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| Our guide to the estate agents |
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Mallorca has a great range of properties from Spanish Fincas to state-of-the-art luxury apartments.
Buying or renting property in Mallorca can be an enjoyful experience, if you have the right help! |
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Buying A House or Business In Mallorca (Majorca)
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Property values in Mallorca have seen good appreciation in past years and it doesn't look like receding.
Driven by foreign investment and the European base rate, the Mallorcan property market is fast growing with new developments bringing opportunities all over
the island. Estate agents can advise you on buying and on renting. |
There are many estate agents throughout Mallorca, with various types of property for sale. For those of you looking for a business you will find bars for sale and many other business opportunities, in addition to the various villas and apartments.
Investment in property depends upon whether you are looking for a permanent home, or a property to sell on later for a profit.
If you are intending to live in it yourself then of course personal preference will be the greatest deciding factor.
Keep in mind the long-term potential and try to find out if there are any plans for development in that area - there's no point in buying a property for its sea view if there are plans to build an apartment block in front of it!
Primarily you should become familiar with the area, either by visiting or searching the numerous web-sites that are available.
Choosing a reputable estate agent who is based on the island means that if there are any problems they can be there to sort it all
out for you.
There are many rules and regulations and problems can arise, especially on older properties who may not have been
registered or have no title deeds. You will need a lawyer to finalise any agreements reached. Make sure you check for any outstanding debts that may be on the property, also which amenities are available and whether there are any additional annual costs such as "Community Fees".
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The buyer is liable for transfer tax and stamp duty. There is a charge for property registration plus notary charges, approximately
10% of the purchase price. If you are taking out a mortgage to purchase the property then it is compulsory to take out fire insurance.
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© Copyright 2005-2012 AroundMallorca.com | All Rights Reserved
Types of Property
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Whilst Mallorca is only a small island it offers a diverse selection of different types of property.
The main tourist resorts offer the typical spanish style apartments and villas, while in the surrounding areas you can find some beautiful Fincas with spectacular views, add to that some fine golf resorts with property available and you have quite a choice!
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Currently throughout the island there are a large number of "off the plan" villas and apartment complexes. New properties offer more short-term investment potential and are well worth considering. Local estate agents should be able to give you information of properties available in the area of your choice.
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© Copyright 2005-2012 AroundMallorca.com | All Rights Reserved
Renting Property in Mallorca (Majorca)
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The law is quite specific about rented accommodation in Mallorca. Renting short-term, or "temporada", gives you less rights as a tenant than long-term or "vivienda", which is usually a 2 year contract. If you have a long-term contract and your landlord wants you to
leave at the end of the contract you have the right to apply to court to extend your contract. This does not apply to the short-term.
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If the landlord wishes to sell the property then you have the right to buy it before it is offered on the market. If the property is sold without first being offered to the tenant then you can have the sale stopped and buy the property yourself at the market value agreed by the previous prospective buyers. Employ the services of a local lawyer if you find yourself in this situation. It is much too complicated to try to do yourself.
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