Buyers Guides for Property for Sale in Majorca (Mallorca), Menorca and Ibiza

Buying property in the Balearics Islands is the same as buying property in mainland Spain. Although because of strict building controls in the Balearics, you will find a lot less new property developments compared to the mainland, which from a buyers perspective is great news, as the islands will never become saturated with high rise developments which will lead to lower rental yields and overcrowded resorts.

For new developments in Mallorca the payment terms may vary slightly, but will usually be something like this:
€3000 reservation deposit
20% on signing the purchase contact
Balance on legal completions.

For resale properties in Mallorca, Menorca or Ibiza, once an offer is accepted a private purchase contract is drafted and a deposit is payable, usually 10% of the purchase price. The private purchase contract sets forth all conditions of the sale and if there are any debts on the property.

Completion will usually take place around 8-10 weeks later at the notary office, where the title deeds are signed and the balance payment is made. At this stage all transfer taxes and fees are paid to the tax offices. The notary will register the transfer of ownership at the Land Registry. This registration may take a while, you can ask for a copy of the records from your notary, it's called "copia simple."

Additional Purchase Costs
You should budget for around 10% on top of the agreed purchase price - which is broken down as follows:
Purchase tax of 7% known as IVA (Spanish equivalent of VAT)
2%-3% to cover land registry fees, legal costs and notary charges.

Area Guide for Mallorca properties for sale

property for sale in majorca - a guide to property in majorca.

property for sale in mallorca - a guide to property in mallorca.

property for sale in bendinat - a guide to property in bendinat.

property for sale in betlam - a guide to property in betlam.

property for sale in cala d'Or - a guide to property in cala d'Or.

property for sale in cala llamp - a guide to property in cala llamp.

property for sale in camp de mar - a guide to property in camp de mar.

property for sale in ca'n picafort - a guide to property in ca'n picafort.

property for sale in es capdella - a guide to property in es capdella.

property for sale in felanitx - a guide to property in felanitx.

property for sale in illetas - a guide to property in illetas.

property for sale in muro - a guide to property in muro.

property for sale in paguera - a guide to property in paguera.

property for sale in palma de mallorca - a guide to property in palma de mallorca.

property for sale in port andratx - a guide to property in puerto de andratx.

property for sale in santa ponsa - a guide to property in santa ponsa.

property for sale in sa rapita - a guide to property in sa rapita.

Property for sale in Menorca

menorca property - a guide to property for sale in menorca.

Property for sale in Ibiza

property for sale ibiza - a guide to property for sale in ibiza.

property for sale in ibiza 2 - more information on property for sale in ibiza.

Business property for sale in Majorca, Menorca and Ibiza

businesses for sale in mallorca menorca and ibiza - a guide to businesses in mallorca, menorca and ibiza.

links page - Please click here for useful links about the balearic islands, spain

 

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