Whether you want to buy an apartment, a luxurious house, an apartment with a picturesque view of the sea or a distressed villa that needs a loving renovation: On the dream island of Mallorca, there are many properties that offer a noble and move and live in Mallorca in a Mediterranean environment.
The acquisition of a property is a long-term investment that should be well considered. Before interested parties settle here domestically, there are some things to consider when buying a property in Spain. For prospective buyers it is important to be informed about the contractual conditions, the types of Spanish houses and the general situation on the market.
Despite the financial crisis, Spain has remained a popular country for German vacationers, investors and other interested parties. Overall, the Spanish market is the sixth largest Mallorca real estate worldwide, transactions are increasing annually by an average of 25 percent. An increase in prices for real estate on the popular vacation island has also been observed. In 2017 and 2018, fixed prices for houses and apartments increased, experts warn of a new real estate bubble.
Prices for houses and apartments rose the most in the area around and in Palma de Mallorca - an average of 5,592 euros or 17 percent more compared to previous years. The buyers of the real estate are younger than a few years ago: Previously, mainly interested parties from 60 years old afforded a property, today the buyers are often 40 to 50 years old. The upswing in the Spanish market is due to the high demand from foreign investors, including Germans.
Buying a home in Mallorca is a long-held dream for many people. The Spanish properties offer plenty of space, a Mediterranean charm and often a spacious outdoor area, which thanks to the appropriate interior already provides at home for beach feeling. Even in the winter months, the climate in Mallorca is moderate and milder than in Germany. Even then, the properties radiate an incomparable beauty and appear even cozier and more elegant thanks to timeless design classics and rustic bohemian chic.
Before thinking about the interior design of the property, the focus is on buying the property. The first step to buying your own property is to decide on a suitable place. This depends on personal preferences. Prospective buyers should be clear which location appeals to them, whether it is worthwhile to use the home there as a permanent residence or whether the property at this location is useful exclusively as a vacation home. The on-site fun & leisure Mallorca and shopping opportunities can also be included in the decision.
Find the right property: What types of properties are available in Mallorca?
Prospective buyers are often at a loss before buying a home and wonder what types of properties are available for purchase in Mallorca. Basically, the types of properties do not differ from the houses and apartments that exist in Germany. They bear in Spain only partially different designations.
In Majorca, as in Germany, tax must be paid for a house in Majorca. Foreigners interested in buying a property in Mallorca need a Spanish tax number, which can be used for other formalities equally. The so-called "Número de Identificación de Extranjero" issue the Spanish consulates in Germany or on Mallorca for about 15 euros.
When the big day of the inspection comes, it is important to check the property thoroughly. The new domicile should meet the personal requirements. It is advisable to seek professional help and hire a lawyer before the legal process of buying real estate in Mallorca. It may prove helpful to ask for advice from an external real estate agent who is familiar with the local conditions. To avoid personal loss on a private purchase, it is important to check for existing damage to and in the house and to inquire about the last date of restoration.
A reservation should absolutely be subjected to a lawyer's examination and not be signed hastily. In Spain, unlike in Germany, preliminary contracts are effective. Even a verbal agreement is legally valid in Spain. It is better to insist on an individual contract than to use a drafted form, which usually favors the contracting party. Before a prospective buyer signs the contract, it is important to clarify whether the contracting party is the actual owner of the house and whether all verbal agreements are listed in the contract. Buyers have the right to insist on the Escritura Publica de Compraventa, a notarized contract, and to be registered in the land register.
