Buying a property in Spain with cash can give you a strong edge as a buyer. It often allows for quicker transactions, greater negotiation power, and fewer complications compared to getting a mortgage. However, “buying with cash” in this context doesn’t mean showing up with bags containing physical banknotes. In Spain, most cash transactions are […]
What’s the true cost of buying and owning property in Mallorca? The true cost of buying property in Mallorca goes far beyond the purchase price. Buyers should budget an additional 10–15% of the property’s value to cover taxes like ITP (up to 13%) or VAT + stamp duty (up to 11.5%) on new builds, plus […]
Affordability: Everyday costs like housing, groceries, and childcare are often much lower than in US cities. Nature: Beaches, mountains, and outdoor activities are right on your doorstep. Wellness: The Mediterranean diet, fresh air, and relaxed pace support a healthier lifestyle. Real Estate: Strong property market growth offers great long-term value. Food: Fresh, local markets and […]
Key Highlights Many buyers overpay by stretching their budget too far. Some choose the wrong area for long-term living or rentals. Not all real estate agents are trustworthy—do your homework. Skipping a full inspection can lead to hidden repair costs. Extra fees and taxes often catch buyers by surprise. Trusting the seller’s agent or inspector […]
In Short: If you’re thinking about buying or selling property in Mallorca, here’s a quick look at the main taxes and what they usually cost: Property Tax in Mallorca When Buying: Transfer Tax (ITP): 8%–13% for resale homes (average: 10% of the price) VAT (IVA): 10% on new homes (instead of ITP), 21% on land/commercial […]
TL;DR: In Mallorca, short-term holiday rentals require a special license, but new licenses are no longer being issued. You can still buy properties that already have one. Long-term rentals (over 30 days) don’t need a license but must follow tenant laws. Renting without the proper license can lead to fines of €20,000 or more, so […]
Key Highlights Buying your first home in Mallorca requires understanding the local real estate market and property taxes. Getting pre-approved for a mortgage helps you focus on homes within your budget and shows sellers you’re a serious buyer. Researching neighbourhoods carefully ensures your new home aligns with your lifestyle and urban development preferences. Budget for […]
The question: Should I buy or rent in Mallorca? The answer: It depends… Buy if you want long-term stability and investment growth, rent if you need flexibility and lower upfront costs (or if you simply want to try out the Mediterranean lifestyle before investing). Analyzing the Decision-Making Process When considering the options of buying vs. […]
In Short: Good news: foreigners are free to buy and own property in Spain, including stunning villas and apartments on the island. Just make sure you get a NIE (foreigner’s identity card), sign your title deed with a Spanish notary, and register your ownership. You’ll also want a local lawyer to check for hidden debts […]
Key Highlights Discover some of the best towns in Mallorca to invest in real estate by the sea and in the mountains. Choose from luxury villas with amazing sea views or charming hillside villages with stunning scenery. Towns like Bendinat and Palma Old Town offer a mix of history and modern living. Property values in […]
