The island of Mallorca lies in the Mediterranean Sea, just off the north-east coast of Spain. Roughly the same size as the county of Kent, the island is blessed with stunning beaches, plenty of nature reserves as well as amenities like golf courses (that are up there with Spain’s finest). In Palma de Mallorca, the island also possesses a cosmopolitan city with the kind of cultural life that you would expect from one of Spain’s largest urban areas.
Esporlas courtesty of Dahler & Company Mallorca
While there are stretches of pristine coastline that are relatively unfrequented by tourists, there are also some heavily developed resorts, as well as luxury developments which sit in between. The blend of its island lifestyle and the urban attractions of Palma make the island a highly desirable place to own luxury properties, whether you are seeking to rent them out or reside on the island.
Another great advantage for luxury property buyers at the moment is that Spain is struggling to emerge from economic depression. Although this is bad for mainland Spaniards, it does mean that there are many distressed properties available on Mallorca, allowing property buyers to shop around and secure some real bargains.
San Telmo courtesty of Dahler & Company Mallorca
The island also has an excellent infrastructure of agents and solicitors, as well as a secure business environment, which will smooth the way for foreign purchasers. There are some formalities to deal with, such as obtaining an NIE number. although this is just a matter of supplying passport information.
Solicitors will guide you through any other requirements, such as the need to comply with Spanish inheritance laws. But these are not onerous, and charges should be minimal compared with property purchases in other locations around Europe.
Puerto Andratx courtesy of Dahler & Company Mallorca
Luxury property experts can advise you before you even set foot on the island about how to invest efficiently in property on the island, providing a little extra assurance.
The major challenge is finding exactly the right property to meet your needs. Again, Mallorca is lucky to possess a huge range of locations and property types, from sumptuous villas to compact apartments.
For some people, the elegant suburbs of Palma may be perfect. Areas like Son Vida are nestled in beautiful hills, and are close to the coast. Son Vida is also a major golfing destination, with a clutch of the island’s finest courses – and it is a few minutes from the city centre.
Santa Ponsa courtesty of Dahler & Company Mallorca
For others, a more secluded luxury resort might be ideal, and the island has plenty. Have a look at Bendinat in the south-west or Santa Ponsa for great beaches. But there are also many coastal villages with period charm. Try Banyalbufar with its holiday villas ringed around a beautiful ancient harbour.
Now is a fantastic time to purchase properties in Mallorca. Some property firms have reported a 37 per cent increase in enquiries from British buyers alone in 2014. The Spanish government has also recently made moves to eliminate tax advantages experienced by local buyers – making it even more affordable to buy property on the island.