Located on the sunny island of Mallorca, Sol de Mallorca is a small but vibrant enclave of luxury. With a rich historical heritage, this place holds secrets of the ancient Roman civilization and carries the legacy of having been a flourishing commercial port in medieval times. Distinguished by its dramatic cliffs and rocky beaches, Sol de Mallorca is located in the southwest of the island, a short drive from the capital, Palma.
Sol de Mallorca Real Estate Market
The luxury real estate market in Sol de Mallorca is lavishly strong and stable, undoubtedly a legacy of the robust local economy and political stability. Despite the high demand, the supply of luxury houses and apartments in Sol de Mallorca remains balanced, maintaining a healthy growth rate for property prices.
Additional Costs When Buying A Property in Sol de Mallorca
When buying a luxury home in Sol de Mallorca, there are additional costs to be considered, such as the transfer tax, real estate agent commissions, and notary fees. The average real estate commission paid by a buyer in Sol de Mallorca can vary between 1.5% and 2%, and the seller usually pays between 5% and 6%. The private property transfer tax is 8%, and the wealth tax on private property can range between 2.5% and 3.5%.
Mortgage Requirements and Tax Rates in Sol de Mallorca
Typically, financial institutions provide up to 80% of the property value as a mortgage in Sol de Mallorca. Furthermore, in terms of taxes, registered residents of Sol de Mallorca have an income tax rate that varies from 19% to 47% depending on their income.
Location and Accessibility of Sol de Mallorca
The most sought-after areas for buying luxury properties include residential zones around the magical beaches of Portals Vells and Cala Falco. Sol de Mallorca is a short drive from Palma, the island's capital and nearest city. It also has easy access to both national and international airports.
Attractions of Sol de Mallorca
Sol de Mallorca offers a range of outdoor activities, including water sports, golf, tennis, hiking, and cycling. Luxury shopping is plentiful with international designer brands. High-quality restaurants, elegant nightlife, and a range of cultural and sporting events are other attractions that make Sol de Mallorca a preferred choice for buying a home.
Services and Amenities in Sol de Mallorca
Sol de Mallorca has excellent public infrastructure and a wide range of services available. Among the nearest institutions are several prestigious schools and universities. As for art and culture, the Mallorca Contemporary Art Gallery and the Mallorca Museum are some of the highlighted spaces nearby.
In conclusion, purchasing a luxury home in Sol de Mallorca is an irresistible acquisition for those wishing to enjoy life in a luxurious and tranquil setting, without sacrificing the conveniences and advantages of modern living.
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