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Can Foreigners Buy Property in Mallorca?
Mallorca, the crown jewel of the Balearic Islands, is a dream destination for many. Its Mediterranean charm, picturesque beaches, and vibrant real estate market make popular amongst foreign investors. But one common question arises: can foreigners buy property in Mallorca? The answer is a resounding yes. Whether you are looking for a holiday home, an investment property, plot of land to build a new construction, or maybe a permanent residence, Mallorca offers plenty of opportunities. However, understanding the legal, financial, and logistical aspects of purchasing a property in Mallorca is crucial.
Finding the right real estate agent is crucial to ensuring a smooth and successful transaction. In this comprehensive guide, we'll walk you through everything you need to know about taxes and costings when buying or selling a home in Mallorca.
Legal Requirements for Foreigners Buying Property in Mallorca
At Sandberg Estates, our expert team has been guiding foreign buyers through the process for over 15 years. With our extensive knowledge of the real estate market in Mallorca and strong connections with legal and financial professionals, we ensure a seamless buying experience from start to finish, focusing and tailoring the prices to your specific situation.
One of the main reasons Mallorca attracts foreign buyers is that Spain does not impose restrictions on non-residents purchasing property. However, to navigate the process smoothly, certain legal requirements must be met. We have broken these down below and there is more information available in our 2025 Tax Guide.
- Obtaining an NIE (Número de Identificación de Extranjero): All foreign buyers must acquire this tax identification number to proceed with the purchase. The NIE is necessary for all financial and legal transactions in Spain, including paying taxes and setting up utility accounts.
- Hiring a Real Estate Agent and Lawyer: A professional real estate agent familiar with the region can guide you through the process, while a lawyer will ensure all agreements and legal documents are in order. Choosing professionals who are fluent in your language and Spanish can make the process easier and stress free.
- Signing a Preliminary Agreement (Contrato de Arras): This is a legally binding agreement that secures the deal before the final contract is signed. It typically involves a deposit, usually 10% of the purchase price, which could be forfeited if the buyer withdraws.
- Finalising the Purchase at the Notary: The last step in buying property in Mallorca involves signing the official deed before a Spanish notary. This ensures that the sale is legally recorded, and the property is registered in the buyer's name.
The Sandberg Estates team has extensive experience helping buyers navigate these legal steps. We work closely with top lawyers and notaries on the island to ensure every transaction is handled efficiently and transparently.