Charming Newly Renovated Apartment in Palma de Mallorca
€695,000
Palma, Balearic Islands, Spain
Apartment
property type
3 weeks ago
listed
The Habio take
AI summaryThis charming, newly renovated apartment boasts a refined urban lifestyle in the historic heart of Palma de Mallorca. Located in a classic building from the 1900s, it places you just steps away from vibrant local hubs such as Sindicat and Mercat del Olivar.
- historic
- city
- walkable
Highlights
- Newly renovated
- Spacious corner apartment
- Located in historic building
- Close to Sindicat and Mercat del Olivar
- Elevator access
- Communal storage
Worth knowing
- Potential for noise from the vibrant surrounding area
Good fit for: Ideal for those seeking a stylish city living experience in Palma.
Lifestyle scores
- Beach
- 70
- Walkable
- 85
- Remote work
- 80
- Family
- 60
- Retirement
- 70
- Airport access
- 80
- Investment
- 75
- Luxury
- 70
- Value
- 65
About this place
This spacious corner apartment features approximately 90m² of living space, seamlessly combining modern comforts with historic character. Nestled within a six-storey building dating back to the early 1900s, the property benefits from an elevator and communal storage, enhancing its appeal for urban living. With its prime location, the home offers easy access to Palma's lively streets, dining spots, and cultural attractions, making it a perfect city retreat.
What this place offers
- elevator
- communal storage
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
