Key Aspects for First-Time Buyers
When navigating the property market in Mallorca, here are key aspects first-time buyers should understand:
Average House Prices: In Palma, average house prices range from €3,500 to €6,000 per square metre depending on location. Outside Palma, you can find more affordable areas with prices closer to the national average.
Price Growth: Mallorca has seen steady price growth over the past decade, especially in sought-after neighbourhoods. This makes early entry advantageous.
Local Economy: Mallorca benefits from a resilient tourism sector and growing interest from international buyers. This boosts the local economy and helps maintain stable market value.
Mortgage Lenders: Spanish and international banks are active in the market. Ensure you're pre-approved and understand both fixed and variable mortgage options.
Cost of Purchase: Besides the property price, account for taxes (typically 8-11%), notary fees, and agency commissions. Budgeting realistically helps prevent surprises.
Life in Mallorca: Excellent schools, healthcare, transport, and a mild climate make Mallorca one of the best places to live in Europe year-round.
Sandberg Estates has deep knowledge of the buying process, including connections with reputable mortgage lenders and legal experts to streamline your first purchase.
Sandberg Estates has deep knowledge of the buying process, including connections with reputable mortgage lenders and legal experts to streamline your first purchase.