Buyer’s Guide

Where should I buy?

Best Places to Buy Mallorca Property

Palma/Bonanova/Bendinat

Palma has the benefits of a cosmopolitan city mixed with an old world charm. Palma is easily reached from the airport (only 12 minutes by car) and located directly by the sea with the largest marina on the island. The Old Town and Calatrava districts are filled with local culture and history. Santa Catalina (to the west of Mallorca) is more of a bohemian neighbourhood with many great cafes, restaurants and bars. The area of Portixol and Molinar are only 2 km from the city centre. These Small Towns were previously small fishing villages which have now turned into charming seaside neighbourhoods, ideal if you like peace and quiet.

Portals Nous/Costa den Blanes

Portals Nous is a small relaxed town west of Palma and only a short walk from the glizy marina of Puerto Portals. The town retains a great sense of community in all seasons. From Portals Nous, you can access two beaches, a small bay called Cala Bendinat, and the larger, more well-known Cala Portals Nous. This bigger beach is connected to the port, where you’ll find a marina full of beautiful yachts and fine dining options.

Andratx/Port de Andratx

The Tramuntana mountain range begins here. The southwest of the island has a lovely countryside with a mountain background. The port is small but offers many great restaurants, bars and shops. Despite some modernization, Port de Andratx has maintained its fishing port charm. In summer the port is bustling and winter is quite quiet.

Soller/Port de Soller/Deia/Valldemossa

Soller town is found at the base of the magnificent Tramuntana mountains. Saturday is market day here and it attracts people from around the island. The town square buzzes with life on Saturdays.

Deia is gorgeously located on terraced slopes that rise up from the clear blue waters of the Mediterranean, with an impressive backdrop of the Teix mountain which gives Deia an almost mystical appeal. The signposted walk down through the tranquil lemon groves to Cala Deia and the pretty shingle beach backed by jagged cliffs, is an absolute delight here. It’s a wonderful place to go for a swim.

Valldemossa is located high above the coast and its monastery, cobbled lanes, beautiful old stone houses and lush countryside attract people from all over the world to this stunning part of Mallorca. If you want history, Valldemossa has it in spades. It was here that Santa Catalina Tomas was born into a humble household. In 1792 she was beatified by the Pope and every year Valldemossa, and many other places in Mallorca, celebrate great fiestas in her memory.

Pollensa/Port de Pollensa/Alcanada/Bonaire

Pollensa was the first to promote tourism on the island. The stunning landscape and multitude of colours, are reasons why Pollensa became the favourite place for artists to visit or settle in. Pollensa is very cultural, there are many galleries and typical artisan shops such as Galerias Vicenç and Casa Maria, where they look after the traditional family artcraft, the textile design and the special embroideries.

Alcanada and Bonaire – are small, and quiet areas in the outskirts of the well-known bay of Alcúdia, on the Mallorcan north coast. Alcanada and Bonaire have great attractions for people seeking a quiet base, within a reasonable range of known facilities such as city life, beaches and restaurants. Alcanada and Bonaire probably best of all brings memories to a typical residential neighborhood in the exclusive end, with the white house facades.

Here at Nano Mundo Properties we have Real Estate professionals who have lived on Mallorca for many years and know the Island well. Our team of experts can advise you on which area of the island will suit your property living needs, particular requirements and of course your budget.

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What sort of property should I buy?

This is where our expertise can help you decide on the right property to suit – are you planning to spend a lot of time on Mallorca? Or just stay in the summer months? Will you be entertaining family and friends? Or is it to be an escape for some well earned rest and relaxation?

Once you start to intensify your property search in Mallorca, you will be amazed about the different styles of properties currently on the market. There are many country properties for sale, called fincas, blended in with their rural surroundings due to the traditional exterior features whilst the interior is extremely contemporary, or even minimalistic. Penthouses for sale in Palma’s historic district situated in modernised former palaces also will have stunning, ultra-modern interiors – again building an architectural bridge to connect the centuries with one another.

A contemporary, traditional, Mediterranean, rustic or streamlined style Mallorca property for sale – the choice is yours!

There is a lot to consider when deciding what property you should buy in Mallorca. It is important not to just decide upon preference, but how you will spend your time on the island.

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What is your budget?

Just a few of the points you should consider, but our Real Estate professionals will be pleased to guide you in the right direction and show you some suitable properties from which to choose.

Points to take into account when setting up your budget:

• The buying procedure (see below)
• Running costs of the property
• Tax implications in Spain and your country of residence

These are only a few of the points you should consider, everyone's buying situation is different which needs to be taken into consideration when setting up your buying budget. Our Real Estate professionals will be pleased to guide you in the right direction and show you suitable properties within you specified budget.

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WHAT IS THE BUYING PROCEDURE?

Buying property on Mallorca is very straightforward and when you buy with Nano Mundo Properties you can rest assured your purchase is handled professionally and correctly. Our experienced team deals with both buyers and sellers when handling negotiations and we also help with any other questions during the buying procedure.

There are three basic stages of the buying process which include:

1. Reservation Agreement & Deposit

Buyers and Sellers sign a simple reservation agreement and the buyer pays a modest reservation deposit as a gesture of good faith. This confirms the agreement of the buyer and seller, subject to a property search and taking the property off the market. Keeping the property reserved by the seller for the buyer for an agreed period is expected, giving time for the lawyers to prepare a Private or Option Contract.

2. Option Contract

When lawyers have confirmed that the legal position of the property is in order, the Option contract is drawn up and signed by both buyer and seller. If any irregularities have been discovered, the buyer can withdraw and the reservation deposit will be returned.

If the contract is sufficient for both parties, the buyer will then page 10% of the agreed purchase price. This contract is binding on both parties and if the buyer withdraws he or she forfeits the deposit.

3. Completion

Completion of the purchase takes place at a notary where the deed of conveyance “Escritura Publica” is signed by both parties. The balance of the purchase price is paid and the buyer takes vacant possession of the unencumbered property. Your lawyer will then lodge the deed at the property registry to assure its legal title.

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WHAT ARE THE BUYING COSTS

The buying costs are generally:

Transfer Tax

Resale property is usually in price bands. The first €400.000 of any purchase is taxed at 8%, the next €200,000 ie. up to a purchase price of €600,000 is at 9%, the next €400,000 is at 10% and any payment in excess of €1,000,000 is taxed at 11%.

There is no Transfer Tax for new homes which instead are subject to 10% VAT (IVA), plus 1% stamp duty.

For plots, commercial premises or garages the VAT (IVA) is 21%.

Notary and Land Registry fees

Fixed by law on a sliding scale, around 1% to 1.5% of the purchase price.

Lawyers' fees

Around 1% of the purchase price.

Mortgage fees

An arrangement fee of around 1% of the advance is typical. In addition mortgages are taxed , at around 1.5% of the advance.

On-going support

Nano Mundo Properties have highly rated partners for mortgages and bank financing, lawyers, interior designers, builders, architects, insurance brokers and property management services such as cleaning, gardening service, pool service etc. all of which speak fluent English and even some scandinavian languages, depending upon the company.

After the purchase, Nano Mundo Properties will always be available for clients to offer any help we can. Usually your lawyer will arrange to change the utility payments to your name together with the Town Hall taxes, such as the I.B.I (local community taxes) and the Basura (rubbish collection). Equally, if the property is within a community, there will be community fees to pay that vary according to each community. With our local guidance and Mallorca experience, Nano Mundo Properties can help you find your perfect property in Mallorca. If you would like more information or guidance, please don’t hesitate to contact us today!

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