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Financial News to make Mallorca Property Buyers very happy!

Positive News for the Mallorca real estate scene on a daily basis!

These days the Mallorca property scene is brimming over with nothing but positive news, either regarding investment figures on the rise - yet again; or the Spanish gouvernment making the fantastic decision to review and subsequently lower certain taxes, which will also affect Mallorca property sales and please owners.

Or more on a less commercialised note: praise is being finally granted to the island service scene, which is consistently improving and the publicized reviews of either holiday-makers or property purchasers exude contentment and positivity! Generally speaking, Mallorca’s commercial scene is enjoying a high in popularity and recognition of hard work and efforts to improve services and make the difference to other locations.

Finance the purchase costs of your Mallorca property!

The latest positive news for future buyers of a property in Mallorca up to maximal 250.000€, a property like, for example the fine apartment in Puerto Pollensa shown above, is the possibility to finance the purchase costs in addition to the actual property -  and not only via the classical Spanish mortgage.

The purchase costs, which can be between 10% and 13% of the purchase price of a Mallorca property, have often been underestimated in the past by many real estate buyers. Up to 20% as a penalty had to be paid if the taxes were not paid fully and the deadline of 30 days after the signing of the title deeds at the notary’s had been surpassed!

This is now over and done with – news that will please real estate agents on the island and further boost property sales in Mallorca!

Acquisition costs have always been a touchy issue in the sales process.

As far as purchasing a property in Mallorca these taxes are applicable:

  • Notary fees and charges of the property register
  • VAT (only for new purchases, known as IVA)
  • Purchase Tax (for purchase of private, so-called ITP)
  • stamp duty (which may occasionally arise, AJD, Actos Jurídicos Documentados)

So how are the purchase costs in Mallorca going to be financed? The key terms are summarized below. The property purchase fees can now be co-financed. The loan is given open-end, but condition is that the buyer owns a property in the UK – or his / her country of origin.

The benefits of this finance option at a glance:

  • Convenient monthly installments according to your personal circumstances
  • No debt registration
  • Low monthly payments due to mortgage terms of up to 120 months
  • Regardless who is financing the Mallorca property, a loan can nevertheless be fully exploited.

Our company is always aware of the new developments that are important for the Mallorca property scene and our future clients. For that aim, we collaborate with experts in their respective business fields and thus maintain our high level of information which we are always delighted to share with you, dear client. This news was shared with us by the team of experts at: http://finanzkontor.es

Attractive apartment in Puerto Pollensa for sale:

By Iris Gruenewald

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