Destination overview Menorca

Population 93,397

Area 695.7 km sq

Timezone GMT +1

Language Spanish (Catalan)

One of the Balearic Islands, Menorca is something of a ‘best-kept secret’ compared to its neighbours, a safe haven with a strong cultural heritage, protected natural reserves, clear waters and hidden beaches.

Menorca has been recognised as a ‘Top 100 Sustainable Destination’ by The International Green Destinations awards and in 2022 celebrated ‘European Region of Gastronomy’ awarded by the International Institute of Gastronomy, Culture, Arts and Tourism (IGCAT). A strong historic relationship with Britain has seen many British buyers over the decades, but the island has seen increasing interest from both Spanish and international buyers at the higher end of the market, including French, Austrians and Italians amongst others. Property prices compare favourably to other destinations, and given the rise in high-end tourism there is potential for good returns.

The capital is Mahon, with the largest natural harbour in the Mediterranean, apartments and townhouses are popular here, as well as villas. Ciutadella and its port in the west is the Island’s second largest city, famous for its old town and medieval streets. On the outskirts you will find striking urbanisations with stunning coastal views.

The highest mountain in Menorca, Monte Toro at 358m, is found in the Es Mercadal district. Some of the highest priced property on the island is found here. Other popular areas include Punta Prima for families, Binibeca with its villas, Calan Porter for beach and buzz, Son Bou for water sports and families and self-contained Santo Tomas.

High end new builds continue to gain interest of buyers. Land is restricted so our partners are delighted to offer Sa Llosa homes, a new private residential complex of 50 3-4 bedroom energy efficient villas, with modern, practical and innovative design blending with natural surroundings by using materials from the Island.

Like mainland Spain, buyers need to obtain a NIE (tax) number even if planning to remain non-resident. The two main buying costs on top of the sale price are Stamp Duty, staggered from 8% to 10%, and the cost of Land Registry, around 2% of sale price. There are notary fees and other costs may include mortgage fees and commissions, if applicable. A minimum deposit of 10% is normal.

There are annual charges which the Notary or the agent can confirm. Non-residents pay annual ‘income tax’ even if the property is not let. This is worked out on the value of the property. There are Capital Gains (19% for non-residents). Vendors pay ‘Plusvalia’ tax too, calculated by the town hall, based on years of ownership.

Property needs a tourist rental license to allow short lets. Be sure to look at property in an area zone that allows holiday rental too, if this is a requirement. Your agent will be able to advise.

Our partners offer a comprehensive range of property across Menorca including new developments and repossessed properties. They include sale and rental property. Their offices are found in Cuitadella, Mahon, Es Mercadal, Saint Lluis and Cala Millor. Please do get in touch with us and we can connect you.