Sell a property in Mallorca – here’s how!
Get a comprehensive overview of the home selling process in Mallorca. Read living in Mallorca – if you want to sell a property in Mallorca, we connect you with skilled and reliable estate agents, along with all necessary resources, including a lawyer dedicated to protecting your interests during the sale.
Also, check out our guide to everything about property trading in Mallorca and read more about the best insurance options in Mallorca.
Please take a moment to watch the brief presentation in the video below:
Property Sale in Mallorca
Set your selling price realistically. It’s beneficial to get appraisals from different real estate agents. The market in Mallorca is competitive, with many properties for sale. The ideal scenario is to attract multiple buyers who bid against each other. Remember, in Mallorca (and Spain), you can list your property with multiple brokers simultaneously.
Often, sellers include white goods and furniture in the sale, making the property more appealing to buyers and saving you the hassle of moving or storing large items.
Sell a property in Mallorca – Real Estate Agent’s Fee
Typically, the agent’s fee ranges between 3-5% of the sale price plus IVA (Spanish VAT) of 21%. Ensure this fee is included in the sale price to avoid complications.
Sell a Property in Mallorca – Home Energy Certificate
Since 2003, it is mandatory by law to have an energy certificate when selling homes in Mallorca/Spain. A specialist must prepare this certificate, costing around 100-200 euros, depending on the home’s size. A professional must then register it with the authorities.
More about Sell a property in Mallorca after the video section
Video (will be updated)
Sell a property in Mallorca – registering new home facilities
Any changes to the home’s facilities during your ownership must be updated before the sale. This includes new electrical installations, tourist licenses for rental, or extensions like pools or sheds. Compliance checks ensure all facilities are correctly registered.
Tax on Profits
Foreigners registered as “non-residents” in Spain must pay capital gains tax on the profit from the sale. It is advisable to seek help from an advisor to calculate this amount, as it includes original purchase costs, new facilities costs, and sales costs. The current tax rate on profit is 19%.
As a non-resident, the notary must withhold 3% of the sale price for this tax, which is an advance payment to the Spanish tax authorities. This withheld amount needs to be accounted for, especially if you plan to use the sale proceeds to purchase a new home. After meeting with the notary, you must submit a tax form documenting the gain or loss from the sale. If the gain was minimal or nonexistent, you must apply for a refund of the withheld amount, which is not automatic and requires legal assistance.
If you plan to buy a new home, read about Mallorca’s cities and areas here at Palmallorca.com
Quick guide to selling a property in Mallorca: 5 important steps
1. Set a Realistic Price: Obtain appraisals from several real estate agents to determine a competitive and realistic selling price. The market in Mallorca is competitive, so pricing your property correctly is crucial.
2. Choose the Right Agent: Work with experienced and reputable real estate agents who understand the Mallorca market. Their expertise can help you navigate the selling process smoothly and attract potential buyers.
3. Prepare Necessary Documents: Ensure you have all required documents, including the energy certificate (mandatory since 2003) and any updates on new facilities like electrical installations or extensions.
4. Understand Tax Implications: Be aware of the capital gains tax if you are a non-resident. Consult with a tax advisor to calculate the tax based on your profit, including original purchase costs and sales expenses.
5. Market Your Property Effectively: Utilize various marketing channels to reach potential buyers. Professional photos, detailed descriptions, and listing with multiple brokers can enhance your property’s visibility and appeal.
Join our social media community
Explore the vibrant world of real estate in Mallorca. Whether you’re looking to buy, rent, or invest in houses and apartments, our community offers invaluable insights and tips. Connect with like-minded individuals, discover the best properties, and stay updated with the latest market trends. Join us at Mallorca Visuals and turn your property dreams into reality!
Also remember to explore our travel guides to Mallorca’s captivating destinations, from the vibrant city life in stunning Palma to the sun-soaked shores of Alcudia and Puerto de Pollença. Don’t miss the charming mountain villages of Sóller and Deià , where nature and tradition blend harmoniously.
Also take a look at the hot spot for wine lovers – Binissalem.
Top image for Sell a Property in Mallorca: Photo © Pichsakul Promrungsee | Dreamstime.com
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