Frequently Asked Questions
Can foreigners buy property in Mallorca?
Yes. There are no restrictions on non-residents purchasing property in Spain. The process is identical for EU and non-EU buyers, although non-EU citizens may need to apply for a Spanish NIE (foreigner identification number) before completion. Our team can guide you through every step.
What is a tourist licence and why does it matter?
A tourist licence (licencia turística) allows the owner to legally rent the property short-term to holidaymakers. In Mallorca, holiday-rental licences (ETV) are tightly restricted and capped by zone, so a property that already holds a valid licence carries significant added value. We mark this clearly on each listing where it applies.
What are the typical costs of buying a property in Mallorca?
In addition to the purchase price, buyers should budget roughly 10–13% for taxes and fees. This typically covers ITP (Property Transfer Tax) at 8–11% on a sliding scale for resales, or 10% IVA plus 1.5% AJD for new builds. Notary, registry, and legal fees add another 1–2%.
How long does a property purchase take?
From signed offer to keys, expect 6 to 10 weeks in most cases. The deposit contract (arras) is usually signed within two weeks of agreement, then due diligence and mortgage arrangement (if required) take place before the final notary appointment.
Do I need a Spanish bank account or NIE?
Yes, both. You will need an NIE (foreigner identification number) before signing at the notary, and a Spanish bank account is required to pay taxes and direct-debit ongoing utilities and community fees. We can introduce trusted partners who handle both.
Can I get a mortgage in Spain as a non-resident?
Yes. Spanish banks routinely lend to non-residents, typically up to 60–70% loan-to-value with interest rates competitive with the rest of Europe. We work with mortgage brokers who specialise in non-resident financing for Mallorca purchases.
What are the annual costs of owning a property in Mallorca?
Recurring costs include IBI (council property tax), basura (rubbish collection), community fees if applicable, building and contents insurance, and utility bills. As a rough guide, total annual fixed costs for a 4-bedroom villa often fall in the €5,000–€15,000 range depending on size, location, and services.
Do you offer off-market and exclusive listings?
Yes. A significant share of the Mallorca luxury market never reaches public portals. Through long-standing relationships with owners and a trusted network of collaborators, Smart Estates regularly accesses off-market and pre-launch opportunities for qualified buyers — please get in touch to discuss your search criteria.
