Real estate transactions in the Balearic Islands reached a maximum of 4,000 million euros in 2019, a figure of which foreign buyers accounted for 40 percent, up to a volume of 1,600 million euros, according to a report by the real estate agency Engel & Volkers. In particular, Mallorca has become a “magnet” for a…
Considering buying a property in Mallorca? You might be wondering if you need a Mallorcan lawyer. Below, you can find out how the right independent local lawyer can help the buying process run smoothly, just as it would in your home country. Ideally, you should find a lawyer early in the process, before signing any…
Buying or selling a property abroad can seem overly complex when you’re not sure about the paperwork. Preliminary contracts in Mallorca, Ibiza, and Menorca are an important part of the buying and selling process. So, it’s important to take time to understand the terms. Please note, this article is not intended as legal advice. A…
The Balearic Islands are home to more than just a beautiful holiday destination. They offer wonderful investment opportunities. Whether you’re looking to live in the islands and soak up the local culture, renovate and resell, or let your property for the long term, there are plenty of reasons to invest in real estate in the…
Those who know where to look can find incredible luxury properties in Mallorca. From renovated country fincas to brand-new developments, there’s something for everyone in Mallorca’s luxury market. The Future of the luxury market In the five years prior to the pandemic, Mallorca experienced significant property price increases of around 31%. Pre-COVID predictions also showed an estimated…
At Illeslex Abogados, as experts in property law in Mallorca, we are aware of the importance of depositing the option down payment, which usually amounts to 10% of the total purchase price, in the escrow account of a notary’s office after signing a property option contract. This guarantees the buyer the certainty that he can…
Consider Formalities & Tax Matter While Purchasing Mallorca Property Taxes are charged on property transactions in Mallorca, as they are in many other countries; thus, prospective buyers will require a Spanish tax number to purchase a house on the island, which can also be used for other requirements. For a nominal price of 15 Euros,…
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