Duplex Apartment with Renovation Potential in El Molinar, Palma
€476,000€7,212/m²
Molinar & Portixol, Molinar & Portixol, Spain
2
bedrooms
1
bathroom
66 m²
interior
2 m²
plot
Apartment
property type
2 weeks ago
listed
The Habio take
AI summaryThis duplex apartment offers a prime investment opportunity in the desirable El Molinar district of Palma, just a minute's walk from the beach. With its potential for modernisation and proximity to bustling cafés, restaurants, and the city centre, this property is ideal for buyers seeking a personalised coastal home or a lucrative rental asset.
- beach
- investment
- renovation
- coastal
- city
Highlights
- Two bedrooms and one bathroom
- Approx. 60 m² internal area
- Located a minute from Portixol beach
- Proximity to restaurants and cafés
- Strong potential for rental income
- Excellent long-term value growth prospects
Worth knowing
- Property needs refurbishment
- Limited outdoor space (1.55 m² plot)
- May require investment beyond purchase price
Good fit for: Ideal for investors or buyers looking to create a customised coastal retreat.
Lifestyle scores
- Beach
- 90
- Walkable
- 75
- Remote work
- 70
- Family
- 50
- Retirement
- 60
- Airport access
- 80
- Investment
- 85
- Luxury
- 65
- Value
- 55
About this place
This duplex apartment with approx. 60 m² built area presents an excellent investment opportunity in one of the most sought-after areas of Palma. Located in the charming district of El Molinar - Portixol, just a one-minute walk from the beach of Portixol and the lively seafront promenade, the property offers great potential for this renovation project. The apartment is in need of a refurbishment, making it an ideal canvas for investors or private buyers looking to create a modern home tailored to their personal taste. With its privileged location close to the sea, trendy cafés, restaurants, and Palma city centre, this property promises both strong long-term value growth and excellent rental potential. A rare opportunity to secure a property in one of Palma’s most in-demand coastal neighbourhoods.
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
