Selling your home in Mallorca: The unrivalled guide

Selling your home is an exciting time full of new prospects and new beginnings, but it can also be stressful dealing with the mountains of paperwork, arranging viewings, getting your property prepared and unanswered questions like how long it will take for your property to sell. That´s why the Euro Weekly News has put together this informative guide on how to sell your home in Mallorca, as well as the best people to help you on the journey.

This guide will explain how to sell your home in Mallorca, what you need to do to find out how much your property is worth and how long you can expect your property to be on the market, as well as which documentation you’ll need to make the sale. We also recommend having a knowledgeable estate agent to assist you on your journey and help with all the technical know-how. 

What is the best way to sell a property in Mallorca?

With its fabulous climate, beautiful beaches, superb cuisine and abundance of culture and history, Mallorca may not be the cheapest warm-weather island to purchase property, but it can represent tremendous value for money. Buying a home in Mallorca not only guarantees a sun-drenched lifestyle but also many other outstanding benefits, making it a popular location for foriegn buyers to purchase a forever home or a second home for the holidays.

The island of Mallorca has beautiful clean beaches and crystal clear waters. For active people, there are also some amazing golf courses and watersports opportunities and plenty of other things to do and see.

With regards to property, there are strict limits on building, preventing over development and properties are protected.

From translating legal documents for you to ensuring that all your legalities are legitimate, to finding those all-important buyers to secure your sale, a trusted and reputable will make sure of a smooth process from start to finish. 

What is my property worth in Mallorca?

With it´s stunning beaches and clear blue waters, amazing restaurants and bars, buzzing nightlife and charming towns and villages, it´s no surprise that many people dream of owning a home in Mallorca. Housing has continued to be in demand in Mallorca and the property market is currently booming, meaning that selling your home in Mallorca should be a fairy easy feat.

According to recent property market statistics, in the past, new-build, mid-rise apartments and penthouses were more likely to be purchased, however, buyers are increasingly more likely to choose Planta Baja apartments with garden area, detached houses on the secondary market with clear potential for renovation and plots of land with ready-made projects for construction.

It´s no surprise that property in Mallorca can sell for extremely high prices, with the likes of Kate Moss, Rafael Nadal, Harrison Ford, Pierce Brosnan and Tom Cruise owning property here. In Palma de Mallorca, prices for apartments have reached a stable level. In the prime location of Genova, the average price for an apartment is €1 million.

In very good locations, such as the historic centre, Portixol, Es Molinar, and Ciudad Jardin, asking prices are between €700,000 and €800,000.

The neighbourhoods of Santa Catalina and San Agustin display average prices of between €600,000 and €700,000.

In El Terreno and La Bonanova, apartments are on the market for between €450,000 and €600,000 on average. The area around El Arenal continues to provide entry opportunities starting at €400,000.

Speak to an experienced estate agent to help you with an honest valuation of your property.

How quickly can you sell your property in Mallorca?

Spain’s housing market is thriving and many homes are selling faster than they would in the past and, with an experienced estate agent to help you, selling your home doesn´t need to be a long and drawn-out process.

The most time-consuming part of the selling process can be the legal paperwork, however, once these are all done and dusted and you’ve signed on the dotted line, you can expect to sell your property within around three to four months of it going on the market, depending on the property and what its sale price is. Do leave room for a bit of negotiation!

Real estate agents for selling your home in Mallorca

Choosing an honest, reputable a trustworthy estate agency is extremely important, you will want your estate agent to be upfront and truthful regarding your property valuation, arranging viewings and making sure your property is placed in front of potential buyers. This can be a difficult and time-consuming process, so we have done the hard work for you! Take a look at some of the best real estate agencies to sell your home in Mallorca.

First Mallorca

Established in 1996, First Mallorca specialises in the boutique real estate sector, renowned for its excellence and constant innovation. The team is made up of qualified, motivated and energetic professionals with combined experience in real estate, property development, asset management and wealth management. Because every transaction is unique, First Mallorca’s team of experts is constantly developing new methods, techniques and strategies to ensure the best results for its clients. 

Today, First Mallorca consists of more than 50 professionals who offer their services from seven strategically located offices in Mallorca and new offices in the Balearic Islands are planned for the near future.

Address: First Mallorca S.L, Avda Tomas Blanes, 41, 07181, Costa d’en Blanes

Telephone: 971 007 007

Email: [email protected]

Website: Click here

Engel & Völkers

With Engel & Völkers Mallorca you have found the ideal partner for your upcoming real estate transaction in Mallorca. With 19 real estate shops in all regions of the island, their competent and experienced team of real estate agents is available to assist and support you with your purchase, sale or rental.

Using individual sales and letting strategies, a wide range of digital marketing options – such as a virtual 360-degree tour of real estate – as well as the holistic service concept from the first meeting to handing over the keys is what Engel & Völkers offers you when selling your home in Mallorca.

Address: Engel & Völkers Palma Centre, Carrer Constitució, 7, 07001 Palma, Illes Balears (find more office locations on the website)

Telephone: 971 23 85 84

Email: [email protected]

Website: Click here

Kensington

Kensington uses tailor-made marketing strategies including the creation of comprehensive exposés in German and English, contacting potential buyers within their international database, regional and supra-regional advertising, presentation on the internet, exhibitions, sales boards, bulletins in frequented locations, direct marketing, serial letters to selected target-groups, usage of networks, financial advising as well as solvency checks of the potential buyers, property viewings with qualified candidate, telephone follow-ups and much more to sell your home in Mallorca.

The team at Kensington has outstanding negotiation skills and high proficiency in closing sales, using over 25 years’ worth of marketing strategies to ensure a sale.

Address: Calle Conquistador N° 8 bajo, 07001 Palma de Mallorca (find more office locations on the website)

Telephone: 971 674 306

Email: [email protected]

Website: Click here

Berkshire Hathaway

The professionals at Berkshire Hathaway HomeServices Nova Mallorca Real Estate are highly qualified to guide you through everything involved in this process. Since 1969, the development of their activity has to be competent, effective and based on transparency and trust. From the very beginning, their efforts are focused on successfully turning your dream into reality.

For selling your home in Mallorca, Berkshire Hathaway HomeServices Nova Mallorca Real Estate offer free property valuations, realistic price recommendation corresponding to the market, professional advice for efficient positioning of your property on the market, professional photography of your property and publication in the most effective and active sales platforms on the market.

Address: Palma Centre Office – Passeig de Mallorca, 14 A. Palma 07012, Mallorca. Puerto Portals Office, Benito Feijóo, 13 – Local 9. Calvia 07181, Mallorca

Telephone: 605 222 222

Email: [email protected]

Website: Click here

Pollentia Properties

The agents at Pollentia Properties are experienced in their field and work with a series of collaborators and partners who help our work to achieve the level of perfection they wish their clients to receive. 

When selling your home, Pollentia Properties offer free valuations, help with all of the documentation, home staging, energy certificates and discreet listings to find the perfect buyer fr your hme in Mallorca.

Address: Pollença-  Carrer d’Alciudia, 14 – 07460, Pollença, Mallorca. Palma – Carrer de Colom, 20, 1º piso, 07001 Palma

Telephone: 971 53 45 85  or  636 80 32 04

Email: [email protected]

Website: Click here

What do you have to pay when selling a house in Mallorca?

1) Plusvalia – sellers have to pay a tax based on the incremental value of the land which the property occupies over the number of years you have been the owner.

2) Community Fees – Make sure your Community Fees are up to date. Usually, you will have to present a Community Certificate to the buyer when signing the Title Deed to prove this.

3) IBI and Utilities – make sure your utility bills are all paid up as these will need to be settled up to the date of sale. You will need to provide the original proof of payment when signing. Sellers have to pay the IBI or council tax for the whole year they are selling.

4) Mortgage Cancellation Fees – Your bank will probably have from a 0.5 per cent to 1 per cent cancellation charge for the balance of your outstanding mortgage.

5) Mortgage Cancellation and Registration Fees at the Notary – In addition to point 4) as the seller, you will have to make sure that your mortgage is cancelled at the Notary and Registry. This may cost anywhere from €600 to €1000 and is an amount that will probably be held by the solicitor to make sure that this is done.

6) Non-Resident Retention 3 per cent – If you are not a resident of Spain, the buyer of your property will also have to retain 3 per cent of the sales price stated in the “Escritura” (Title Deed) to pay to the Spanish taxman (Hacienda) on your behalf towards your Capital Gains Tax. Fiscal residents do not have any retention made on them, however, they may have to pay tax on the sale the year after when filling in their tax returns.

7) Agents Commission – If you have used an agent to sell your property, you will also have to pay fees to the agent.

8) Legal fees – A good legal office will prepare utility contracts, community charges and “Suma” invoices, speak with the purchaser’s representatives and the Notary, book the Notary appointment and organise all of the related paperwork, go with the seller to the Notary and translate for them, calculate the 3 per cent retention, calculate and advice re Capital Gains Tax and give fiscal representation throughout the selling process.

What documents do you need to sell a house in Mallorca?

There are lots of documents you need when selling a house in Mallorca. The best and safest way to make sure that everything is legitimate and done properly is to leave it to the experts in the form of an experienced real estate agent who can help and offer guidance throughout the whole process. 

The main documents you need may include:

• Preparation of utility contracts, community charge and “Suma” invoices.
• Liaison throughout the transaction with representatives of the Buyer and Notary.
• The organisation of the Notary appointment and all paperwork related to the sale.
• Translation at the Notary.
• Calculation of 3 per cent retention.
• Calculation and advice regarding Capital Gains Tax.
• Fiscal representation throughout the whole process.
• Calculation of Goodwill and a letter of “Good Standing” with your community fees from the administration of your community.

5 Top tips on preparing your home for the market

Remember, what attracts many potential buyers to a home in Mallorca is having somewhere to relax and enjoy the gorgeous weather and relaxing Spanish lifestyle. It’s important to make your property stand out on the internet so that people can imagine themselves living their ideal lifestyle, complete with a beautiful home. eu

We have all been to property viewings where as soon as we stepped foot through the door we could imagine ourselves in that space because of how it’s presented to us – the same goes for those properties that don’t really do it for us when we go to see it in person! We have some top tips for you to prepare your home for those all-important photo listings and property viewings.

• Get an accurate property valuation when selling your property
  Pricing your property at a competitive price can definitely speed up the sale process, and pricing it too high will obviously have you waiting around for much longer. Buyers looking to purchase property in Mallorca with a mortgage will also need a property valuation to apply for a home loan, so it is essential to seek out a satisfactory appraisal.
• Consider interior design changes and home staging to sell your home faster
  Properties or homes which require renovation tend to stay on the real estate market for longer. New developments and homes that are ready to move into are in high demand, with many families looking to purchase luxury homes that are ready to enjoy from the day they get the keys. By making minor interior design changes and consulting with a real estate expert, you could market your property better, resulting in a quicker sale. a lick of paint, neutral decorations and some flowers can make the world of difference.  You only get one chance at a first impression, so make sure it counts!
• Sell your property easily with the help of great photography
  Most real estate professionals have an eye for detail, and part of their job is to make your home stand out and shine brighter than ever. You will want to capture potential buyers as soon as they look at your images.
• Make a good impression when selling your home in Mallorca
  A fresh, clean and pleasantly presented property will be sure to sell faster in Mallorca. Many buyers are looking for properties with character, and are interested in knowing more about the current owners. No one will know as much about your property as you, so it’s always a good idea to get involved at some point when presenting your home to serious buyers.
• Sell a lifestyle
  Many people move to Spain in search of the sun and the amazing outdoors lifestyle, so presenting a beautiful garden or outdoor space for potential buyers to enjoy the hot weather is sure to enhance your property.

Thank you for taking the time to read this guide on selling your home in Mallorca. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories. Remember, you can also follow us on Facebook and Instagram.