Mallorca Property Market and Real Estate Guide
(Mallorca / Majorca, Balearic Islands, Spain)
Mallorca is the largest and most sought-after of the Balearic Islands and is today somewhat of an upmarket holiday destination, as well as a favoured place to buy and rent. The island has a beautiful coast and interior, stunning weather and a bustling capital.
Mallorca is expensive both to buy and to rent, and is on average pricier than the mainland. Prices are lowest for a studio apartment and go up three-fold for a standard house, and up to several million for a luxury property overlooking the sea. In addition, houses are typically detached and larger than those in popular mainland destinations, where many people live in apartments.
Although prices have been hit in Mallorca with the recent economic downturn, the higher end homes have held firm. Popular areas to buy and rent include the capital - Palma de Mallorca, Santa Ponsa on the south coast, Alcudia in the north, and Cala d'Or in the east.
Renting Serviced Apartments
Although not as available as in mainland towns and resorts, serviced apartments in Mallorca can be had in the capital and in the main resorts, such as Magaluf, Alcudia and Santa Ponsa. Everything from modern studios to two-bedroom apartments in large resorts with all amenities is available.
Prices are higher than regular apartments and you may have to sign a contract for six months minimum. Figure on double the price of a regular apartment with or without furniture. Serviced apartments will usually be furnished and also generally come with kitchens, air conditioning and perhaps a communal swimming pool.
Buying Apartments and Houses
Affordable one-bedroom apartment are available in the city, with prices increasing three or four-fold for a detached house in the country. Adding ten percent to the cost to cover taxes and fees is standard. The buyer pays notary fees and should deal with a local lawyer who has a good command of English. The lawyer will perform due diligence, check title ownership, and so on.
Along with the transfer taxes, deed transfer and registration, there is also a yearly wealth tax in Spain, which goes by the value of the property and profit from rentals. Those in gated communities and in serviced apartments will also need to consider community charges. Carrying out your own checks on such aspects goes without saying.
Real Estate Agents
Finding a reliable and efficient real estate agent in Mallorca is half the battle, since there are many to choose from and not all have the buyer's best interests in mind. While it is tempting to go for those with the largest portfolios, this aspect alone is not an indicator of reliability. Picking an agent that speaks English well and has good customer reviews, along with a quality website, is recommended.
Check out the following Mallorca real estate agents:
Address: Avenida Jaime III, Esquina Paseo Mallorca, Palma de Mallorca, Spain
Tel: +34 971 425 262
First Mallorca has a good range of local properties on their books, from serviced apartments in the capital to rural Spanish homes.
Vida Balear Real Estate
Address: Paseo Maritimo 9, 07014, Palma de Mallorca, Spain
Tel: +34 971 450 422
Vida Balear offers a personalised service for buyers, sellers and renters on apartments, houses, and country estates in all areas of Mallorca.
Address: Pasaje Sert 4 Bajo, Barcelona, 08003, Spain
Tel: +34 93 268 8051
Based in Barcelona
with offices all around Spain, Friendly Rentals specialises in apartments, including sales, rental and management.