Palmanova and Magaluf, located on the picturesque island of Mallorca, are coveted destinations known for their rich history, cultural heritage, and magnificent views of the Mediterranean Sea. These cities, with remnants still visible of Roman and Arab domination, are located on the western side of the island, close to the exciting capital, Palma de Mallorca. Surrounded by crystal clear waters and white sandy beaches, they have become the perfect place for the luxury lifestyle of the most demanding.
Real Estate Market in Palmanova and Magaluf
The luxury property market in Palmanova and Magaluf is strong and stable, due to the constant interest both nationally and internationally. There is a high demand for luxury homes and apartments, balanced with a wide range of high-end properties. The political and economic situation of these cities is remarkably stable, contributing to the attractiveness and security of investing in properties here.
Fees and Additional Costs
Real estate agency fees usually vary between 3% and 6% of the sale price, which both the buyer and seller should bear in mind. In addition, around 10% should be added for transfer tax, notary expenses, and potential inspection costs. It's important to remember that the transfer tax varies depending on the property and the value of the asset.
Taxes and Mortgages
Taxes concerning private property and wealth depend on the value of the property, and should be considered by potential buyers. In terms of mortgages, usually, a buyer can obtain up to 60% of the purchase price of the property.
Location and Accessibility
The most popular areas for luxury properties in Palmanova and Magaluf are the areas close to the beach, with properties offering stunning sea views and easy access to city amenities. Palmanova and Magaluf are well connected by road and have easy access to Palma de Mallorca, the nearest large city. They are also located just 30 minutes away from Palma de Mallorca International Airport.
Local Services and Lifestyle
Palmanova and Magaluf offer a wide variety of first-class educational facilities, luxury shops, gourmet restaurants, exclusive entertainment venues, and sophisticated nightclubs and casinos. They are also famous for their annual cultural and sports events, such as the Mallorca Live music festival and the Ironman Mallorca. For art lovers, they offer a rich selection of museums, galleries, and theaters.
Quality of Life in Palmanova and Magaluf
With a diverse population and an incredibly beautiful environment, Palmanova and Magaluf provide a unique combination of relaxed and luxurious lifestyle. The climate is pleasant throughout the year, allowing a wide range of outdoor activities, from water sports to hiking in the nearby mountains. With a magnificent infrastructure and high-quality public services, it's not surprising that these cities are a coveted destination for luxury properties.
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