The gorgeous island of Mallorca is one of the most desirable areas in the whole of Spain.
Mallorca is the largest of the Balearic islands which, collectively, are the most popular tourist destination in Europe.
Mallorca strictly controls residential property developments to prevent further high-rise apartment blocks spoiling Mallorca’s superb beaches. There is therefore a restricted supply of new-build properties which means there are fewer properties available, resulting in comparatively high prices and a sought after property market!
For people looking to buy property in Mallorca, there are a range of impressive apartments near to Mallorca’s fantastic beaches. There are also numerous sea-view villas in Mallorca as well as more rural inland properties in Mallorca, sporting lots of land, olive and fruit trees.
Is a property in Mallorca for you?
Palma Airport is one of the busiest in Europe which means there are lots of low-cost flight options for property buyers visiting their apartments and villas in Mallorca. Although popular with many Hollywood A-listers and rock stars, Mallorca has something for everyone.
Mallorca has become popular with cyclists, walkers and plenty of other tourists and sun seekers looking to take in the wonderful culture or just soak up the sun. With over 2,500 restaurants on Mallorca there is no shortage of culinary delights for foodies too!
Who can buy property in Mallorca?
There are no restrictions on who can buy property in Mallorca so you can buy property in Mallorca whether you are from an EU country or not. Property investment from foreigners is actively encouraged in Mallorca.
By investing more than €500,000 in property in Mallorca, non-EU citizens can even obtain EU residency status!
Top Tips for buying property in Mallorca
If you are looking to buy a property in Mallorca you should:
- Explore your funding options with an experienced mortgage broker specialising in Spanish mortgages for properties in Mallorca.
- Use the services of a good estate agent in Mallorca to help you find your perfect property and keep you up to date with new properties in Mallorca that meet your criteria.
- Instruct a registered lawyer in Mallorca who is English-speaking (unless you are fluent in Spanish) and is independent from the estate agent. It is important to make sure that your lawyer in Mallorca is not connected to, or recommended by, the estate agent, developer or seller.
- Use a recommended currency exchange company to help save you money on the purchase.
What else do I need to know about buying a property in Mallorca?
As a foreign property owner in Spain, you will need to obtain a NIE number – this is a ‘foreign identity number’ which is required before you can buy a property in Mallorca. You will also need to open a Spanish bank account.
Non-resident property owners in Mallorca are liable to Spanish income taxes even if the property is not rented out. For more information see our article about Non-Resident Property Taxes in Spain.
You should budget about 10-12% of the property price on top to take into account purchase taxes, legal fees etc.
If you would like more information about buying property in Mallorca or elsewhere in Spain, download our free guide to buying property in Spain from the right hand column of this page.
If you would like details of a recommended estate agent, mortgage adviser, lawyer or currency specialist to help you with your property purchase in Mallorca contact our friendly team on 01244 478 911 or at email@example.com.
Article published: October 12, 2016