TL;DR Licences are mandatory for all short-term rentals under one month. New tourist places (plazas) are strictly capped, and no new plazas are allowed in apartments (multi-unit buildings). Buying a property with an existing licence is the fastest way to legally enter the rental market. Zoning rules vary by area (for example, Palma) and determine […]
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 […]
