Mallorca

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

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
Live in the sun of the Mediterranean and within beautiful landscapes. Mallorca is sunny year-round with fairly tame winters.
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.

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

The process of finding a property in Mallorca is quite smooth, with many experienced estate agents who have developed a particular speciality in the market of this island. Some popular platforms to begin your search include:

Fotocasa
Idealista
Kyero

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

Is Buying a House in Mallorca Expensive?
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.
Is it Possible to Rent Foreign-Owned Properties in Mallorca?
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. 
Should I Open a Spanish Bank Account to Buy Property in Mallorca?
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.
How Long Does Closing a Property Purchase in Mallorca Take?
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. 
What are The Taxes Associated with Purchasing Property in Mallorca?
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.

Upscore's Benefits

Upscore’s Finance Passport makes life easier for anyone trying to own a house by offering customised mortgage solutions combined with professional advice.

Multiple Lenders

Compare different mortgage deals to find the best one available from local lenders.

Apply Anywhere

Our secure, online application puts you in control – apply for your mortgage anywhere, anytime.

Personalised Service

Work with a dedicated agent through the mortgage process.

Free to use

Upscore services are free, the commission comes directly from the lenders once a loan has been disbursed.

Explore Other Places in Spain

Andalusia

Andalusia is a diverse region in southern Spain, known for its rich Moorish heritage, flamenco music, stunning Alhambra palace, and vibrant cities like Seville and Granada.

Galicia

Galicia is a rugged region in northwest Spain, known for its lush landscapes, dramatic coastline and rich Celtic heritage.

San Sebastian

San Sebastián is a stunning coastal city in northern Spain, renowned for its beautiful beaches, vibrant food scene, and picturesque old town.

Start your application today

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Get Started
Instagram Facebook Linkedin

Copyright 2024 – © – Upscore

Upscore Ltd is registered in England and Wales (Company number 14707637). Registered office: 1-2 Charterhouse Mews, London, England, EC1M 6BB.

Licensed by the Information Commissioner’s Office (Licence number ZB533439).

Upscore Ltd is authorised and regulated by the Financial Conduct Authority (FCA), reference number 1011029. Upscore is a credit broker, not a lender. All credit is subject to status. Upscore might receive a commission from the lender if you are accepted for a consumer credit product.

Register
HQ

Glasshouse, Alderley Park, Nether Alderley, Cheshire, SK10 4ZE.

© 2024 All rights reserved