Cheap Real Estate in Mallorca for Sale — what to buy under 100000 euro
Table of content:
- Are property prices falling in Mallorca?
- Why real estate can be cheap
- How to avoid being scammed when buying cheap real estate in Mallorca
- Property in Mallorca under €100,000
- Property in Mallorca under €150,000
- Property in Mallorca under €200,000
- Property in Mallorca just for €1
- Cheap real estate in Mallorca - is it worth buying
Over the last five years, the popularity of real estate in Mallorca has been showing a positive growth trend all along. The average price per square metre in Mallorca has risen since 2017 from 2.255 €/m2 to 3.353 €/m2, an increase of +32.7%
House prices on the Island are rising unevenly. And even today, it is possible to buy cheap properties in Mallorca. In our article "Property prices in Mallorca - current property market report 2022", we have cited data from the National Institute of Statistics and leading real estate portals in Spain, where we detailed which areas property is growing faster and where you can still buy cheap property in Mallorca.
For example, in Mallorca, you can buy a cheap apartment today in the central regions of the Island:
- Felanitx. The average price is €1,575 per square metre
- Manacor. The average price is €1,632 per square metre
- Inca. The average price is €1,504 per square metre
- Binissalem. The average price is €1,888 per square metre.
You can also buy inexpensive real estate in some areas of Palma:
- La Soledat. The average price is €1,848 per square metre
- Son Castelló. The average price is €1,786 per square metre.
- no panoramic view and/or sea view
- the property is far from the sea, and the beach must be reached only by public transport or car
- the house was built a long time ago, and the property requires renovation
- Finca Urbana or house in urbanization. The house locates within the city, but on the outskirts or in a deprived area. A significant disadvantage here is the city noise and lack of privacy. These are the characteristics most often sought by buyers of fincas and houses.
- there is a legal dispute over the property's
- small living space (up to 65 square metres)
- no swimming pool and lift in the apartment complex
- urgent sale
- prohibition of alterations to the structure of the building and the construction of additional structures
- there is a legal dispute over the property
- presence of illegal buildings and changes to the structure of the premises.
Rule #1: Carefully review all necessary documents before making a deposit for the purchase of a property.
What documents a buyer should check to avoid problems in the future
Сedula de Habitabilidad
The "Cédula de habitabilidad" is a document that proves that a building constructed for residential purposes meets the minimum requirements for habitation in terms of size, sanitary facilities and technical connections. It is issued by the Consell de Mallorca.
Nota Registral (Nota Simple/ Nota Simple Informativa)
It is an official report obtained from the Land Registry of Spain (Registro de la Propiedad) that contains information pertaining to the legal status of the property. The document shows:
Certificate from the Land Registry
Legal building plans. The document can be obtained on request from the Town Council / Town Hall (Ayuntamiento).
En normas de Construccion
The document shows how many square metres can be added to the building.
Certificado de No Infracción Urbanística
No Infraction Certificate. This is a certificate made by the Town Hall, establishing that the property is free (or not), from any fines on the property, or on any of the constructions added to the property.
Rule #2 Consult a Lawyer and an EngineerSuppose there are open legal disputes, illegal modifications or the sale of the property not by the owner but by his representative under a power of attorney. In that case, we recommend that you consult a solicitor for advice. Turning down a reasonable offer is not severe enough, but insurance would not be out of place. It is also advisable to consult a structural engineer who will tell you how much it will cost to have the alteration project drawn up and approved by the Ayuntamiento (Town Hall).
Rule #3: Spell out all the details in the option agreement
Be sure to describe all the nuances of the transaction in the option agreement. Also, tell the parties' responsibilities in the property purchase contract for decisions related to possible restrictions and legal consequences.
Rule number 4: Get help from professionals
Mallorca is a luxury resort. And there is a belief that it is impossible to buy property in Mallorca for under 100,000 euros. But that is not the case. For up to 100,000 euros in Mallorca, you can buy apartments in Palma with a living area of up to 70 m2, two or even three bedrooms, and one or two bathrooms. These flats are usually in houses without a lift and are located in certain areas: Son Gotleu, Cala Major, Camp Redo, Son Fuster, Son Cladera, Pere Garau and Ses Cadenes.
These areas are not considered upmarket and are mostly located along the circuitous route on the Palma border.
It is worth noting that properties in Mallorca of up to €100,000 are sold within 1-3 weeks of publication. Therefore there are few such offers on the Island — no more than 0.01% of all offers.
For this amount of money, a property buyer in Mallorca can already get a wider range of choices. For example, buy a 2-3 bedroom flat with furniture in Mallorca in the same areas as for the amount of 100,000 euros. Or in a more comfortable apartment complex with a swimming pool and lift, just after the renovation. The living space can be up to 120 m2.
You can also buy a studio in Mallorca for up to 150,000 euros in one of the most prestigious areas. And even with a good view of the sea or the mountains. For example, in these areas Bonanova, Puerto de Palma, Magaluf, Santa Ponsa, Andratx, Alcudia и Calvia
And in some areas, you can even find a small house or townhouse with up to 200 m2 of living space for the same money. 3 bedrooms, 1-2 bathrooms. But most likely, a beach house in Mallorca for 150,000 euros will require major repairs and, as a consequence, a serious cash investment.
Beautiful apartment with sea views in Magaluf, €169,000
Areas where you can buy a house in Mallorca under €150,000: Manacor, Mauro, Costitx, Campos, Montuiri, Inca, Sa Pobla, Sineu, Algaida.
If you have decided to buy a sea home in Mallorca for under €150,000, we recommend that you study the documents carefully before buying. Often these houses are built without ayuntamiento permission and have the status of an illegal building.
Nowadays you can find around 1,000 listings (4%) of properties up to 150,000 euros in Mallorca.
If you have a budget of up to €200,000, the choice of properties in Mallorca will increase slightly. Yes! Mallorca Property estimates that there are now 1,700 active offers (6%) of properties in Mallorca under 200,000 euros.
Basically, for €200,000, you can buy an inexpensive flat in Mallorca in good condition. It even might be freshly renovated and furnished. 2-4 bedrooms. 1-2 bathrooms. The living area up to 100-120 m2. Panoramic views.
Or it could be a smaller apartment, but in a good complex and in an area right on the sea. For example, a 1-bedroom, 1-bathroom, separate living room, kitchen and 58m2 of living space in El Arenal will cost you just €160,000.
The area is located directly by the sea, has all the necessary infrastructure and is perfect for holidays or renting out your property for short-term passive income.
Similar offers can be found in other privileged tourist areas: Santa Ponsa, Playa de Palma, Puerto de Alcudia, Magaluf, Torrenova, Palmanova, Genova, Puig de Ross.
This practice has been taking place In many Spanish autonomies for a long time. You could buy a house in Spain for €1. And in some cases, you could even buy a villa or a whole village. But on one condition. The municipality, which has sold such real estate, imposes on the new owner the obligation to reconstruct the transferred property, as well as putting in order the surrounding area. The time limit for restoring such property could not exceed 3 years from the date of transfer of ownership.The condition of these properties was, to put it mildly, miserable. A serious cash investment was required to restore the property. Between 100,000 and 300,000 euros, which, of course, ceases to make such properties cheap.
But it was a kind of publicity stunt to attract investment from citizens of those countries where the average income is higher than in Spain. Mallorca needs no additional advertising and has a high investment appeal, so it is impossible to buy a house in Mallorca for €1 even with the condition of its subsequent complete restoration.
Although you can't buy a sea house in Mallorca for €1, it is possible to find a really cheap property in Mallorca. If you are looking to buy a cheap Mallorca property as an investment, there are some key points to consider:
1. In which area you are buying a property. There are areas where the average price per m2 is rising faster. The most reliable areas for investing money are these:
- south-west area: Santa Ponsa, El Toro, Calvia, Andratx, Bendinat;
region Palma: Bonanova, Son Rapinya, Santa Catalina, El Paseo Maritimo, Portixol;
the north of Mallorca: Alcúdia, Puerto de Alcúdia, Pollensa, Muro, Can Picafort.
3. Assess the condition of the property you are buying. It is best to ask an architect to give you an objective appraisal of the investment to be made and the renovation time frame.
4. Find out whether it is possible to obtain a tourist licence in the area where you are buying the property.
Buying cheap real estate in Mallorca is a sure way to protect and increase your capital. These properties are perfect for those who want to buy:
- rent out an apartment
visit Mallorca during holidays
buy a cheap Mallorca apartment to sell it later for more money
With that said, if you are looking for a decent place to live that does not require a major investment, in a proper location and with a lot of investment potential, you should expect to pay from 350,000 euros. For this money, you can get not just a modest studio flat but an apartment with a shared pool in a prestigious area. You can also buy a house or finca in Mallorca. To buy a villa in Majorca, you will have to spend at least €850,000.
In the Yes! Mallorca Property catalogue has over 1,000 current offers for properties in Mallorca.
Our database is being updated daily. If you are planning to buy cheap property in Mallorca and have not found a suitable option on our website - leave your request, and our specialists will monitor the market just for you. With us, you will buy a house in Mallorca at a low cost and with profits.