Buyer's guide

Buying property
in Mallorca

Straightforward, once you know the order things happen in and what each step costs. Here is the whole process, with nothing left to the last week.

Buying Guide
10–13% on top of the price, in tax and professional fees
10% deposit you pay when the arras contract is signed
8–12 weeks from the arras contract to the notary
70% the most a Spanish bank usually lends a non-resident
The process

From first viewing to the keys

Ten steps, in the order they actually happen. Most problems come from doing step eight before step seven.

01

Agree the brief

Budget, area and the handful of things that genuinely matter, so we show you four properties that fit rather than fourteen that nearly do.

02

Viewings

We view with you and tell you what the photographs do not: access, orientation, noise, neighbours, the road in winter.

03

NIE number and a Spanish bank account

You cannot complete without an NIE. Your lawyer can obtain one for you, so started early it never holds anything up.

04

Your own lawyer

Independent, Spanish, and working for you alone. We will suggest several, and we are just as happy if you find your own.

05

The offer

We present the figure alongside your position and timescale. A well-presented offer regularly beats a slightly higher one.

06

Contrato de reserva

A deposit of roughly €6,000 to €10,000, usually held by your lawyer, takes the property off the market while the checks are done.

07

Legal checks

Your lawyer confirms ownership, charges, licences and planning, and that no debts or community arrears follow the property.

08

Contrato de arras

You pay 10% and the completion date is fixed. Withdraw and you lose it; if the seller withdraws, they repay it twice over.

09

Escritura at the notary

Both sides sign, the balance is paid, the taxes are settled and the keys change hands the same day.

10

After completion

Registration, utilities, the IBI property tax in your name, and an annual non-resident return if you are not here full time.

What it costs

The costs on top of the price

Budget 10% to 13% above the agreed price. Tax is most of it, and which tax you pay depends on whether the property is a resale or a new build.

Cost
Typical
Purchase tax — resale Transfer tax (ITP) on the Balearic sliding scale: 8% to €400,000, 9% to €600,000, 10% to €1m, 12% to €2m, 13% above. Each rate applies only to the slice of the price inside its band.
8 – 13%
Purchase tax — new build Buying from the developer, IVA and stamp duty (AJD) replace ITP. One or the other applies, never both.
10% + 1.2%
Notary An official scale, based on the price and the length of the deed.
€800 – €3,000
Land Registry Putting the deed in your name. Also an official scale.
€500 – €2,200
Independent lawyer Usually 1% plus IVA, with a minimum fee on lower-priced properties.
1% + IVA
Mortgage valuation Only if you borrow. Since 2019 the bank pays the notary, registry and stamp duty on the mortgage deed itself.
€400 – €800
Our fee Paid by the seller. You pay us nothing.
Nothing

Estimates for the Balearic Islands, to help you budget rather than to replace advice. Reliefs exist for first homes, younger buyers and some family transfers. Your lawyer will confirm the exact figures.

Run your numbers

Fee and mortgage calculators

Drag the sliders or type a figure straight in. Both update as you go.

Your purchase
€
Property type
Resale is taxed under ITP; a new build from the developer under IVA plus stamp duty.
Buying with a mortgage?
Estimated costs
Total to budget — Purchase price plus all costs
Transfer tax (ITP) —
Notary —
Land Registry —
Legal fees (incl. IVA) —
Costs on top of the price —
As a share of the price —
Your purchase
€
%
Remember the purchase costs come out of your own funds too, not the mortgage.
%
Ask your broker for a current rate. Spanish mortgages come fixed, variable and mixed.
years
Most lenders want the mortgage repaid by age 75.
Estimated costs
Monthly repayment — Capital and interest, before insurance
Deposit —
Amount borrowed —
Loan to value —
Total interest —
Total repaid —
Spanish banks typically lend up to 70% of value to non-residents and 80% to residents. Above that, expect to be asked for a larger deposit.

Estimates only. Notary and registry fees follow official scales and legal fees vary between firms. Nothing here is a quotation or tax advice.

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