Buying Property inPalma de Mallorca

Palma de Mallorca Property Prices in 2026

Average Price per m² in Palma de Mallorca

Based on asking prices on real estate portals, updated in 2026, houses in Palma average €5,177/m² and apartments €5,087/m².

Asking prices on real estate portals are up 4.61% for houses (from €4,949/m² in 2025) and 6.03% for apartments (from €4,798/m²) over the last 12 months. These are asking prices, not final sale prices, and the city average hides large differences between a renovation project in the centre and a villa with sea views in Son Vida.

Price by Property Type

Typical starting prices seen in our listings:

• Apartments: one and two bedroom apartments from around €360,000. The best-value options are in Santa Catalina and the outer streets of the Old Town. See apartments for sale in Palma.
• Penthouses: typically from around €950,000, the most sought-after in Portixol, the Old Town and La Bonanova.
• Townhouses and historic palaces: from around €1,050,000, in the Old Town and Calatrava. See houses for sale in Palma.
• Detached villas: from approximately €2,700,000 in Son Vida, Son Gual and Genova. See villas for sale in Palma.
• Luxury sea-view villas: from around €4,000,000 in areas such as Son Vida, Bendinat and La Bonanova.
• Renovation projects: in the city centre from around €3,000/m², while fully modernised Old Town apartments reach €4,500/m² or more.

Market Trends

Both houses and apartments are up in the last 12 months, with apartments growing slightly faster. Prices vary considerably by neighbourhood, so it is more useful to compare properties within the same area and type than to use the city average.

Property Types Available in Palma de Mallorca

Apartments and Penthouses

The widest choice in the city, from compact apartments in Santa Catalina to penthouses with rooftop terraces and sea views in Portixol and the Old Town.

Townhouses and Historic Palaces

Historic buildings in the Old Town and Calatrava, some dating back to the 16th century. Renovation is usually the main cost, so check permissions and the condition of the building.

Villas and Detached Houses

Villas with private pools and garden plots in Son Vida, Son Gual and Genova, and sea-view villas in Bendinat and La Bonanova.

Renovation Projects

Properties to renovate in the city centre, where the budget, works permissions and timeline must be checked before buying.

Country Houses

Country properties outside the city. See country houses for sale in Palma.

Best Areas and Micro-Locations to Buy in Palma de Mallorca

• Old Town: historic centre with townhouses, palaces and apartments. Limited supply and strong demand.
• Santa Catalina: popular neighbourhood with good-value apartments and rental demand.
• Portixol: seafront neighbourhood with penthouses and apartments, popular for mid-term and seasonal rentals.
• La Bonanova: residential area with penthouses and sea-view villas.
• Son Vida: exclusive golf area with villas.
• Son Gual and Genova: villa areas with private pools and garden plots.
• Bendinat: villa area on the coast west of the city.

You can see more detail in our page on property for sale in Palma. We also have guides for Palma Old Town, Son Vida and Santa Catalina.

Buying Process in Mallorca

The general purchase process is the same as elsewhere in Mallorca. In Palma, buyers should pay particular attention to renovation permissions on historic buildings and, for investment purchases, to the tourist licence rules of each building and area.

Legal Steps

1. Obtain an NIE (foreigner identification number).
2. Make an offer and sign the reservation agreement.
3. Carry out due diligence: ownership, charges, licences and building status.
4. Sign the private purchase contract and pay the deposit.
5. Sign the deed in front of a notary and pay the remaining amount.
6. Register the property in the Land Registry.

Taxes and Fees

Buyers must budget for transfer tax (ITP) on resale properties, or VAT and stamp duty (AJD) on new builds, plus notary, registry and legal fees. Rates and thresholds change, so confirm the current figures with your lawyer before making an offer.

Financing

Non-resident buyers can apply for a mortgage in Spain. Banks usually finance a lower percentage than for residents, so check the conditions before signing the reservation agreement.

Timeline

The time between the reservation agreement and the deed depends on the documentation and the financing, and is normally a matter of weeks to a few months.

Investment Potential in Palma de Mallorca

Rental Yields and Tourist Licence

Palma has year-round rental demand, with areas such as Santa Catalina and Portixol popular for mid-term and seasonal rentals. Holiday rental requires a tourist licence (ETV) and the rules depend on the type of property and the area, so check them before buying. We do not offer yield promises: income depends on the property, the season and the licence.

Resale Value Drivers

Location, the condition of the property, outdoor space, views and renovation potential are the main factors that affect resale value. Limited supply in exclusive areas such as the Old Town and Son Vida supports demand.

Things to Know Before Buying in Palma de Mallorca

• Historic buildings: renovation works in the Old Town need permissions and can take time.
• Legal status: make sure that the property is correctly registered and matches the registry.
• Community fees: apartments and penthouses have community costs.
• Tourist licence (ETV): check that it exists and that it is transferable.
• Energy certificate: required for the sale.
• Neighbourhood differences: prices can change a lot between streets, so compare similar properties.

Frequently Asked Questions about Buying Property in Palma de Mallorca

What is the average price per m² in Palma de Mallorca?

Based on asking prices on real estate portals, updated in 2026, houses in Palma average €5,177/m² and apartments €5,087/m². These are asking prices, not final sale prices, and they vary widely between neighbourhoods, from Santa Catalina and the outer streets of the Old Town to Son Vida and Portixol.

How much does an apartment cost in Palma?

In our listings, one and two bedroom apartments start at around €360,000, with the best-value options in Santa Catalina and the outer streets of the Old Town. Penthouses typically start from around €950,000.

Which are the best areas to buy property in Palma?

The main areas are the Old Town, Santa Catalina, Portixol, La Bonanova, Son Vida, Son Gual, Genova and Bendinat. Each one has a different type of property and price level.

Can I buy a villa in Palma?

Yes. Detached villas in our listings start at approximately €2,700,000 in areas such as Son Vida, Son Gual and Genova, and villas with sea views start at around €4,000,000.

Is it a good place to invest in rental property?

Palma has year-round rental demand, particularly in areas such as Santa Catalina and Portixol for mid-term and seasonal rentals. Holiday rental requires a tourist licence (ETV), and rules for each type of property and area should be checked before buying.

What should I check before buying in Palma?

Check the legal status of the property, the condition of the building, renovation permissions (especially in the Old Town), community fees, the energy certificate and whether a tourist licence exists if you plan to rent.

Sources: asking prices on real estate portals for Palma, updated 2026; starting prices and area information from our page on property for sale in Palma.

Properties for Sale in Palma de Mallorca

Browse the current properties for sale in Palma de Mallorca.