Mallorca

Mallorca is a beautiful island in the Balearic Sea, famous for its stunning beaches, rugged mountains, historic sites, and vibrant nightlife.
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Property for Sale in Mallorca: Advice for Foreigners

Mallorca is one of the most beautiful islands in Spain; buying a house means high-quality living standards and also a good investment. The Spanish Golden Visa Program – that grants long-term residence to property buyers – makes Mallorca an even more attractive option. 

This guide will help you:

Understand the Real Estate Market in Mallorca
Navigate the Buying Process
Learn About Property Taxes on the Island

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Why Invest in Property in Mallorca?

See why Mallorca is so popular with expats:
Golden Visa Opportunity
Become a Spanish citizen by buying property over €500,000.
Unrivalled Climate and Landscape
Relatively speaking, Alicante ranks higher than other European cities on the balance between quality versus cost. Dining out, utilities, and transportation tend to be cheaper in Alicante.
Good Quality of Life
Compared to countries such as Germany, the UK, or the US, Mallorca has:
  • World-Class Amenities
  • Fresh Local Food
  • A Relaxed Lifestyle
  • Lower Cost of Living
Lucrative Letting Potential
Mallorca is a top tourist hotspot, drawing millions annually. Properties in prime locations can provide consistent rental income, especially during summer.
Low-Cost Houses
It is considerably less expensive compared to other Mediterranean destinations, such as the French Riviera, making it a solid investment.
Great Connectivity
Mallorca has an international airport that provides flights to major cities around the world. This makes it ideal for people who travel often and for expats.

Explore competitive mortgage deals for Mallorca real estate with Upscore’s Finance Passport!

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Can Foreigners Buy a Property in Mallorca?

Foreigners are not restricted from buying property in Mallorca. Spanish laws actively welcome foreign investment through Golden Visa, which grants residence upon fulfilment of a minimum investment.

Every kind of property is available on this island, from seafront apartments to luxurious villas atop hills. While buying property as a foreigner in Mallorca is pretty straightforward, bear in mind there are still some quirks. This includes arranging local financing or understanding the legal side when purchasing a property.

Mallorca is particularly popular among British and German people, mainly because it combines cultural experiences with good food and modern amenities. Welcoming locals and already established expat communities make relocating or investing in the island even easier.

Searching for a House in Mallorca

Many British and foreign agents also advertise in Mallorca, but viewing the property in person is always advisable to see if it lives up to your dreams. Real estate in Mallorca spans modern apartments in the historic centre of Palma to large countryside estates in the mountains of the Truamuntana.

FAQs

Prices depend on location and the type of property. Luxury villas and beachfront houses in popular tourist towns like Palma or Port de Pollença will be higher, but the more modestly priced inland ones provide a reasonable alternative.
Yes, all foreigners can rent out their homes, but to do so legally with short-term holiday lets, you’ll need to obtain a tourist rental licence (otherwise known as ETV). Many authorities limit the number available; this depends on location and type of property. Long-term lets do not require a licence.
While it isn’t legally required, having a Spanish bank account simplified many aspects of buying and owning property. It’s particularly useful for paying notary fees, transfer taxes, and setting up utilities or mortgages.
The process usually takes 6-8 weeks but can vary depending on the following factors:
  • Property Type
  • Financing
  • Legal Formalities
Initial steps include signing a reservation agreement and hiring a lawyer for due diligence. Financing can add time, particularly for foreign buyers. However, the timeline can be shorter if all documentation is in place and payments are prompt.
When buying a property in Mallorca, you’ll pay:
  • Transfer Tax (which amounts to 8 to 11% of the property’s price)
  • Notary Fees 
  • Land Registry Fees. 
You’ll also pay 10% VAT instead of transfer tax when you buy a new property. Annual ownership costs include property tax and garbage collection fees; on resale, capital gain tax may be payable. A tax advisor will, in this regard, bring clarity to these costs and help in projecting accordingly.

Connect with Our Mallorca Team

Ready to discuss your Mallorca dream home? Contact Upscore’s friendly team for expert guidance and seamless support every step of the way!

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