Mercadal, located in the heart of Menorca, is a historic gem that captures the rich heritage of the island. With its dazzling white limestone architecture, its cobbled streets, and its famous church of Sant Martí, Mercadal enchants all its visitors. Located in the province of Balearic Islands, the city is known for its important role in the history of Menorca and its enviable geographical location, right at the center of the island.
The Real Estate Market in Mercadal
The market for exclusive properties in Mercadal is currently strong and stable. Demand exceeds supply in certain categories of luxury houses and apartments, reflecting the growing economic trend in the area.
As for additional costs, when buying a luxury home in Mercadal, a buyer should consider the average real estate commission of 5%, other costs such as notary fees, and possible building inspection or legal costs. The transfer tax on private property in Mercadal is 10%.
Taxes and Additional Costs
The transfer tax on private property in Mercadal is 10% and the wealth tax on private property of a house in Mercadal is 2.5% for non-residents. Mercadal residents do not have to pay taxes on gains obtained when selling a privately owned house or apartment that is used as a main residence. On the other hand, a 19% tax must be paid on gains obtained when selling a privately owned house that is used as a second home/vacation home.
Mortgage and Investments
In Mercadal, you can get a mortgage of up to 80% of the purchase price. The general mortgage requirements for buying a house in Mercadal consider a balanced relationship between own and foreign capital and income requirements.
Luxury Residential Areas and Accessibility
The north of Mercadal, especially the Fornells area, is where the most expensive and sought-after luxury homes are located. Mercadal is easily accessible by well-maintained roads and does not have railway access. The nearest city is Maó, located 23 km away. The Menorca International Airport in Maó is 25 km away.
Life in Mercadal
Mercadal offers a mix of natural beauty, cultural attractions, and leisure activities. Being surrounded by beautiful parks and having proximity to the sea, allows for outdoor activities such as hiking, cycling, and water sports. In addition, it offers a wide range in terms of luxury shopping.
The nightlife and entertainment in Mercadal is elegant and exclusive, with the Casino Sant Climent being one of the highlights. The city is famous for its annual horse festival and Mercadet de Nit, a night market where local artists showcase their art and crafts.
In addition, it has a variety of respected educational institutions, as well as modern hospitals and clinics nearby. Its public infrastructure is solid and services are widely available.
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