Spacious Four-Bedroom Apartment for Renovation in Palma's Old Town
€1,200,000€7,059/m²
Palma Old Town, Palma Old Town, Spain
4
bedrooms
3
bathrooms
170 m²
interior
Apartment
property type
2 weeks ago
listed
The Habio take
AI summaryThis generous 170 m² apartment features four bedrooms and three bathrooms, offering a fantastic renovation opportunity in the heart of Palma's Old Town. Enjoy the charm of one of the city's most beautiful streets, just moments away from vibrant lifestyle amenities.
- historic
- city
- investment
- renovation
Highlights
- Large 170 m² internal area
- Located in charming Old Town
- Four bedrooms and three bathrooms
- Renovation opportunity
- Close to local amenities
Worth knowing
- Requires renovation investment
- May have higher upkeep in an older building
Good fit for: Ideal for buyers looking to invest in a central location with renovation potential.
Lifestyle scores
- Beach
- 50
- Walkable
- 90
- Remote work
- 70
- Family
- 65
- Retirement
- 60
- Airport access
- 80
- Investment
- 75
- Luxury
- 70
- Value
- 65
About this place
Large flat to renovate, located in a particularly charming property on one of the most beautiful streets of Palma’s Old Town.
Buying property in Spain
Spain welcomes foreign buyers with no nationality restrictions. The buyer needs an NIE (Número de Identidad de Extranjero) before completion, and most buyers open a Spanish bank account to handle the deposit and ongoing charges. An independent lawyer (abogado) is strongly recommended — the notario only checks the deed, not the wider title.
- 1
Get an NIE
Apply for the foreign-resident tax number at a Spanish consulate, police station, or via a representative with power of attorney.
- 2
Open a Spanish bank account
Needed for the deposit, taxes, mortgage payments, and utilities.
- 3
Engage an independent lawyer
Lawyer runs title, debts, planning, and community-of-owners checks — the notario will not.
- 4
Reservation contract
Small deposit (€3,000–€10,000) takes the property off the market while due diligence runs.
- 5
Sign the contrato de arras
Private purchase contract with a 10% deposit. If the buyer pulls out they lose it; if the seller pulls out they pay double.
- 6
Sign the escritura pública
Final public deed signed before a notario; balance and taxes paid; keys handed over.
- 7
Register the property
Lawyer registers the deed at the Registro de la Propiedad and arranges utility and IBI transfers.
Spain ended its Golden Visa property route in April 2025. Non-resident mortgages are widely available, typically 60–70% LTV. Non-resident sellers face a 3% withholding from the sale price (retención), claimable against capital gains tax. Always check community-of-owners (comunidad) debts and outstanding IBI before completion — they transfer with the property.
General guidance only — confirm specifics with a qualified local lawyer or tax adviser. Reference
