Luxury Villa Conversion in Palma's Historic Old Town

€3,850,000

ES

  • villa

The Habio take

AI summary

This spectacular villa in the heart of Palma de Mallorca's old town is set for a high-quality rebuild and completion in 2024. It harmoniously blends modern luxury with the charm of its historic surroundings, perfect for enjoying the Mediterranean lifestyle.

  • luxury
  • historic
  • city
  • beach

Highlights

  • 383 m² living space over four floors
  • Heated pool, fitness room, sauna, and steam bath
  • Open kitchen with high-end Gaggenau/Miele appliances
  • Stunning roof terrace with pool and sun terrace
  • Garage with parking for two cars and a motorbike
  • Smart home features and underfloor heating

Worth knowing

  • Property under renovation until 2024
  • Limited outdoor space due to urban setting
  • Potential noise from the vibrant old town

Good fit for: Ideal for those seeking a luxurious, modern home in a historic city setting.

Lifestyle scores

Beach
70
Walkable
85
Remote work
70
Family
60
Retirement
75
Airport access
80
Investment
80
Luxury
90
Value
50

About this place

Majorca Real Estate: The city villa is located in the middle of the beautiful old town of Palma de Mallorca and will be completely rebuilt with high quality materials. The completion is planned for 2024.The property has a living space of approx. 383 m2 plus a roof terrace of approx. 16 m2 and is spread over four floors. The basement will offer the following: A heatable pool, a fitness room, a sauna, a steam bath, as well as a bathroom with shower and a technical room. On the ground floor there will be a garage with two parking spaces for cars and one space for motorbikes.The first living level will be equipped with an open fitted kitchen with cooking island and Gaggenau or Miele electrical appliances, a bright dining room, a comfortable living room, a guest toilet and a utility room.On the second living level there will be a spacious living room, a storage room, a bathroom and a bright bedroom.Finally, the third living level is reached. Here two large master bedrooms with top modern bathrooms en suite are planned. As a highlight there is also a fantastic roof terrace with pool and sun terrace. Further features of this property are: Underfloor heating with cooling, air conditioning hot/cold, osmosis system, double glazed wooden windows, BUS system (computer controlled building services) and LED lighting. The property will have a noble elevator and stairs, which will unite the four floors.The old town of Palma de Mallorca with its charming alleys, offers numerous shopping opportunities, as well as small cafes, where you can enjoy the Mediterranean flair of the dream island. In a few minutes by car you can reach the great harbour of the island capital, as well as exclusive restaurants and the beautiful sandy beach of Palma. The international airport can be reached in about 20 minutes by car.This property is presented to you by your competent real estate agent Mallorca, Casa Nova Properties. There is no brokerage fee for the buyer.

Buying property in Spain

Full guide →

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.

The buying process

  1. 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. 2

    Open a Spanish bank account

    Needed for the deposit, taxes, mortgage payments, and utilities.

  3. 3

    Engage an independent lawyer

    Lawyer runs title, debts, planning, and community-of-owners checks — the notario will not.

  4. 4

    Reservation contract

    Small deposit (€3,000–€10,000) takes the property off the market while due diligence runs.

  5. 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. 6

    Sign the escritura pública

    Final public deed signed before a notario; balance and taxes paid; keys handed over.

  7. 7

    Register the property

    Lawyer registers the deed at the Registro de la Propiedad and arranges utility and IBI transfers.

  • NIE (foreign tax number)
  • Spanish bank account(optional)

    Not legally required but standard practice

  • Passport / ID
  • Proof of funds / mortgage offer

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

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€3,850,000