Palma de Mallorca, a gem in the heart of the Mediterranean, is known for its rich history, impressive architecture, and privileged geographical location. This ancient city was founded by the Romans in 123 BC and since then it has had a fruitful historical journey, with its magnificent Palma Cathedral and the Royal Carthusian Monastery of Valldemossa as testimonies of its historical past. Its deep roots and rich traditions coexist with a modern and luxurious lifestyle. Located on the island of Mallorca, it is part of the Balearic Islands archipelago, situated in the Mediterranean Sea.
The current market for exclusive properties in Palma de Mallorca is strong and stable. The demand for luxury homes and apartments continues to grow as more people discover the pleasures of residing in this Mediterranean paradise. Buyers can expect to pay an average real estate commission of around 5%, while sellers typically incur a similar commission. It's important to factor in other costs when purchasing a luxury property here, such as transfer tax, notary fees, and possible building inspection or legal costs. The transfer tax is around 8%, while the wealth tax and income tax vary depending on individual factors.
The most coveted and exclusive areas for luxury residences in Palma de Mallorca include the old town, Son Vida, and Portixol, all known for their stunning views, incredible properties and proximity to city amenities. Accessibility is never an issue, with a well-maintained road network and efficient public transport infrastructure. Palma de Mallorca is also well connected by air, with Palma de Mallorca International Airport just a short drive away.
There are a multitude of prestigious educational institutions in and around Palma de Mallorca, such as the University of the Balearic Islands and several highly-rated international schools. Culture enthusiasts will enjoy the diverse museums, galleries, and theaters, and the city is filled with luxury shops and refined restaurants. Sports enthusiasts can enjoy golf, sailing, and hiking, while nature lovers will adore the beautiful scenery, including the magnificent bays and the Tramuntana mountains.
Palma de Mallorca is known for its excellent infrastructure and services, including a wide range of healthcare services such as Son Espases Hospital and Juaneda Clinic. This thriving city of approximately 400,000 inhabitants offers its residents a life of convenience and luxury, with an enviable climate, an active cultural and sports scene, and annual events that attract visitors from all over the world, such as the Copa del Rey Regatta.
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