Volker Hunzelder has worked in the Mallorcan real estate industry for almost 30 years. Despite being originally from Germany, he describes himself as having a Mallorcan heart, “Once you fall in love with Mallorca, you can’t get rid of it” he says. His passion for the island, and his work, has led him to write a book about buying property on the island called “Dream Home Mallorca” which you can now get on Amazon, it is available in English, German and Spanish.
Tell us about yourself.
I’ve been in the real estate business here since 1998. Of course, I have seen a lot of change in the industry in those years, and seen how clients have changed how they buy and sell. I started in the “analogue” times, before the internet, and that of course has completely changed how people look for property. There are many benefits to it, but also there are some downfalls which is why I wanted to write my book. For example, information is available 24/7 online, but that does not mean that is accurate or up to date or even true! And I want to advise people that just because they have read about the property market in Mallorca, does not replace the knowledge and advice that an experienced and professional agent can offer.
We have a very open market here in Mallorca, with more than 1000 real estate agencies and with more than 6000 people working in that business. It is not regulated, so you can expect to have some very professional people and some, let me say, cowboys, as well. It is possible as a freelancer here on the island to start a business on your own, which of course is wonderful as it has many possibilities for growth, but also you as the property owner or prospective buyer must be sure that the real estate agent you choose works in a professional way.
And I was very lucky to start in a very professional agency, but it was also my own wish and will to learn that profession really. Not just to show a property and to earn money but to truly understand the property market, the styles, the legality, the locations, everything that you need to know in order to work well on the island.
In writing the book I wanted to bring a unique perspective to the complex and often seemingly confusing terrain of buying property on the island. I want to give the reader the tools to make informed decisions and realise their dream of living under the Mallorcan sun.
What skill set does a good agent need?
You will see a lot of agencies now in cooperations with others, but they may not know anything about the properties that they are listing. This is becoming very common. They need to know the property personally, they have to understand about it, why it was built the way it is, the special qualities of the place, this all helps you to help the buyer to find the property that they are looking for. A buyer is normally only looking for one place, not a hundred. The ideal agent is the one who can show the buyer the property that they are looking for and not to show them a hundred that they aren’t. There are many questions that you have to answer: which area, do they want an older or more modern property, do they want to renovate, do they prefer an apartment, do they want a sea view, or the countryside? You must be able to advise about any legality issues, and also how big the potential problems might be. A good agent should know about the tax and the law around properties, and the purchase process. It was a little bit easier for me because I built my first house with my father together by hand when I was 11. So I already had some experience with building, but the building practices in Mallorca are completely different to my home country, Germany. In Mallorca we typically use better materials in general. It is standard to see natural stone materials like marble.
Nobody needs a property in Mallorca to be honest, it is a dream that we wish to fulfil. We are not selling a pile of stones, we are selling lifestyle, and quality of life. If you look at the prices of properties in Mallorca then you will realise there is a reason for it. Many, many people come from other countries to have a place in the sun. This is then my responsibility as an agent, if somebody spends so much money it is my responsibility to find their dream home. And this is the art in all of this; to keep the dreams of the client in the centre of everything.
What are the kinds of mistakes that buyers and sellers are making?
I think the first thing I would advise is that you should always buy with an eye on reselling. For example if you decide to buy a holiday home, then what is the location? You will have a good chance to resell it efficiently if it has a seaview or it is on a golf course. These are two guarantees, and the rest is a matter of taste. The other thing you must have is an excellent consultant to make sure that you have a secure and serious legal purchase.
What’s your favourite area on the island for property?
Mallorca has become a home for architecture tendsetting in Europe. We see very good architects and styles being used here which is very interesting. But it is of course down to how you feel and where you want to be. If you are intending to come only in the summer then you could choose to be anywhere on the island but if you are thinking of being here all year around then my advice is to look in the SW or close to Palma. Some areas out of season are closed, and you may not want to have to drive for half an hour to reach a shop, whereas around Palma and the SW it is a year round residential area, and you will be able to live well and comfortably there. I like to tell my clients that if they fall in the street on November 15th in Cala d’Or that someone will help them get up again the next Easter. But in the end everybody has to decide for themself and have an agent that listens to them about their wishes.
Are there any bargains left in Palma?
Bargains are a little difficult here, yes! There is still a quarter in the Casco Antigua which I think is beautiful and has good connections to shops and restaurants. Santa Catalina now is very expensive, as is La Lonja and Calatrava, but there are still opportunities around the Avenidas.
What changes have you seen in the market?
When I first started in this business the average age of the client was 60+, and now I am seeing many more who are 40/45 years old. They negotiate more with the banks as well. During COVID times we saw properties being sold by video call, but those days are over and we are coming back to a more normal, stable market. We are always receiving enquiries from people who want to live here, and as well we see more American and Canadian people looking.
What about the Brits?
I still have British clients who are looking. But it is more difficult now with the 90 days rule. I don’t think the British market will break down completely. The British are in love with the island, it holds many happy memories for families and generations of people have been coming here. They will still find a way, I am sure!
You can find Volker’s book online at Amazon here https://www.amazon.com/Dream-Home-Mallorca-guaranteed-property-ebook/dp/B0CQDQ7CXT