The process of purchasing property in Mallorca is not overly complicated with completion possible within eight weeks of offer accepted. Deals are legally binding from early on so a lawyer is advisable from offer stage and get as much information as possible about the property in advance.
Buyers need a Spanish tax number (NIE) and typically, a bank account in Spain to pay ongoing rates, utilities and other charges such as mortgage if required. Allow an additional 8-14% on top for property taxes & fees. Figures can be checked in advance and will vary depending on location, resale or new.
The Golden Visa residency investment scheme qualifies in the Balearics, as well as the mainland. In Mallorca demand post pandemic has been greatest for property over €750,000, with luxury new properties, detached homes and villas, apartments with outside space and privacy holding a premium. Townhouses remain sought after, property around the luxury marinas, and for those wishing to make their own mark, there remain plots of land available for construction (subject to permissions). If you are looking to invest or part-let your property be sure to buy somewhere with a Tourism License, these are getting hard to obtain.