Magaluf, a popular tourist destination located on the Balearic island of Mallorca, is known for its vibrant nightlife and beautiful beaches. Its rich history dates back to Roman times and is home to historical sites, such as the Torre de Sa Porrassa, an ancient defensive structure that dates from the sixteenth century. Surrounded by the Mediterranean Sea, Magaluf offers a picturesque panorama with mountains in the background, making it a desirable place to live.
Exclusive Property Market in Magaluf
The current market of exclusive properties in Magaluf is stable and continually expanding. The demand for luxury homes and apartments is outpacing supply, attracting buyers from around the world. Despite global economic fluctuations, the political and economic situation in Magaluf remains firm.
Cost of Commissions and Additional Costs
When buying a home in Magaluf, a buyer pays an average real estate commission that oscillates around 5-10%. Sellers also pay similar commissions when selling their properties. In addition to real estate commissions, there are other additional costs to be kept in mind. These include the property transfer tax, notary fees and any possible building inspection and legal costs. The property transfer tax on private property in Magaluf is 8%, while the wealth tax on a house is 2.5%.
Tax Implications and Mortgage Requirements
Registered residents in Magaluf must pay an income tax that varies according to their income. Those who sell a privately owned house or apartment pay taxes on gains, regardless of whether the property is used as a primary residence or a second home. Companies registered in Magaluf are subject to a corporate tax of 25%. On the subject of mortgage requirements, the maximum amount of mortgage that can be obtained on the purchase price in Magaluf is 70%.
Luxury Residences and Accessibility of Magaluf
The most expensive and sought-after residential areas of Magaluf are those located near the coast and beaches, with a stunning sea view. Magaluf is easily accessible by road and rail, and is located some 26km from Palma de Mallorca, the nearest city. The closest national and international airports are Palma de Mallorca Airport and Menorca Airport.
Environment of Magaluf
Magaluf is located in the province of Balearic Islands and has a population of around 4000. The environment in and around Magaluf is stunning, with its pristine Mediterranean coastline, mountains and green nature. The weather in Magaluf is Mediterranean, with warm summers and mild winters. There is an abundance of outdoor activities, such as surfing, golf, and hiking, as well as luxury shopping, high-quality restaurants, and a lively nightlife. Annual events include the Magaluf Music Festival and the Magaluf Film Festival. Public infrastructure in Magaluf is robust, with nearby hospitals and clinics, and a wide range of services.
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