Mallorca Property Buying Guide
Everyone dreams of that home in a hot, sunny place, with blue skies and glittering sea on the horizon. For holidays, retirement, a permanent base, there aren`t many people who do not look with envy at the villas and apartments owned and lived in by Brits when they are on holiday. For many people, that dream eventually becomes a reality. Majorca is a popular destination for ex pats. It is a fairly short flight, with plenty of airlines leaving from all UK airports. Popular with tourists from the 1960`s it has plenty to offer the would-be resident, not least a temperate climate and an already thriving British population The bulk of property here can be found around the main tourist areas although there are many villages in the hilly interior offering small finca`s (farms)and the occasional lavish villa. A little searching can find you a rural bargain, but be prepared to do some work, as many of these properties are fairly run down. For first time ex-pats, the comfort of being in a resort can make the move a lot easier. The beautiful Marina resort of Cala D`Or is not as hectic as some of the busier resorts and offers a peaceful evening stroll and fine dining to its residents. A one bedroom apartment sited in a complex here will cost anything from 115,000 Euros at the time of writing but will be ready to move into. Cala D`or is an hour`s drive from Palma and is thus within easy reach of the airport . With history, architecture and a luxury Marina, this is the place to go if you want to live that cosmopolitan dream of sitting in the sun at a pavement cafe watching the world go buy. As is the case in any country, city dwelling comes at a price and a four bedroom traditional townhouse can cost up to four million Euros. Notary`s fees are usually paid by the seller. You will need a good local lawyer who speaks English as well as the local language, the fee for this usually 1-2% of the purchase price. New buildings carry a 7% purchase tax (on the price of the property); the same rate is charged for re-sales. New ownership must be registered and there will be an annual property tax (I.B.I) at 0.85% of the value. There are also property income taxes and non resident property wealth taxes to be paid annually. It is worth asking your lawyer to work out the potential figures for you before making a final decision. Don`t forget rubbish collection and community fees for maintenance of complexes; these will be individual to the area or complex you buy in. I have included some links to websites that offer information to UK citizens looking to purchase property in Spain. If you click on the links below it will take you to sites that give you information about registering on the local padron(electoral roll) or about inheritance tax loopholes and wills.
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