Mallorca may be one of the best holiday destinations in the world, but it’s also a great place for expats to relocate to. The largest Balearic Island offers so much more than just 2 weeks soaking up the sun with your loved ones. Investing in overseas real estate is a fantastic step for anyone to take, but we understand that the entire process can seem a little daunting - especially for first timers. If you’re seeking a life full of wonderful quality, warm weather and relaxation, here is how to buy a property in Mallorca.
One of The Best Places to Live in the World
What’s not to love about the thought of living in Mallorca? It boasts a fabulous climate, has a stunning coastline and offers some of the most delicious cuisine you’ll ever try. What’s more, the island is overflowing with culture and traditions that both locals and expatriates can enjoy. Located in the heart of the Mediterranean, it’s an island known for being both notoriously safe and culturally vibrant. Plus, with so much tourism happening, there’s always something going on to keep you occupied - no matter where you decide to relocate too. If you’ve got to the stage where you’re thinking about packing your bags but are asking the question ‘how to buy property in Mallorca’, this is everything you need to know.
If you need help deciding where to live in Mallorca, here are some of the most sought-after regions to consider: https://www.mundomediterraneo.com/blogs/article/15/best-places-to-live-in-mallorca
Know What You’re Looking For
The search for a property in Mallorca is where the fun begins! However, to help make the process as stress-fress as possible, it always helps to know what you’re looking for before you enlist the help of a local estate agency. By having an idea of what property type or location you’re after, this can really help narrow down the search.
For yachties, Port D’andratx is probably the perfect location. It boasts a certain sense of luxury and sophistication while having a breath-taking view of the southwest coast. Over on the other side of the island is Port de Pollença, perfect for those who love mountainous backdrops.
You’ll also want to consider the size and style of property you dream of calling home. You may be looking for something for the entire family, which means a house or villa may be what you need. However, if you’re relocating solo or are coming with your partner, a smaller apartment could be a perfect choice.
Getting Good Value for Your Money
When it comes to knowing how to buy a property in Mallorca, making sure that you’re getting good value for your money is key. The property market here is relatively stable and is largely influenced by foreign investors. There are reports out there that suggests property prices are on the rise, with people now paying around 8% more per square meter. According to the latest statistics, experts have said that real estate prices will continue to rise over the next three years.
Property prices do tend to be higher around the coast, especially in the southwest area. The further north and more in land you choose, you’ll start to notice that real estate costs typically become lower.
The Purchase Process
Buying Mallorcan property - like anywhere - requires certain legalities to be completed before you can call the place yours. One of the first things we’d suggest is getting a reputable lawyer who can help you throughout the entire process. After all, the steps you take may be very different from the ones you’ve taken before.
Once you have decided to go ahead with purchasing a property in Mallorca and you’ve found your dream home, placing a formal offer is the first step you’ll need to take. This ‘option contract’, once confirmed by both the buyer and the seller, commits both parties to the sale of the property. At this stage, a deposit is required.
When it comes to paperwork, you’ll need to provide certified copies of identification (usually your passport). What’s more, as an overseas buyer, an NIE tax number must be held.
Properties in Mallorca can be purchased outright with cash or with a mortgage, both of which options should be considered and fully looked into. Your lawyer can usually help you find a Spanish bank account if you’re not sure where to start, as you may prefer to handle your payments through this.
Your lawyer will make sure that the property you’re looking to purchase is officially owned by the seller. This means that the property has no debts against it and is fully legalised.
Taxes in Mallorca regularly change, so it can often be difficult to keep up to speed with what’s happening. You lawyer will be able to advise accordingly. Please also note that taxes differ slightly for resale and new properties.
Completing the Sale
Before the keys can be handed over, the buyer and seller must be present at the notaries office at the same time. This is where the final exchange of contracts will happen while also exchanging the remaining balance and any paperwork. Please note that your lawyer can be granted power of attorney and can act on your behalf if you’re unable to attend on the date and time set out.
Taking the First Step
If you are struggling with how to buy a property in Mallorca, look no further than Mundo Mediterraneo. We are real estate experts and offer a whole range of exclusive properties for sale on the island. Whether you’re on a budget, are looking for a holiday home or wish to move here permanently, we can help you secure your dream property in Mallorca.