Prime Investment Plot in Sought-After El Molinar, Palma
€1,400,000€3,111/m²
Palma de Mallorca, Palma de Mallorca, Spain
4
bedrooms
2
bathrooms
450 m²
interior
336 m²
plot
Land
property type
2 weeks ago
listed
The Habio take
AI summaryDiscover an exceptional investment opportunity in El Molinar, Palma de Mallorca, with the potential to build multiple flats on this 336 m² plot. Just 200 metres from the coast and surrounded by amenities, this location is ideal for capitalising on the area's high demand.
- beach
- investment
- walkable
- city
Highlights
- 450 m² internal area available for development
- Prime location near the sea
- Potential for multiple flat combinations
- Close proximity to local amenities
- High demand area for investors
Worth knowing
- Development restrictions may apply
- Requires planning approval before construction
Good fit for: Suited for investors looking for strong rental potential in a prime location.
Lifestyle scores
- Beach
- 90
- Walkable
- 75
- Remote work
- 70
- Family
- 60
- Retirement
- 65
- Airport access
- 80
- Investment
- 85
- Luxury
- 60
- Value
- 50
About this place
Situated in one of the most sought after areas of Palma this plot allows the possibility to build several different combinations of flats. Less than 200m from the sea and close to all amenities this is a real opportunity for investors. Please do not hesitate to contact First Mallorca for more information.
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
