 years are in the best locations. However, they are in need of updating and as it is impossible to find land for building, this is a great option. A lot of land is protected so investment here is also always going to be good value.”
Charl Ackerman, of Aylesford International, says that he is “always encouraging people to look beyond the south coast” – which, like any prime area, is “where you get the least value for money...In terms of investment, my recommendation would be to buy near at least two beaches and within easy reach of the airport. Areas that come to mind are San Juan in the north, which has motorway that connects it to Ibiza Town in 30 minutes, and Cala Carbo, on the west of the island, an emerging hot spot and a great place to buy. “It’s is just a small enclave with beautiful views. One developer I know had to wait more than two years to get planning permission to build a development of just 17 units. Ibiza is incredibly protected, so once you’ve got a place, it’s lovely.
An apartment in that development which was sold offplan in June 2008 for €740,000 has now been valued near to completion at €830,000. And with the Euro weakening, Ackerman expects to see an increase in British interest. He says that in the past two seasons, interest in Ibiza has increased “much more” than in Mallorca. “It’s very cosmopolitan, and residents like that people think of it as a party island and stay away. Away from the clubs it’s incredibly Spanish, and very charming. People love it.”
A recently modernised, super-chic villa with stunning views of the sea and Formentera, 8km from Jesus Village and Santa Eulalia. Set within a golf course, it has three open terraces and plenty of space inside. Contact: Knight Frank, 020 7629 8171
A six-bedroom, six-bathroom villa with a guest house and 22m swimming pool near San Carlos, this is far beyond your average luxury home, furnished in complete luxury. It could well become the ultimate party home for a rich and famous crowd.
Contact: Ouwehand & Wall, tel: +34 971 19 25 88
SANTA GERTRUDIS FINCA
This recently renovated five-bedroom country house in the fashionable village of Santa Gertudis has wonderful views towards Dalt Vila and an outdoor dining area and a swimming pool for enjoying them. Contact: Aylesford International, tel: 020 7349 5100