The property market is Mallorca is one of the few areas in Spain that has been largely unaffected by the property crash in Spain.
The lifestyle:
The Balearic island has always been a popular holiday destination, attracting a different clientele to nearby Ibiza. With an international airport in Palma, there are plenty of flights to/from various European countries and many of the low-cost airlines offer a service.
The island benefits from a good infrastructure and high standards of public services. Despite the property boom, the island has not been over developed. Mallorca boasts a wealth of leisure activities and the restaurants are generally of a high standard.
Indeed, Palma de Mallorca has recently been voted the best place to live by The Sunday Times. In 2015, GB Abogados has seen quite a significant increase in clients purchasing a property in Mallorca.
The popular parts of the island for foreign investors are Soller and Pollenca in the north, Santa Ponsa and Port d’Andratx in the south-west and, of course, the capital Palma itself.
Property in Mallorca:
Generally, there is a property to suit everyone’s requirements, with Palma offering city apartment living and the many villages across the islands providing a more rural setting. There is a good choice of modern apartments, duplex and luxury villas throughout the island.
There is a mix of resale properties and new developments available.
The property transfer tax is set at 10% in Mallorca. Generally, clients purchasing a property without the need for a mortgage can expect to incur total costs of 12-13%. Please visit the conveyancing page on our website for more information.
If you would like a no obligation quotation for assisting with your purchase in Mallorca or would like to know more about property law & conveyancing in Spain please don’t hesitate to contact us.