< Previous8 | VON POLL IMMOBILIEN Majorca is the biggest and most popular island in the Balearics. Countless visitors spend their holidays there between miles of sandy beaches, impressive mountain panoramas, charming villages, lively towns, glamorous marinas and unspoilt nature. And increasing numbers of them are staying – at least temporarily. We shed light on why Mallorca is more sought- after than ever internationally and what you need to consider when buying a property. AT HOME ON MAJORCA LIVING WITH ISLAND FLAIR Majorca offers lots of sunny weather all year round; even in the winter there is a largely mild climate.VON POLL REAL ESTATE | 9 Buying property on Majorca ibility to decide for themselves which season suits their personal preferences. A (second) residence on Majorca is espe- cially popular for escaping the bleakest time of the year at home – because even from November to March temperatures on the island are usually mild. Excellent connections A further benefit is the quick and easy accessibility: numerous direct flights depart daily from the major airports throughout Europe to Mallorca. The flight time from Frankfurt am Main, for example, is just two and a half hours. The connections and infrastructure on Mallorca itself also leave nothing to be desired: future residents will find a well-developed road network here, an excellently organised bus system, a highly effective telecommunications infrastructure with a high-speed broad- band network for fast internet/wi-fi connections and a reliable electricity grid. Besides a wide range of shopping and leisure opportunities, there is also excellent medical provision of a high he Balearic island has enjoyed enduring popu- larity as a holiday destination – no wonder with around 300 days of sunshine per year and aver- age sea temperature of around 25 °C in summer. In ad- dition to the climatic conditions and the many beau- tiful sandy beaches that stretch along an impressive coastline of more than 500 km, Majorca also has lots to offer in terms of scenery, culture and food. In the interior, the untouched natural landscape is an invita- tion to hike and relax and gives an insight into the true Majorcan way of life. Arrive and relax But what actually characterises the Majorcan way of life? Anyone coming to Majorca from Germany, for example, will soon notice that life is lived at a differ- ent pace here. The punctuality so typical of Germans is replaced by the casual �mañana” here. This doesn't just mean �tomorrow”, but also �calmly” or �no hur- ry”. And, what's more, the Majorcans are considered to be very cheerful, hospitable and open – even to people who don't speak any Spanish (yet). So it's hardly surprising that the �Pearl of the Medi- terranean”, as Majorca is often called, has in recent years become an increasingly popular destination for people looking for a house or flat in another Europe- an country. Some want to use the property exclusively for themselves, others focus on renting out the holiday home and the income this generates. And many people interested in buying decide to rent out their property at some times and live in it themselves at others. Majorca is always in season It's a matter of opinion which season is most suitable for the latter – because Majorca is a wonderful place to live all year round. Autumn on the island is similar to a northern European summer with temperatures that rarely start to fall before November, whereas the first almond blossom marks the start of the spring between late January and early February. Summer on Majorca is extremely long and runs from May to September, with high-summer temperatures of over 35 °C in July and August in particular. This is the best time to relax on the coast, where a light breeze or a dip in the sea is usu- ally enough to cool you down. Owners of a holiday home for private use have the flex- Majorca's beaches (more than 200 in total) are among the most beau- tiful in Europe. Many have been awarded the Blue Flag, which indicates a very high standard with respect to the cleanliness of the water and the surrounding natural environ- ment. T10 | VON POLL IMMOBILIEN Buying Property on Majorca standard. Thanks to first-class interna- tional schools and kindergartens, espe- cially around the capital Palma, nothing stands in the way of a family move with children. Cultural variety For many people, cultural and social factors also play an important role in their decision to choose Majorca for their (second) home. The multifacet- ed nature of the island is shaped by the traditional culture and the presence of many international inhabitants and hol- iday-makers. In addition, there is not only a plethora of art galleries, muse- ums and theatres across the island, but also numerous festivals, concerts, local festivals and other events that take place throughout the year and attract locals and new residents alike. Choosing a property Whether it's to be a prestigious villa with a sea view in Port d�Andratx or Bendi- nat, a modern town house in Santanyí, a charming finca with pool in Alaró or a small holiday apartment near or in the centre of Palma: with its large se- lection of real estate, Majorca has the right home for every requirement and in almost every location. A detailed on- site viewing is essential here – ideally to- gether with a local real estate agent who Magnificent: the Cathedral of St Mary is the symbol of the capital city of Palma and known as “La Seu”. These typical Majorcan buildings with their rustic Mediterranean flair are mainly found in the villages in the interior of the island.Buying Property on Majorca is familiar with the local market conditions as well as the legal regulations and can advise in the course of the purchase decision. Worthwhile investment In view of the continually rising property prices on Majorca, buying a house or apartment is a promising investment. It is best to be advised by a locally-based estate agent in advance with respect to the location, type and amenities of the property; he or she can in- form you in which area you will find the right property (including from a financial point of view) and where prices are rising quickly. Lots of quiet and maximum privacy can be enjoyed in the heart of the island, surrounded by unspoilt nature. i Nothing is possible without NIE If you want to buy a property in Mallorca, you need a Spanish tax number, the so-called NIE (abbreviation for “número de identidad de extranjero”), by the time you sign the purchase contract at the latest. This is required as identification for foreigners when conducting almost all transactions on Majorca – for property purchases, rental contracts, car purchases or concluding contracts with banks and insurance companies. The NIE can applied for at at the police headquarters or the immigration authorities in the capital Palma after making an appointment online. If you are not on the island when you make your application, you can apply via a consulate outside Spain. In any case, you should do this well in advance, as there are often no free appointments available immediately; moreover, it can take around 14 days to receive the NIE from the time of application.12 | VON POLL IMMOBILIEN Buying Property on Majorca planning is definitely recommended and advice by an expert to avoid unforeseen expenditure will allow you to budget realistically for a property purchase on Major- ca and find the right financing strategy. Consider tax issues Furthermore, the future tax liabilities arising from owning a property on Majorca should not be ignored. In order to prevent your second home on Majorca sud- denly being deemed your main residence under tax law, you should not spend more than 183 days per year on the island. In the worst case, you have to prove that your second home is not your primary one. However, if you want to move your residence to Majorca complete- ly, this would lead to far-reaching implications, not just in terms of taxes. It's best to get information on the ap- plicable regulations and potential tax implications at an early stage and consult a local tax advisor or expert on property taxes. Pay attention to additional purchase costs Even though investment in a holiday property or a (second) home on Majorca can bring tax advantages and is suitable as an attractive pension in most cases, there are various aspects to be consid- ered – such as, for example, additional purchase costs incurred when buying the property. In addition to the purchase price of the property, land transfer tax of approx. 8–13 %* has to be paid; around 1 %* of the purchase price is due for the entry in the Spanish land register and the notary fees; there are also legal fees of around 1 %* of the purchase price. Not to be underestimated are the ongoing costs after the purchase, e.g. for maintenance, insurance and community fees. Forward The local prop- erty market is extremely diverse and ranges from small holiday flats and traditional fincas to opulent estates with a pool and premium fixtures and fittings.Comment Daniel Ritter, CEO of von Poll Immobilien GmbH Daniel Ritter A well thought-out investment pays off. Buying Property on Majorca In addition to the many advantages of the island itself, buying a property on Majorca is a worthwhile investment due to the stable property market and the constantly high demand. However, it is important to thoroughly analyse your personal motivations for the purchase and your own financial scope. In any case, it is advisable to get experts on board from the outset who are familiar with the local conditions. VON POLL IMMOBILIEN is represented at several locations on Majorca and will be happy to assist you with its many years of expertise. More information at www.von-poll.com To summarise, the decision to buy a property in Ma- jorca is often a substantial but worthwhile investment that should always be well considered and carefully planned. In addition to the advantages already men- tioned, such as the pleasant climate and high quality of life, the long-term perspective should also be taken into account – not to mention the individual value add- ed of a life under the Majorcan sun. * Information supplied without liability. Please find out the current valid local regulations. 6 REASONS TO BUY A PROPERTY ON MAJORCA 4 • Mediterranean attitude to life (health, sport, food) • Lifestyle 5 Optimum conditions for families and remote working 6 Continuous property price increases thanks to constantly growing demand 1 Very good accessibility/ connections from all European airports and within the island 2 • Average 300 days of sunshine per year • Pleasantly mild temperatures, even in winter 3 • 550 km of coastline • Around 200 beaches (playas) and coves (calas)14 | VON POLL IMMOBILIEN © Photo by Denys Striyeshyn on Unsplash HOME OFFICE PRODUCTIVE WORKING MADE EASY More style in your working life, more pleasure at your desk: elegant and practical accessories in orange, silver and black make your home office into a productive place of well-being.VON POLL REAL ESTATE | 15 Home ideas “Almelo” armchair by jotex.de, approx. €489 Sideboard in orange by USM Haller, approx. €2,872 Container on wheels in orange by USM Haller, approx. €1,632 Large metal sculpture by H&M, approx. €49.99 “Club” glass desk from westwing.de, approx. €689 Method Fountain Pen – stainless by Andhand from pressloft, approx. €151 “Nessino” desk lamp by Artemide from westwing.de, approx. €169 “Kartell” waste bin from cairo.de, approx. €56 “Loop” stool with magazine holder by Umbra from westwing.de, approx. €297 Office chair by Fritz Hansen, approx. €649EXECUTIVE FEMALE LEADERS Der B|P Executive Female Leaders Club ist ein exklusives Managerinnen-Netzwerk, das weibliche Top-Talente ins Zentrum stellt - exzellente weibliche Führungspersönlichkeiten aus Start-Ups, KMUs und Konzernen. Unser ausgeprägtes Kontaktnetzwerk und unsere vielfältige Branchenexpertise ermöglichen uns, maßgeschneiderte Lösungen für jede Situation anzubieten – auch rund um das Thema Female Leadership. #EVERYCAREERHASASTORY BludauPartners Executive Consultants GmbH • Voltastr. 31 • 60486 Frankfurt am Main • +49 69 3487390-0 • mail@bludaupartners.com • www.bludaupartners.com SHAPING THE FUTURE. ONE FEMALE LEADER AT A TIME. 16 | VON POLL IMMOBILIEN Home accessories 1 “All Round Mini” table lamp by Victor Foxtrot, approx. €750 • 2 Sideboard by Finnish Design Shop, approx. €2,369 • 3 “Zaida” vase by westwing.de, approx. €23 • 4 Mirror by Bode Living from pressloft, approx. €110 • 5 “Bahia” lounge chair by westwing.de, approx. €99 • 6 “Merle” velvet stool by westwing.de, approx. €159 • 7 “Marshmallow” side table by &k amsterdam from westwing.de, approx. €139 • 8 “Water Lily” sofa by Kare, approx. €789 Bright ambience: blue, purple and yellow combine to create an exciting colour-blocking effect and bring a summery flair to your home. SHOW YOUR COLOURS! COLOUR BLOCKING SUMMER 5 2 3 1 4 6 7 8EXECUTIVE FEMALE LEADERS Der B|P Executive Female Leaders Club ist ein exklusives Managerinnen-Netzwerk, das weibliche Top-Talente ins Zentrum stellt - exzellente weibliche Führungspersönlichkeiten aus Start-Ups, KMUs und Konzernen. Unser ausgeprägtes Kontaktnetzwerk und unsere vielfältige Branchenexpertise ermöglichen uns, maßgeschneiderte Lösungen für jede Situation anzubieten – auch rund um das Thema Female Leadership. #EVERYCAREERHASASTORY BludauPartners Executive Consultants GmbH • Voltastr. 31 • 60486 Frankfurt am Main • +49 69 3487390-0 • mail@bludaupartners.com • www.bludaupartners.com SHAPING THE FUTURE. ONE FEMALE LEADER AT A TIME.Next >