Majorca properties remain among the most popular in Europe among investors and home buyers alike. The great weather, beautiful scenery and relaxed atmosphere make this Meditteranean Island a place people come back to again and again.
Not only is it famed for its beauty and its charm, it has a rich heritage that can still be seen in the buildings and architecture today.
Majorca, also known as Mallorca, has been inhabited for at least 10,000 years. It was occupied by the Romans when its main towns, Alcudia and Palma were founded. Both Alcudia and Palma offer excellent choice when you are looking at Majorca properties.
Following the demise of the Roman Empire, Christianity took hold on the island and several churches were built. However, from the eighth century on it increasingly became a target for Muslim raiders from North Africa.
By the tenth century, Majorca was under the control of the Moors and their architecture can still be seen in many Majorca properties and buildings today.
It also spent many years under British rule and was a strategic outpost during the Napoleanic war. However, it eventually came under Spanish rule and its culture is today shaped around its massive popularity as a tourist destination and place to buy property.
Majorca properties are probably the most sought after by foreigners in Spain. This popularity and the recent property boom in the country, means that prices are much higher than before. However, Majorca property can still represent great value for money when compared to prices many European countries.
Every country has its own rules and laws when it comes to purchasing property so here are a few of the things to watch out for if you are buying Majorca property.
One of the first things you should do is find good legal representation. Ask other foreigners for recommendations for the best lawyers. You will need the help of a lawyer to check that the property is legitimate, for negotiations and to finalise the sale of the property.
You should also enlist the help for a good local estate agent. Do some research before choosing and, again, try to get some recommendations. Choose an estate agent who is well established and an excellent knowledge of Majorca property.
A good estate agent will guide you through the buying process, set up viewings and provide you with insider information. Also, a good estate agent should have a wide range of Majorca properties to choose from including basic apartments and lavish villas.
Once you have chosen a Majorca property, you will need a lawyer to carry out a number of tasks for you. These include the sorting out of the necessary documents, including the land register, the owning documents, tax documents and issues surrounding your mortgage, if you need one.
You will also need a Spanish tax number, also known as a NIE number. Your lawyer can apply for one of these for you. Try to choose a local lawyer who is fluent in both Spanish and English for ease of communication throughout the process.
Once you agree a price for the property with the buyer, you will be required to pay a reservation fee of about 10%. Once this is paid the agreement becomes binding. The seller can not change the price or sell to someone else, while you are also obliged to see the deal through, providing everything is in order.
Once financing is arranged and your lawyer has checked all documents, you and the seller must sign an agreement in the presence of a government representative. Once this is done, payment to the seller is completed and the keys are handed over to you.
And that’s it! Once this is done you will be the proud owner of a Majorca property. Whether you are renting out your property to holiday makers or are moving to Majorca full-time to avoid the great weather, scenery and food, buying a Majorca property is an investment you will not regret.
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