Expert Tips to Buying in Mallorca

Expert Tips to Buying in Mallorca

Buying a property in Mallorca is a dream for many, and with good reason. The island offers stunning Mediterranean scenery, a thriving lifestyle scene, excellent infrastructure, and a strong real-estate market. If you’re seeking a vacation home, an investment opportunity, or a full-time residence, Mallorca boasts luxury and laid-back island living like nowhere else. Here’s a comprehensive guide of expert tips to buying property in Mallorca, including practical advice, insider insights, and why partnering with The Agency RE – Mallorca can make all the difference.

Understand the Mallorca Property Market

Mallorca is one of the Balearic Islands’ most dynamic real estate markets, attracting both international buyers and investors. Property values have remained strong and continue to rise due to the island’s limited buildable land and strict zoning laws that protect its natural beauty.

Key Market Highlights:

• Stable investment: Property values in Mallorca are among the most resilient in Spain.
• Diverse opportunities: From historic fincas and modern villas to sea-view apartments and rural retreats.
• Strong rental demand: The island’s tourism industry ensures excellent potential for short-term and long-term rentals.
• Desirable locations: Popular areas include Palma, Santa Ponsa, Andratx, Deià, Pollensa, and Alcudia.

Before you buy, know whether it is for a holiday retreat, rental investment, or permanent relocation? This will help to decide the best location and property choice for you and your family.

Work with a Local Expert

Mallorca’s property laws, zoning restrictions, and purchase processes can differ from mainland Spain. A local expert will help you:

• Identify legal and secure investment opportunities.
• Understand area-specific rules (especially coastal or rustic land).
• Negotiate effectively with local sellers and agents.
• Manage the purchase process in Spanish, including contracts, taxes, and registration.

Having the right guidance ensures you avoid common pitfalls, especially when purchasing as a non-resident.

Know the Buying Process in Mallorca

Buying property in Mallorca follows a clear but structured process:

1. Research & shortlist properties that meet your lifestyle and budget goals.
2. Visit & evaluate different areas – from Palma’s city energy to the tranquil north or southwest coast.
3. Make an offer and sign a reservation agreement to secure the property.
4. Conduct due diligence with the help of a lawyer
5. Sign the private purchase contract and pay a deposit (typically 10%).
6. Finalize at the notary – the signing of the title deed
7. Register your ownership with the Spanish Land Registry.

Pro tip: Always engage a lawyer who speaks your language and has experience handling international transactions.

Budget for Additional Costs

When buying in Mallorca, allow for 10–13% in additional costs which will come on top of the purchase price. These typically include:

• Transfer tax (ITP) or VAT (IVA) on new builds.
• Notary and registration fees.
• Legal fees.
• Optional survey or valuation.
• Currency exchange costs (if buying from abroad).

Having these expenses in your budget avoids last-minute surprises.

Understand Residency and Taxes

If you plan to live in Mallorca full-time, you’ll need to consider residency options such as Spain’s Non-Lucrative Visa or the the work and business visa.

Tax obligations will depend on your residency status and whether you plan to rent the property. Seek professional cross-border tax advice to optimize your ownership structure.

Choose the Right Area

Mallorca offers a variety of lifestyles, from city life to tranquil countryside living.

Popular Areas to Consider:

• Palma: Ideal for city lovers, with historic charm, restaurants, and cultural energy.
• Southwest (Andratx, Portals Nous, Santa Ponsa): Luxurious villas, golf courses and marinas
• North (Pollensa, Alcudia): Family-friendly, traditional, and scenic, with easy access to beaches.
• Central Mallorca: Rustic fincas surrounded by vineyards and olive groves

Where possible visit the island at different times of the year or at the very least speak with local area experts like the team at The AgencyRE Mallorca to experience each region’s before deciding.

Why Should you Use The AgencyRe Mallorca

When buying luxury property in a competitive market like Mallorca, the choice of real-estate partner is crucial. The AgencyRE Mallorca offers a tailored, client-focused experience that goes beyond traditional property services.

Here’s Why They Stand Out:

• Global Reach, Local Knowledge: As part of the world-renowned The AgencyRE network, their Mallorca team combines international professionalism with deep local expertise.
• Tailored Guidance: They take the time to understand your goals, whether investment, relocation, or lifestyle purchase and they will put together a portfolio that truly fit your needs.
• End-to-End Support: From initial consultation through to legal coordination, financing, and after-sales service, their team ensures every step is handled with care.
• Access to Exclusive Listings: Many of Mallorca’s finest villas and estates are sold off-market. The AgencyRE – Mallorca provides access to these discreet opportunities.
• Multilingual Professionals: Their agents speak English, Spanish, German, and more, making it easier to find your ideal home wherever you are located.

Choosing The Agency RE – Mallorca means having a trusted advisor who understands both your expectations as a buyer and the nuances of the island’s property market.

Top Expert Tips for a Smooth Purchase

• Visit multiple times to get a real feel for different areas and property types.
• Use professional due diligence — never skip legal checks or surveys.
• Plan your financing early if you’re obtaining a mortgage from a Spanish bank.
• Consider long-term value — sea views, accessibility, and build quality drive appreciation.
• Work with trusted local partners — including your agent, lawyer, and financial advisor.

FAQs About Buying in Mallorca

Q: Can foreigners buy property in Mallorca?
A: Yes, foreign buyers — including non-EU citizens — can purchase property freely in Mallorca.

Q: How much are property taxes and fees?
A: Expect around 10–13% in total buying costs, including transfer tax, notary, and legal fees.

Q: Is it better to buy a new build or resale?
A: Both have advantages. New builds offer modern design and energy efficiency; resales often provide better locations and traditional charm.

Q: Do I need a Spanish bank account to buy property?
A: Yes, it’s recommended. It simplifies payments, utilities, and tax management.

Q: Can I get a mortgage in Spain as a foreigner?
A: Yes, many Spanish banks offer mortgages to non-residents, typically up to 60–70% of the property value.

Q: Should I hire a lawyer when buying in Mallorca?
A: Absolutely. A qualified lawyer ensures your purchase is legally sound and protects your investment.

Q: What makes The Agency RE – Mallorca different from other agencies?
A: Their combination of global reach, bespoke service, and local expertise provides buyers with unparalleled access, trust, and support throughout the buying journey.

Final Thoughts

Buying in Mallorca is not just a financial investment — it’s a lifestyle choice. The island offers natural beauty, luxury, and authenticity that continues to attract international buyers.

By using these expert tips to buying in Mallorca, and with the right preparation, local guidance, and expert support, you can confidently navigate the process and find your perfect home in the heart of the Mediterranean.