Useful information about having a secondary residence in Mallorca
Anyone who has ever been to Mallorca knows what the island has to offer and why it is worthwhile to have a secondary residence there.
The Balearic Islands are known around the world for their white sandy beaches, but they have a lot more to offer. Mallorca, the largest of the islands, attracts millions of visitors each year, many of whom return time and again to create a wealth of wonderful memories. The island is a paradise for bicycling, yoga, wellness, paddle boarding and lots more, and also offers a number of extraordinary wine tours. Must-sees in Mallorca include the breathtaking Cathedral of Palma and the famous Cuevas Del Drach. The island has an outstanding variety of restaurants and excellent night life – not to forget the wonderful beaches and all the water sports opportunities they offer, because Mallorca is home to a host of magnificent playgrounds along the coast.
Many visitors who keep returning to the island time and again ultimately want to buy a second home or apartment there. Some want a property purely for their own use. Others think of it as an investment to rent out as a vacation home. Yet others decide to rent the property part of the time and use it themselves on certain occasions.
WHY BUY A VACATION PROPERTY IN MALLORCA?
Mallorca compels with its rambling scenery and its wonderfully mild year-round climate. Having a secondary residence on the popular Balearic Island is a clear asset – it allows you to experience Mallorca in all its variety and at any time of the year. The option of taking a vacation in Mallorca any time, with anyone you want, in your own private second home is the best reason for buying a luxury property as a secondary residence in Mallorca. Buying a vacation home as a secondary residence in Mallorca also promises extensive vacations, escapes from the winter blues, summers with family and romantic memories, for as long as you want and whenever it suits you best.
Buying a vacation house in a tourist town
Buying a vacation property in Mallorca means that you will always have a place to retreat for a vacation on the Balearic Island, and a second home if you decide to live on the island year-round. A huge selection of more than 500 properties suitable for use as secondary residences is available in this Property Overview!
Mallorca: Secondary residence for winter vacations in the sun
Mallorca is magnificent virtually any time of the year. Autumn in Mallorca is much like summertime in Northern Europe, with temperatures that seldom begin to drop before November, and the first almond blossoms in late January heralding the coming of spring. Summer in Mallorca is exceptionally long and lasts from May to September. The short winter months are a joy to experience on the island, with empty streets and beaches, noonday sun on the sidewalks of cafés and outdoor activities in the mountains and by the sea.
Vacation homes in Mallorca are perfectly suited for use as second residences.
There are a number of reasons why vacation properties in Mallorca make perfect secondary residences. For one, Mallorca is a safe and popular island, where you can leave your second home locked up for longer periods of time without worrying about the weather, security or damage. Local management and consultancy firms can assist you with your vacation property while you are away, keep an eye on things and visit the property regularly to make sure that you will find it in perfect order when you arrive for your next vacation.
For another, a second home in Mallorca is a fantastic vacation home any time you need a break. You are not bound to any holiday schedule and can take full advantage of budget flights, sporadic work holidays and weather predictions.
HOW MUCH DOES A SECONDARY RESIDENCE IN MALLORCA COST
Historically low interest rates combined with a thriving real estate market and a great selection mean that buying a secondary residence in Mallorca makes good tax sense. In general, buying property on the Balearic Island is a safe investment. For one, the island is a popular tourist destination, and for another, the Spanish government invested a lot of time and money in recent years to improve the island’s image and attract a new, sophisticated type of visitors.
- The Spanish land transfer tax, which in mainland Spain is 7%, can vary in the autonomous regions like Mallorca.
- Income tax regulation for purchases from a non-resident. That means, the buyer is obliged to retain 3% of the purchase price and remit it to the tax authorities.
- Legal fees. These are typically 1% of the purchase price.
- Notary fees. These are between 0.05% and 1%.
- Spanish land registry fees. These are also about 1% of the purchase price.
The right partner for buying a secondary residence
Once you have decided to purchase a property in Mallorca for your secondary residence, it’s time to look for the right property. You can let your imagination run wild – whether you are dreaming of a Penthouse apartment in Palma, a finca in the country or a luxury Villa by the sea – the properties available on the Balearic Island are as varied as your preferences. But your dream home may not always be available to buy immediately – listings are limited and the demand for real estate is immense.
This is why it pays to hire a professional partner to assist with your search for your own home. Apart from publicly listed real estate, DAHLER & COMPANY has access to a large number of properties that are being marketed discretely and thus only available to preferred customers. Visit our Mallorca Overview to learn more about our shops, our portfolio and your benefits as a buyer of real estate!
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