Can’t wait to move abroad and feel the sand between your toes as the sun shines down on you? If you’re looking at relocating to Mallorca and want to know more about the process of purchasing a home overseas, we’ve outlined five things you need to know about buying Mallorca property. The Balearic island of Mallorca is located within the heart of the Mediterranean, providing sunseekers with a tranquil escape from normal life. It’s an island known for being notoriously safe, culturally vibrant and is hugely popular with tourists - which all help to make Mallorca a great place to invest in real estate.
Five Things to Know About Investing in Mallorca Real Estate
People are attracted to buying Mallorca property for a whole host of reasons. The high quality of life on the island is a magnet for families, couples and individuals. With an almost guaranteed 300 days of sunshine a year, a relaxed lifestyle and property prices being low, there’s no better time to make the investment. If you’re a first-time buyer of Mallorca property, here are some things you should know.
Finding the Right Property
If you’ve decided that moving to Mallorca is for you, you’ll have to start looking for a place to call home. When it comes to buying Mallorca property, you’re spoilt for choice! The island offers beautiful villas, homely townhouses, striking penthouses and cosy apartments. No matter the kind of property you’re looking for, choosing a reputable estate agency can help you with the process.
What’s great about Mallorca property too is that there is a vast range of landscapes for you to be able to soak up. You’ll find plenty of properties located near the sea and you’ll see an assortment of them further inland with mountainous backdrops. As a general rule of thumb, property prices begin to tumble the further away from the coast you are. Homes in the countryside also tend to be quieter and more peaceful as you’re not right in the middle of a busy tourist resort.
Property Purchase Process
Once you have found a property that you dream of calling home and have been to view it, you can put in an offer. Your chosen estate agent will then help you with any negotiations before a sale is agreed. When buying Mallorca property, you may notice a few differences when compared to purchasing in your home country. We always recommend having a good lawyer who will be able to talk you through the process.
When a formal offer has been made and accepted, you are usually required to pay 10% of the full purchase price. To make the purchase, you must have an NIE tax number and provide certified copies of identification. You may also find it best to have a Spanish bank account where you can manage your mortgage and it’s always a good idea to investigate your options as early as possible as you may need an agreement in principle before the sale can go through. Your lawyer will arrange for searches to be carried out to make sure that the property you’re buying has no debts against it and is fully legalised.
For the final exchange of contracts, Spanish law requires that all parties are present with the official notary. All money must be paid and paperwork needs to be correct and complete before the keys can be handed over.
The Spanish Property Market
Overseas buyers are in love with Mallorca property, with Spanish real estate being hotter than ever. Spain is in an expansive economic cycle and interest rates are historically low, so there really is no better time than now to make the move. Though Brexit is playing a huge part in the decision for UK buyers, nobody can predict what the impact will be. The uncertainty around Britain leaving the European Union leaves a question mark on the overall Spanish property market. However, what we can say is that the UK still has a high portion of people buying property in Mallorca.
Things to do in Mallorca
We know that no matter where you look to buy a property, you want to know that the area offers you exactly what you need. Mallorca has many popular regions, such as Palma, Port De Andratx and Soller, all with plenty of local activities and amenities. As a whole, Mallorca is a great place for walking, cycling and water sports. Some of the best things to do in Mallorca are:
- Palau de l'Almudaina
- Santuari de Lluc
- Ruines Romanes de Pollentia
- Es Baluard Museum of Modern and Contemporary Art
- Drach Caves (Coves del Drac)
Making the Move
Buying a property in Mallorca is a life-changing decision. The relocation itself may seem daunting at first, but making the move seems less scary when you know what to expect. Packing up your belongings and bringing them to a new country is just the beginning. Once you’re settled into your new life in the sun, that’s when the fun really begins!