Fornalutx is a picturesque town in the province of Balearic Islands in Spain, famous for its luxurious lifestyle and exquisite architecture. Perched on the slopes of the Sierra de Tramuntana, this village is known for its cobbled streets and stone houses with wooden beams, an emblematic feature of its Moorish heritage. The oldest buildings, such as the church of Sant Bartomeu and the Casa de la Vila, add a historical resonance to the rich cultural mosaic of Fornalutx. Its privileged location, surrounded by mountains and orange groves, not only offers spectacular views, but also places Fornalutx a short drive from the city of Palma and the international airport.
Real Estate Market in Fornalutx
The luxury real estate market in Fornalutx is stable, with a steady demand for high-end homes that matches the supply. The political and economic calmness of the area supports this steady pace in the real estate market.
Costs when Buying a Property in Fornalutx
In addition to the sale price of the property, buyers should consider several additional costs, including the real estate agent's commission, notary fees, the cost of a possible building inspection, and legal expenses. The average real estate commission for buyers and sellers in Fornalutx varies, but can be up to 5-10% of the sale price of the property.
The Real Estate Transfer Tax in Fornalutx, also known as ITP, is variable, but it is usually around 10%. On the other hand, the wealth tax in Fornalutx, which is applied on the value of a property, varies depending on the total amount of the owner's assets, but can range between 0.2% and 2.5%. In terms of capital gains obtained when selling a property, residents selling their main residence are tax-exempt, while second homes could be subject to a tax that varies depending on the length of ownership and the profits earned.
Financing and Loans in Fornalutx
Specific mortgage requirements can vary, depending on factors such as the buyer's nationality, their residency status, and their credit history. Generally, financial entities offer up to 80% of the purchase price for primary residences.
Lifestyle in Fornalutx
Fornalutx is renowned for its luxury lifestyle. The area hosts top-class restaurants and exclusive shops, while the outdoors offers options for hiking, cycling and watersports. Fornalutx is known for its Sóller Festival and its Quick Painting Contest, adding to the place's cultural appeal.
In terms of public services and infrastructure, Fornalutx has a modern public transport system and several health and education facilities nearby. The natural beauty of the place, combined with its warm climate, make this village a perfect place for a luxurious life.
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