Three-Bedroom Apartment with Rental Income in Palma Old Town
€2,120,000€9,550/m²
Palma Old Town, Palma Old Town, Spain
3
bedrooms
2
bathrooms
222 m²
interior
136 m²
plot
Apartment
property type
2 weeks ago
listed
The Habio take
AI summaryThis spacious three-bedroom apartment in Palma Old Town offers a strong investment opportunity with an ongoing rental contract. Known for its vibrant culture and historic charm, this location is ideal for both residents and tourists alike.
- investment
- historic
- city
Highlights
- 222 m² internal area
- Ongoing rental contract
- Located in Palma Old Town
- Two modern bathrooms
- Close to local amenities
Worth knowing
- Investment property, may not suit owner-occupiers
Good fit for: Ideal for investors looking for rental income in a prime location.
Lifestyle scores
- Beach
- 75
- Walkable
- 90
- Remote work
- 70
- Family
- 60
- Retirement
- 55
- Airport access
- 80
- Investment
- 85
- Luxury
- 65
- Value
- 75
About this place
Investment Opportunity – Apartment with Ongoing Rental Contract
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
