Real estate market / real estate news: Mallorca is one of the most sought-after real estate locations in Spain. Especially the typical Mallorcan country houses, the fincas, are highly sought after by buyers from all over the world. Numerous factors make fincas desirable real estate objects. On the one hand, the often rustic structures are usually surrounded by a picturesque landscape and yet well connected to the local infrastructure; on the other hand, they offer spacious living space and are usually less expensive than comparable properties with sea views.
A finca in Mallorca can be used as a main residence, but can also be used as a vacation home or rented out. Since the prices of Mallorcan real estate have been rising again for some time, fincas are also ideal yield properties.
Nevertheless, you should consider some things if you want to buy a finca in Mallorca. The real estate laws in Spain are very complex and differ in many parts strongly from the German laws. It is strongly recommended that you take an experienced real estate agent to assist you in the purchase, who can advise you competently on all matters. This way you avoid the risk of being surprised by hidden costs, bureaucratic hurdles and the like.
The sometimes very old Majorcan fincas have changed hands frequently over the years. Therefore, there may be any bureaucratic obligations that are not directly apparent. Under certain circumstances, these are not even found in the land register and so it may be, for example, that a well on the property is used by third parties or that paths lead through the property that are open to the public. This is where you need professional support. Often, poor or non-existent language skills can also be one's undoing.
It also happens that information in the documents of the real estate object is not correct or incorrect. Especially the property boundaries are often not clearly recognizable and so it can happen that in the worst case you can call less property actually your own than you thought. Furthermore, in some cases there are even no title deeds at all in rural areas. Such objects should be avoided in any case, because here unmanageable legal claims can arise. If the relevant documents are missing or only partially complete, it is important to refrain from buying the property.
Check building permits carefully!
With the purchase of a Finca should be examined further exactly whether a change or annex can be accomplished without problems. Even renovation or refurbishment work often requires official permission from the local authority. The bureaucratic effort is really not to be underestimated, and if you buy prematurely, you may be in for a nasty surprise if an extension you are planning later is not approved.
Better to rely on experienced support
To acquire a Finca on Mallorca is a complex process, especially for inexperienced people and people with only little knowledge of the Spanish language, which is difficult to accomplish without competent help from experienced real estate agents. A kind of rule of thumb says that you should contact real estate agents who know the mallorquin conditions and customs for at least 10 years. Of course, they had to be able to speak and write Spanish.