Palma Bonanova, a privileged district of the capital of Mallorca, is famous for its rich history and its stronghold on the hills overlooking the sea. This enclave was in times past a refuge for European aristocracy and royalty, a legacy that remains alive in the manorial palaces and majestic villas that adorn its landscape. The geographical location of Bonanova offers a panoramic view of the city of Palma, the cathedral, and the bay, making it a coveted location on the island. Close to the town with easy access yet still secluded, Palma Bonanova offers a quiet life with the beauty of the Mediterranean at your fingertips.
Luxury Real Estate Market in Palma Bonanova
The current market for luxury properties in Palma Bonanova is strong and stable, thanks to its thriving community and evergreen charm. Demand for luxury homes and apartments often surpasses supply, as more and more people look to make this paradise their home.
Costs and Commissions When Buying a Property in Palma Bonanova
Buying a property in Palma Bonanova involves various additional costs to consider. On average, buyers and sellers of real estate grant around 5% in real estate commissions at the time of purchase. It is also necessary to allocate funds for the transfer tax, notary fees, and possible legal or construction inspection costs.
Taxes in Palma Bonanova
The transfer tax for private properties in Palma Bonanova revolves around 8-10%. Residents selling their main home may be exempt from capital gains taxes; however, those selling a second home or vacation home may be subject to these taxes. The income tax for residents registered in Palma Bonanova can reach up to 47.5%.
Mortgage Requirements in Palma Bonanova
Mortgage loans in Palma Bonanova are granted up to 70% of the purchase price for residents and up to 60% for non-residents. To be eligible for a mortgage, applicants must demonstrate job stability and relevant income.
Life and Accessibility in Palma Bonanova
Living in Bonanova is tranquil and luxurious. Surrounded by the sea and the greenness of nature, it is famous for its wonderful Mediterranean climate and the outdoor activities it offers. With regular public transport to the city of Palma and its proximity to the major airports, it is easily accessible by both road and rail.
Residents also have access to prestigious schools and universities, high-end sports centers, and luxury shops within the district. The rich gastronomy can be explored in high-quality restaurants and nights are vibrant thanks to its exclusive entertainment venues.
In summary, Palma Bonanova is a place where tranquility meets luxury, making it the perfect place for those seeking a lifestyle without compromises.
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