Buying Property in Mallorca

Buying Mallorca properties as key to your spanish property investment

Balearic Properties Real Estate is a fantastic Network of Estate Agents with one target: Find the right property for you. Our property database offers more than 3000 properties on the island including great summer villas reduced dramatically in price, luxury apartments and extraordinary sea view villas on the coast.

Searching for property on the internet benefits you to do a search at home and pick a selection of certain properties that you would like to have a closer look at when you come to Mallorca. Better is to make a short selection and send it to us to confirm that the properties are still available and it is possible to arrange a viewing on the specific date, in case the property would be rented or not available to view.

Choosing the Property Type is not allways easy as it seems

Property buyers in Mallorca normally are conscious that the property will be suited for your use for holiday needs and investments. But in some cases, its more apporpiaate to buy a villa rather than an apartment for simple reasons: With the current market crises, many villa owners need to sell their properties very urgent, this allows villa buyers to buy at fair price their properties and in some cases just a bit higher that what they would pay for an apartment close to the beach. The later value on the property including the letting potential and other is a very imporrant factor for property buyers in Mallorca.

For example, a sea view apartment in Mallorca ranges from 350.0000 to 1.200.0000 Euros, and you can find detached villas with private pool starting from 380.000 Euros. The rental potential of a villa is normally higher than an apartments and the after value will increase more.

When buying a property in Mallorca it is essential to have a good knowledge of the market. The immense majority of property sales go through Balearic Properties who knows the market perfectly. Remember, the more information you can give to us about your property requirements the better we will assist you.

 

The legal matters of the purchase

Foreigners who want to buy property in Mallorca are rarely familiar with Spanish law. Thus they can easily commit formal mistakes when they operate on their own. Even if you should have a good case after Spanish law, a process can become costly and it can take a long time to settle.

Very few foreigners will have an assumption to consider risks and potential problems in connection with property purchase in Spain. Buying property in Spain will probably be quite different from your experience of buying property in your own country. We strongly recommend you to let a lawyer advise you through the legal process of buying. For most people, buying property is one of the most important investments ever. Using a lawyer will then be a kind of insurance that nothing goes wrong.

Your lawyer should check the following for you: that the vendor really has the title to the property in Mallorca . That the property doesn’t have encumbrances. That all the taxes and fees are paid for. If not, can you as a new owner be held responsible for sellers unpaid bills. That all licenses are in accordance with regulations. That method of settlement is in accordance with normal practice.

A lawyer will be sceptical towards everything that has not been documented and not least know how information on the property can be controlled. So my advise is to use a local lawyer, ie a lawyer who is familiar with Spanish rules for property sales and who has knowledge of local conditions.

Please ask our sales team for a english speaking lawyer list in Palma de Mallorca

 

Can I finance the property purchase in Mallorca?

We recommend not to enter into contract unless you are certain that you can pay the whole amount in accordance with the contract. This does not just mean that you have to be absolutely certain that you can pay the whole purchase price (including expenses), but also that you are certain that you can pay within the time limit that has been agreed. Please talk to our property agents to get more information about the finance posibilities and mortages in Mallorca, with the low interest rates at the moment, it is allways worth to have a look.

 

 

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