Buy or rent flats in Mallorca
The Mediterranean island of Mallorca has been one of the most popular and sought-after destinations for buying a property or renting an apartment abroad for decades. Mallorca is the largest and most famous of the Balearic Islands. With an area of 3,600 square kilometres, it is about four times the size of the German capital, Berlin. Around 1,000,000 islanders live here, 500,000 of them in the capital Palma alone. The distance from Frankfurt to Palma is about 1,300 flight kilometres. After a flight of just under two hours, the long-awaited stay in the Mediterranean begins.
These are the key facts about Mallorca as a Mediterranean island where many enthusiasts would like to live not only in a hotel or a rented flat, but in their own home. They dream of owning or renting a flat in Mallorca. Here in the cities and in smaller towns, there are diverse opportunities to buy a flat. Mallorca is fully populated and has long been completely developed. This is one of the reasons why construction is taking place almost everywhere in Mallorca. "Construction" in this sense means both the creation of new living space through new buildings and the renovation and modernisation of existing properties. In this way, the island administration of Mallorca also ensures that living space is available not only for Mallorcans but also for foreigners.
For some, the flat is a holiday home that is available without limit at any time of the year. For others, their flat in Mallorca is a residence for several weeks or months, until they finally relocate their centre of life to Mallorca after the end of their working life. They fulfil their dream of spending their retirement years under the Mallorcan sun.
What you need to consider when buying a new flat in Mallorca
In Mallorca, too, the purchased flat is located in a multi-storey residential building with several or even a large number of residential units.
When buying new, the flat is offered and marketed by the property developer of the respective building project in Mallorca. The sooner the buyer decides on their flat, the greater their influence on individually designing their future home.
Alterations and conversions are possible and adaptable. There are no restrictions like in a rented flat. The property developer is keen to fulfil literally every wish of the flat buyer. This begins with the conclusion of the contract. Just as in Germany, a written, notarised purchase contract (escritura) must be concluded in Mallorca. The flat buyer acquires sole ownership of their flat, and they become a proportionate co-owner of those areas and rooms that are designated as common property by the property developer. This includes communal rooms in and around the multi-family building or the residential complex.
Here in Mallorca, too, binding contractual documents are part of the flat purchase, listed here in alphabetical order:
- Certificate of Separate Ownership
- Building specifications
- Community regulations
- Purchase contract
- Declaration of division
The official language in Mallorca is Spanish (Castilian / castellano). The flat buyer must assume that all documents will be drawn up in the national language and is well advised to have certified translations made of all contracts and documents. They should, together with the documents in the national language, be a joint part of the contract. This ensures that no language-related errors or misunderstandings can occur.
What you should consider when buying a second-hand flat
The situation is slightly different when buying a second-hand flat an existing property. It is usually not purchased from a property developer, but from the respective owner. Here in Mallorca, this can be a private individual, a housing association, or a company based on the Spanish mainland. The contractual procedure is largely identical to that for buying a new flat. Depending on the age of the second-hand flat, building plans and site plans may be complete, incomplete, or no longer available at all. This is often the case, especially in the interior of the island. In this case, particularly close cooperation with the responsible authorities (preferably those of the town or municipality) is advisable to avoid problems later on.
Every flat - especially within a residential complex - is managed by a professional property manager. Together with the monthly operating costs, a service charge is due. The property manager appointed by the owners manages both the property and the payments made by the owners and prepares an annual service charge statement. A maintenance reserve is used to maintain the residential complex in Mallorca, i.e. to repair and maintain it. This is particularly important for the owner of the condominium on Mallorca if he or she is not yet living on the island or is only living here temporarily. During their absence, the property management company also takes over the caretaker service.
Conclusion
It is not difficult to fulfil the dream of living permanently in Mallorca. The purchase of a flat, whether it is a brand new or a second-hand flat, must be handled skilfully and without complaint from a bureaucratic point of view. In addition to the additional purchase costs with notary/certification fees, transfer costs and property transfer tax, there are also necessarily incurred translation and interpreting costs, provided that the national language is not mastered in word and writing. Since Catalan is also spoken here in Mallorca, the flat buyer should insist that all documents are drawn up, certified and notarised in Spanish. At the latest now, nothing stands in the way of staying and living in Mallorca in your own flat.
More articles on the topic of buying or renting a flat:
The Spanish tenancy agreement
Basic knowledge about renting a flat. The 6 most important points in the Spanish tenancy agreement.
Flats for rent - The most important points about the minimum rental period
What you need to know about the legal situation and the minimum rental period if you want to rent in Mallorca. Here are the most important points.
Buying a flat in Mallorca
When buying a flat, there are important aspects to consider - both with regard to a new-build flat and when buying a second-hand property.
Property types in Mallorca - Articles
Fincas
Tips and basic general information when buying or renting fincas on Mallorca
Houses for sale and rent
Information on buying and renting houses in Mallorca (long-term rentals). Including terraced houses and townhouses.
Palma Old Town Properties
Information on renting or buying property in Palma's Old Town. Tips on apartments, penthouses, and houses.
Luxury villas
Useful information and tips on luxury villas in Mallorca. Special features, origins of modern luxury villas, characteristics, and location.
Commercial real estate
Commercial properties in Mallorca: The market and what to consider when renting Mallorcan commercial properties.