The Mediterranean island of Mallorca has been one of the most popular and sought-after destinations for buying (or renting) a flat. Mallorca is the largest island in the Balearic Islands, a group of Spanish islands in the Mediterranean Sea. Besides Mallorca, Ibiza, Menorca and Formentera belong to the famous islands of the Balearic Islands. But Mallorca is by far the most famous island of the Balearic Islands for decades. With an area of 3,600 square kilometres, Majorca is about four times the size of the German capital Berlin. Here on Mallorca live about 880,000 islanders, 400,000 of them in the capital Palma de Mallorca alone, colloquially called Palma for short. The distance from Frankfurt to Palma on Mallorca is a good 1,300 kilometres by plane. After a flight time of almost two hours, after checking out at the airport in Palma, the long-awaited stay on Mallorca in the Mediterranean begins.
These are the key facts about Mallorca as a Mediterranean island, where many lovers want to live not only in a hotel or in a rented apartment, but in their own four walls. You are dreaming of a property or a rented apartment in Mallorca. Here in the cities, but also in smaller towns on Mallorca there are many possibilities to buy apartments. Dozens of towns and villages are spread across the island. Mallorca is fully populated and also developed. This is one of the reasons why construction is taking place almost everywhere in Mallorca. In this sense, building means on the one hand the creation of new living space through new buildings, but on the other hand also the renovation and modernisation of existing properties. Thus the island administration of Mallorca ensures that living space is made available not only for Mallorcans but also for foreign permanent residents. They can use their apartment in Mallorca at their own discretion. For some, it is the holiday home that is available at all times and for an unlimited period of time. For the others, their home on Mallorca is a place of residence for several weeks or months of the year, until they finally move to Mallorca at the end of their working life to live in the Mediterranean. They are fulfilling their dream of spending their years as pensioners or privateers under the sun of Mallorca.
What to consider when buying an apartment
Also on Mallorca, the future condominium is located in a multi-storey residential house with several to a multitude of residential units. The condominium is offered and marketed by the developer of the respective building on Mallorca. The earlier the buyer decides in favour of his apartment on Mallorca, the greater his influence on designing his future home completely individually. Installation & conversions are possible and permissible. There are no restrictions like in the rented apartment. The property developer in Mallorca is interested in fulfilling literally every wish of the home buyer. This begins with the conclusion of the contract for apartments in Mallorca. As in Germany, a written, notarized purchase contract must be concluded in Spain and also in Mallorca. The buyer of the flat acquires sole ownership of his apartment on Mallorca and becomes a pro rata joint owner of the areas and rooms designated as common property by the developer. This includes common rooms in and around the apartment building or residential complex.
Here in Mallorca, too, binding contract documents are part of the apartment purchase, in alphabetical order:
- completion certificate
- building specification
- community order
- deed of purchase
- declaration of division
The official language on Mallorca is Spanish. The buyer of a flat must assume that all documents are prepared in the national language and is well advised to have certified translations made of all contracts and documents. They should be, together with the documents in the national language, a common part of the contract. This ensures that no linguistic errors or misunderstandings can occur.
The situation is somewhat different when buying a second-hand apartment in Mallorca, an existing property. It is not necessarily acquired by a property developer, but by the respective owner. This can also be a private individual here on Mallorca, a housing company based in Mallorca, or one based on the Spanish mainland. The contractual procedure is largely identical to that for the purchase of a new condominium in Mallorca. Depending on the age of the existing apartment, building and location plans are still complete, incomplete or no longer available. This is often the case here in Mallorca, especially inland. Then a particularly close cooperation with the responsible authorities on Mallorca is necessary in order to avoid later annoyance.
To every condominium belongs also in Mallorca the administration by a professional property manager. Together with the monthly operating costs, an allowance is due. The property manager appointed by the owners manages both the property and the payments of the owners and draws up an annual service charge statement. A maintenance reserve serves to maintain the residential complex on Mallorca, repairing it in the sense of repair and care. For the owner of the apartment on Mallorca, this is particularly important if he does not yet live and reside on the island or only temporarily. During his absence the property management also takes over the caretaker service.
Résumé
It is quite realistic to fulfil your life's dream of living and dwelling permanently on Mallorca. The property purchase, be it a brand new or a second-hand condominium, must be handled bureaucratically and without complaints. Incidental purchase costs including notary/certificate fees, transfer costs and real estate transfer tax also include translation and interpreting costs which must be incurred, provided that the national language is not spoken and written. Since Catalan is also spoken here in Mallorca, the buyer of the property should insist that all documents and records be prepared, certified and notarised in Spanish. Now at the latest, nothing more stands in the way of your stay and life on Mallorca in your own condominium.