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Mallorca

Buying property in Mallorca has become a popular trend for investors from other countries.

Click here to See all properties for sale in Mallorca

Gatehouse International has a wide range of properties available for sale in Mallorca, including villas, apartments, mansions, front line properties, golf villas, luxury homes and country estates.

Our Elite division caters for properties over €1 million – we have luxury real estate for sale in most regions of Mallorca including Puerto de Soller, Pollenca, Andratx, Santa Ponsa and Arta.

Click here to see Elite properties for sale in Mallorca, over €1 million

Whatever you’re looking for, please let us know and we will do our best to find you the very best properties for sale.

The island of Mallorca receives more tourists per year than any of the other Balearic Islands. The warm weather and scenic landscapes of Mallorca make it a firm hotspot for property buyers. Relocating or purchasing a holiday home here will allow you to discover that Mallorca has even more to offer than the obvious beautiful location and glorious sunshine. The cosmopolitan essence of Mallorca welcomes foreigners and the energising character has encouraged a multitude of nationals, many from Great Britain and Germany. Mallorca really is the perfect place to purchase a holiday retreat, to relocate and embark on a new career, or simply to retire.

 

  • There is little or no language barrier with all aspects of a property purchase possible in English or German.
  • You will find that arranging bank accounts, mortgages or other financial affairs are all possible in your own language, including the literature and statements, etc.
  • Searching for architects, builders, gardeners or Satellite TV specialists, in order to make your new property just how you want it, is completely hassle free.
  • There is an excellent choice of multi-national medical and dental facilities and International Schools teaching either British or German syllabuses.
  • Mallorca boasts a much lower crime rate than many of the Spanish Costas and therefore enjoys a less stressful, family-oriented lifestyle.
  • Mallorca has a stable property market showing a history and potential for continued good solid growth.

Here are the key steps when buying a property in Mallorca.
 
1) Appoint a lawyer

We recommend that you have a lawyer alongside before making an offer. It shows the vendor you are serious and makes the offer more substantial and tempting. Depending on the property, your lawyer may also raise points that will be pertinent to the offer and they may on occasion advise getting further information before an offer is made.

2) Agree price / initial checks / confirm offer

Once a price is agreed your lawyer should complete some initial searches in the Land Register and other checks to ensure the property is unencumbered of debts or other charges registered against it. Following this the terms of purchase are usually confirmed in writing between your lawyer and the vendor’s lawyer.

3) Reservation Payment (optional)

The reservation payment is a gesture of intent, usually non-refundable if the purchaser withdraws from the sale. The objective is to confirm the agreement between the buyer and seller and to have the property withdrawn from the market while the Option Contract is prepared.
A reservation payment is not essential. They were more common when buying new properties off-plan and in practice are not a 100% guarantee that the vendor will not sell to someone else should they get a better offer. The need for a reservation payment should therefore be discussed as part of the negotiations.

4) The Option to Purchase – Exchange of private contracts

The Option Contract details the property, the agreed terms of the sale, and states the date for final completion at the Notary. Preparation of the Option Contract usually takes two to three weeks but may take longer depending on the complexity of the sale.
It is usual practice at this stage to pay 10% of the purchase price which is non-refundable should the buyer not complete. Should the vendor not complete they have to pay the 10% back plus another 10% in compensation, so there is an equal penalty on both sides for pulling out after this point.
If a reservation payment has been made this will be off-set against the Option Contract payment.

5) Final completion at the notary

A sale is formally completed in Spain when the public title deeds of purchase are signed in front of a notary. At this point, the final payment is made and possession passes to the buyer.
The title deeds are called the “Escritura” and specify the name of the owner as well as giving a detailed description of the property.
The purchaser may attend the signing of the deed in the presence of the notary or grant a Power of Attorney to a representative to attend on their behalf – usually your lawyer.

6) Registration

Once signed, the notary will fax a note of the title deed to the local Land Register. Your lawyer should arrange:

• Payment of the relevant taxes associated with the purchase.
• Registration of your title deeds (which may take up to 3 or 4 months).
• Transfer of accounts with the local utility suppliers and setting up of payments through your local bank account.

7) Other important points

NIE number
As a foreign national you will require an NIE number; this is similar to an NI number in the UK and takes about 2 weeks to obtain. It can be done more quickly but it is best to process this at an early stage. There is a small administration charge.

Local bank account
You will need a local bank account for payment of utility bills, which must be paid via direct debit. Your lawyer can most likely arrange this for you, particularly if they have a gestoria service (administrative service) in their firm.

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