Question 1

How much does property cost in Mallorca?

Accepted Answer

Apartments in Palma start from around €200,000-400,000. Fincas inland from €500,000. Villas on the southwest coast €1-10+ million. Purchase costs (taxes, notary, registry) are approximately 10-13% of the price.

Question 2

What taxes apply when buying property in Mallorca?

Accepted Answer

For resale properties, you pay ITP (Transfer Tax) of 8-13% depending on the price. For new builds, 10% IVA (VAT) applies. Notary and registry fees add approximately 1-2%.

Question 3

Do I need an NIE to buy property in Mallorca?

Accepted Answer

Yes, you need an NIE (Número de Identificación de Extranjero) to purchase property. You can apply at the Foreigners' Office (Oficina de Extranjería) in Palma or at the Spanish consulate in your home country.

Question 4

Can foreigners buy property in Mallorca?

Accepted Answer

Yes, EU citizens can buy property in Mallorca without restrictions. Non-EU citizens need a NIE (foreign identification number). A specialised lawyer is recommended. Purchase costs amount to approx. 10-13% of the purchase price.

Question 5

What are property prices in Mallorca in 2026?

Accepted Answer

Prices vary greatly by location: Palma Old Town €5,000-10,000/m², southwest coast (Andratx, Port d'Andratx) €6,000-15,000/m², inland €2,000-4,000/m². Apartments from approx. €200,000, fincas from €500,000, luxury villas from €2M.

Question 6

Where are the cheapest properties in Mallorca?

Accepted Answer

The most affordable properties in Mallorca are found in the island's interior, in towns like Manacor, Felanitx, Campos, or Llucmajor. Square metre prices there range from €2,000-3,000, while Palma, the southwest coast (Andratx, Calvià), or Port d'Andratx can cost €6,000-15,000 per square metre.

Question 7

How much equity do you need to buy property in Mallorca?

Accepted Answer

For buying property in Mallorca, you should plan for at least 30-40% of the purchase price as equity. Spanish banks typically finance non-residents up to 60-70% of the appraised value. Additionally, purchase costs of around 10-13% apply (transfer tax ITP 8-13%, notary, land registry, lawyer). An NIE number is mandatory for the purchase.

Estate Agents in Mallorca

Frequently Asked Questions