Buying an apartment in Mallorca

Buy an apartment in Mallorca: prices are high, but justified
Buying a cheap apartment in Mallorca. What to choose?
Buy an apartment in Mallorca. Sale of real estate is a difficult process!
Buy an apartment in Mallorca. Decide on the main criteria

In recent years, buying an apartment in Mallorca, or in Spain is one of the most attractive areas for investment at the moment. Everyone who is saving enough money, is seeking to buy one. Local real estate is especially popular with foreigners. This time real estate in Palma de Mallorca and in many other cities and towns on the island are in hands of Brits, Italian, Germans, Dutch, Swedish, French, Russians and Swiss. And this is in spite of the fact that it is not so easy to buy a truly affordable house. But if you contact our agency, we will make every effort so that you can find a penthouse or apartment that suits you the best for the price. 

Photos of apartments in Mallorca

What is so attractive to foreigners with money on this, stunning beauty, the pearl of the Mediterranean?

Buy an apartment in Mallorca: prices are high, but justified

What are the main advantages of real estate, bought in this picturesque part of Spain? The demand for real estate in Mallorca is constantly growing, and this is explained by the following points:

• You, being a foreigner, find yourself in an environment where almost every third resident is not Spanish, which means that you will find your fellow tribesmen here without any problems;

• The island is constantly working with a lot of citizens from other countries engaged in the tourism business, the service sector, etc., so any special problems with the language barrier in Mallorca is not felt;

• Here you can enjoy all the delights of the picturesque countryside and the comfortably furnishes coast;

• The island is notable for its wonderful mild climatic conditions and has a large network of magnificent sandy beaches;

• Here the infrastructure is comprehensively developed, starting from traffic intersections and ending with everything related to practicing all kinds of water sports;

• Mallorca is one of the European centres of elite shopping- on the island, especially in the capital- there are many branded boutiques and luxury jewellery stores;

• Here you will find an excellent market for first-class real estate with a particularly rich selection of offers for the sale of housing in the countryside;

• The island is an ideal for beach lovers and fans of diving, windsurfing, climbing, and yachting.

• And, very importantly, the state on the island purses a policy of the most strict environmental monitoring.

If you want to buy an apartment in Mallorca for permanent residence or the subsequent lease of this property, you are, of course, primarily interested in prices. The average cost per square meter of living space, including Palma de Mallorca, is at the level of 3 thousand Euros. You would pay about the same if you decides to settle, for example in Barcelona.

But the island is ready to offer buyers apartments not only in the elite complexes, but also in ordinary high-rise buildings. The apartment with tree rooms can be purchases for 100-150 thousand Euros, which is quite inexpensive for the average foreigner. However, you should understand that the cost of housing depends heavily on how close it is to the sea- the closer, the more expensive.

The island offers for sale a variety of housing options. Which one is preferred?

Buying a cheap apartment in Mallorca. What to choose?

The real estate market of this corner of Spain has three types of real estate:

• New buildings;

• Secondary housing;

• Construction projects.

In this article, we will compare each of these options, and give all their main advantages and disadvantages. Thus, you will receive the necessary information that will allow you to properly manage your money. Let's start with the third type of investment - the purchase of apartments, which currently exist only on the project.

The advantages of such a real estate investment scheme are that:

• You have the opportunity to significantly save - the prices of off-plan category objects are below the market by 15-20%;

• You can be directly involved in the design process of your future home.

Of course, choosing this path, you get a real chance to cheaply buy an apartment in Mallorca, but remember that in this case you need to exercise the utmost discretion. You invest your finances in an as-yet non-existent facility, so you must learn all the nuances to be completely sure of the ultimate success.

The disadvantages of investing in off-plan housing are in the following points:

• This is the most risky investment option in real estate;

• You have to wait long enough when you get your living space;

• Often, during construction, one or other difficulties arise that lead to changes in the project, so real estate paid in advance may actually differ from its original planning.

The preferred option are new buildings. There are very few free sites suitable for construction in the resort cities of the island. Usually, new buildings in the center of a settlement are erected on the site of demolished old buildings.

 The main advantages of buying an apartment in a new building are the following aspects:

• The deal is made much easier than the sale of housing from the secondary real estate market;

• The new owner does not need to do repairs, which is almost always necessary to do if you enter after previous tenants;

• You get ,at your disposal, a completely new communications and plumbing, which are accompanied by the developer’s warranty.

Thus, the new building will be the best solution for those who want to buy an apartment in Majorca and forget about repairs for a long time. Everything will work flawlessly and accurately serve the entire useful life.

Among the disadvantages of acquiring apartments and penthouses in new buildings, the following disadvantages should be highlighted:

• Their prices are often higher than their actual value in the real estate market;

• New residential complexes on the island are mostly built on the outskirts of cities.

Photo apartment in a new building in Mallorca

The easiest way in Palma de Mallorca, Santa Ponsa, Manacor and other major cities of the island is to find a suitable apartment on the secondary real estate market. It is in this segment that you will be offered the largest number of options to choose from. For example, let us cite the following fact: in the second quarter of 2017, almost 200 thousand real estate purchase and sale transactions were made throughout Spain, and the share of secondary housing was 83%.

Besides the fact that this market always offers a wide choice, it also has other advantages, the most important of which are that:

• A person can buy an apartment in Mallorca at the most affordable price - such housing is not as expensive as new buildings, and cheaper than investing in a future project;

• Apartments in old houses are usually located in the central parts of cities, among numerous attractions.

But, of course, secondary residences also have disadvantages, which consist in the fact that:

Certain problems are often found, because old buildings can not always be in perfect condition;

• Usually, driving into such an apartment, a new tenant finds a fairly tolerable repair, but very often you have to redo much or even start a major restoration;

• There are objects in which there are no elevators, central heating and air conditioning systems, and the house does not always have a place to park cars.

Now you have a complete picture of the real estate market opportunities in Mallorca and, of course, you have a question: “Can I do it myself - without the help of specialists from a specialised agency - avoiding various pitfalls, to purchase real estate here?”.

Buy an apartment in Mallorca. Sale of real estate is a difficult process!

The answer to this question is unequivocal - you cannot do without the help of professionals if you do not have the opportunity to personally visit the island, inspect all the suitable options and hire a good local lawyer. Our agency provides its clients with a full range of services - from the selection of interesting proposals to the legal support of the purchase and sale transaction.

Photo of one of the best offers of apartments in Mallorca

And yet, there is a certain percentage of people who, for one reason or another, tend to do everything on their own. If you belong to this category of buyers, here are a few key rules, following which you are guaranteed to purchase excellent housing at an affordable price and without any additional problems:

• First of all, you should understand that land law in Spain has a number of differences from the laws of your country. If you do not have a special education, it will be incredibly difficult to understand all the subtleties.

• On the island there are many objects built illegally or with certain violations. In addition, without the help of specialists, you can easily become the owner of real estate, which will require you to comply with unnecessary obligations or additional incidental expenses.

• Remember that no legal documents should be drawn up without the participation of your lawyer. It is also very important that it be completely independent of the selling side.

• Signing of legal documents should occur only after approval by your lawyer. And make sure they are translated into a language that you speak fluently.

• To inspect the purchased housing, use the services of a building inspector. It is very important that this specialist provides you with a certificate and other documents confirming his competence. Also make sure that he is not a person interested in selling this particular property, and can communicate with you in a language that you understand.

• Do not make friendly relations with the local agent you hired. Friendship can be started after it helps you to profitably buy an apartment in Mallorca. Please note that the percentage of commission that your assistant may request on the island sometimes reaches 1/5 of the total value of the property. Do you understand how high the price of such a friendship is?

• Be sure to analyse all the advantages and disadvantages of real estate that you are going to make your property. In the future it will be very important exactly where your dwelling is located, and the attractiveness of today's price can later turn into big problems.

• When buying a property, think about the fact that tomorrow you may have to deal with its sale. This will allow you to look at things with maximum sobriety. Imagine that your friend or boss wants to buy this apartment. Examine their pros and cons in terms of a disinterested person.

But the most important recommendation - do not make spontaneous decisions based on first impressions. In other words - do not rush!

We hope that these recommendations will help you act correctly and confidently. And yet, as you could see from our advice, you cannot do without the support of experienced professionals.

Buy an apartment in Mallorca. Decide on the main criteria

We conducted an analysis of the typical requirements that customers expose in the selection of real estate on the island. The following list of options is a kind of base, based on which our agency is able in the shortest possible time to find housing with the necessary characteristics. You can make this list yourself or in consultation with other family members. Only in the latter case, be prepared for heated debate and defend their own opinions.

Thanks to this list of criteria, you will save time, which takes you to cheaply buy an apartment in Mallorca. A knowledgeable realtor will quickly assess how realistic it is to fulfil your requests and formulate useful recommendations.

Photo inexpensive apartment in Mallorca

So, by what criteria should you search for apartments?

1. Budget features. Please note that the sale of real estate is not only its immediate value, but also the cost of registration, as well as the payment of taxes.

2. Options of the living space. This can be a regular apartment, penthouse, apartment, studio apartment.

3. Architectural features of the building. Many are looking for houses built in the traditional Spanish style, and there are many of them on the island, for example, in Palma de Mallorca. But the local real estate market can offer both modern and classic architecture.

4. The condition of the object. As we mentioned above - it could be a secondary housing, a  newly built building or a project.

5. Number of living rooms and rooms, including - bedrooms, bathrooms. Their sizes.

6. The interior of the premises. Most of the apartments on the island are made in modern, classic, Spanish and colonial styles. But if you prefer a mix of different design trends, Mallorca will offer such apartments.

7. The presence of parking near the house - garage, parking space.

8. Property location. For example, distance from the coast, golf courses, city center. The presence of nearby shops, supermarkets, nightclubs, restaurants, etc. The distance to the airport.

9. Language composition of the population. The more your fellow citizens and foreigners live next to you, the easier it is to build mutual understanding.

10. The state and health of all communications (electrical, plumbing, fire alarm).

11. How soon can you move into your new apartment?

12. For exactly what purpose you are looking for housing - vacation, rental, permanent residence.

These are the main criteria that you need to determine before starting a search for real estate on the island. In each case, additional positions will be added, such as: the number of family members, the desire to move to a resort center or to a small cozy town, owning your own yacht, etc. They need to be taken into account, otherwise you risk to buy an apartment in Mallorca, in which you will be crowded, it will be too noisy at night, and there will be no parking for your yacht on the shore.