Owning a property in Mallorca has been your longtime dream but how does one go about it?
You have window shopped in the many estate agency windows, walked around town and driven along the coast, you have imagined yourself in one of those beautiful villas for sale and thought about buying a second residence in Mallorca, possibly an investment for your retirement, letting it as a holiday rental or even relocating to the island. So far so good.
Beautiful townhouse in Pollensa Old town
The property market in Mallorca has remained healthy, albeit a small slump during the past real estate crisis, and once it picked up again, foreign investment on the island took off again. Everyone wants to buy property in Mallorca.
A combination of a wide and varied selection of properties, from town houses to farm houses, private villas, apartments and seaside bungalows spread all over the island, along with a mild year round climate with distinct seasons and the fact that Mallorca is after all the most popular holiday island in the med, has meant house prices never really dropped at all.
It has now picked up again, and if you are going to buy property in Mallorca you are just in time to catch a deal before house prices rocket again.
To buy property in Mallorca can be complicated however, especially if you don't currently live here. There is the Spanish language for a start. And Spanish bureaucracy is reknowned for being convoluted. You will need a good estate agent at your side to help you through the red tape and legal process of buying property in Mallorca.
Top tips on buying property overseas
Luxury townhouse with patio and pool in Pollensa
Property agencies are not tightly regulated in Spain so choosing the right inmobiliaria, as they are known here, is crucial.
To buy property in Mallorca you will need a property agent that is both professional and knowledgeable of the area you decide on, and if you are going to buy a house find out beforehand what their fees involve.
Most agencies will include their commission in the advertised property price so you needn´t worry about added costs. Factor this in too when calculating taxes as you should only pay tax on the price of the property you buy minus the agency fees. A good estate agent will be able to take you through the entire property buying process in English.
Guide to buying real estate in Mallorca
Modern detached villa in Bonaire with sea views
One way to make your new property pay for itself is to rent it in the summer season or for part of the year when you aren't in residence, and turn your frontline villa, townhouse or country estate into an money earner. It is an option and a good one too, buy property in Mallorca to let, and you get to enjoy your holiday home, rent your property as a holiday villa and keep your new residence while it pays for itself.
You will however require a rental license. laws may change as regards to costs and fines, but this is how it stands at the moment:
How to get a licence to let your property out as a holiday home
Enchanting country estate in Pollensa
The agent will also help organise house viewings so it is worth being quite clear as to what kind of property you are looking for.
Mallorca´s houses can be quite varied, whitewashed houses in the coastal villages bear little resemblance to the rustic country homes of the interior, or the restored private villas, modern apartments and surprisingly spacious townhouses you find tucked down cobbled streets with pools in the garden and wonderful terraces with views of the rooftops and mountains beyond.
To ensure you buy the right property in Mallorca make a list of what you need and what you are looking for. List the kind of property you want to buy, whether a villa, luxury beach side pad or rustic finca, the amenities you require, the area you want the property to be in, and all the things you think are important.
How close is the nearest hospital, how good are the schools? Shops, beaches and public transport… and make sure you buy the property of your dreams.
Exquisite penthouse apartment in Bellresguard
Mallorca is attractive to investors for a number of reasons. First of all, Mallorca is fun, beautiful and super easy to get to. It is no small feat that it has remained consistently popular since its first tourists landed on the island´s beaches back in the 50s. It has weathered its awful reputation as a British playground for drinking and debauchery, and continues to do so.
From its halcyon days of the 60s to the package holidays of mass tourism in the 80s, Mallorca has retained its charm and beauty, cleaned up its act a bit and revamped its property market, making it a highly attractive place to visit and a great place to buy property.
Property prices have remained resolutely high on the island, dropping only slightly during the massive property crisis of recent years, so the time to buy property in Mallorca has never been better. You stand a good chance of finding a property to buy within your budget, and a second home in Mallorca or a whole new life in the bargain.
Our Office in Puerto Pollensa
+34 971 86 57 67You can find us in Paseo Saralegui 48
07470, Puerto Pollensa
Our Office in Puerto Alcudia
+34 871 114 800You can find us in Carrer dels Mariners 8
07400, Puerto Alcúdia
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