Nature in Mallorca Spain
4 June 2007For nature lovers, Mallorca is the place for you. Explore Serra de Tramuntana Mallorca’s highest mountain range is a sight reserved for those who want to be captivated by this beautiful mountain range. The island of Mallorca has numerous caves and several show caves. Some of Mallorca real estate’s hidden treasures are hundreds of years old and have underground lakes, huge stalagmites, and stalactites, and vast cavernous spaces. A beautiful cave that does not get over crowded is Cuevas de Artá. With its 22 meter high Stalagmite, large halls and list of famous celebrities who have visited it’s really a sight to behold! Concerts are even held in these great halls because of the sensuous sound that can be heard here.
Beaches in Mallorca Spain
4 June 2007Mallorca properties has a lot of great beaches to brag about. There are many beach resorts perfect for families that offer spectacular views of the ocean. This is a perfect place to sea oceanic wildlife, and professional scuba instructors for those who are diving for the first time. Our coves are just the thing for couples who want a private romantic getaway where they can watch the sunrise or sunset. The beach at Alcudia is one of the longest on the island. The beach is just over three kilometers long. On its shores you will find all the major water sports such as Dinghy-Yacht sailing, water skiing, jet skiing and “parasailing”. All along the beach you will find plenty of shops, bars and restaurants to suit all your tastes. Come to this beautiful island now and take in the experience of a lifetime with our one of a kind beaches and beautiful sand.
Mallorca Entertainment
4 June 2007In Mallorca there are always things to do. Vast open spaces will delight the eyes and senses. See nature the way it was intended to be viewed. In Mallorca one can enjoy nature and wildlife, find thrills, go to beaches and water parks, get a taste of new culture, experience history though museums and historical places, or go out for a night of dancing. One of the main attractions in real estate Mallorca has is its incredible beaches. The island of Mallorca has plenty of wonderful beaches and beach resorts that offer a lot of other amenities so you get the best stay here possible. Marineland’s Bottlenose Dolphin exhibition shows are world famous. During a show, dolphins will surf, pull a boat with children and more. All while boasting largest collection of sharks in all of the Beaches. Truly an unforgettable experience for visitors
Fine Dining in Mallorca Spain
4 June 2007Get tastes of Spainish dining with every meal! Mallorca’s cuisine will delight your palate and excite your taste buds! Delicacies include a wide variety of exotic foods from Spanish, Portuguese, Moorish, Jewish and Catalan influences. Typical Mallorcan dishes include seafood, pork, rabbit, Mahón cheese and fresh fruit and vegetables. Mallorca has the freshest fruit, vegetables and seafood for your meal. You’ll love the Vegetable Samosa. Delicately spiced minced lamb filled in crispy covering. And the Chicken Chaat is spiced baked shredded chicken breast mixed with finely chopped fresh lettuce, cucumber, onions, tomatoes with light spices and herbs.
Museums of Mallorca
4 June 2007Mallorca real estate Mallorca, offers a wide array of museums with marvelous collections of fascinating artworks and artifacts. One of the top museums and art galleries in Mallorca is “Museu de Mallorca†(Mallorca Museum). Mallorca also has International museums that coordinate with local ones to hold exhibits on island, where beautiful works of art from around the world can be seen by all. This museum shows pieces of Spanish contemporary art Situated inside an impressive Renaissance building that holds works by the great Pablo Picasso.
Brief History of Mallorca Spain
4 June 2007To help you get a better understanding of Mallorca here is little history lesson. Mallorca is a place full of technology, culture and traditions from all of the people that first settled here including explorers from Central Asia, Rome, and the Byzantine Empire. Mallorca’s rich culture gets its influence from each and every one of these past civilizations. A place so filled with history it would take a lifetime to tell its entire story. Enjoy a taste of all of these exciting cultures when you invest with Mallorca real estate!
Insurance and Taxation issues in buying real estates
26 April 2007Insurances
Fire insurance is compulsory by law when taking out a mortgage. Comprehensive household insurance is available to protect your home and contents. Life insurance can be taken out to guarantee payment of the loan in the case of death.
The cost of property - trends
Official figures for the Costa del Sol state that property prices will increase this year by 12-15%. It is claimed that an average new property with two bedrooms in a block now costs 241,000 euros (around 2,000 euros per square metre). An average villa costs 388,100 euros. On the Costa del Sol there are around 20,000 homes for sale, 40% of which is in the Marbella area. 75% of home buyers on the Costa del Sol are foreign. The increase in prices is leading to an increase in the number of smaller, cheaper municipalities springing up, away from the coast.
Tax advantages for property owners
If you spend more than six months a year in Spain, you are obliged by law to apply for a residents permit.* This law is currently being abolished.
There are however, several tax advantages for residents of Spain that do not apply to non-residents.
Inputted income tax is an annual tax on an imaginary income resulting by virtue of ownership of a property and is charged as 0.5% of the catastral value. If you are a resident you will not be charged this on your principal home.
Wealth tax is a tax on all assets in Spain and is charged at 0.2% of the catastral value of any house owned. For residents the first 108,000€ is exempt and for a joint ownership this would apply to each partner. These two taxes are paid annually as long as you own the property. Non-residents do not receive any relief so therefore have to pay 0.7% of the catastral value every year.
When you come to sell the Mallorca property, capital gains tax will be charged on any profit you have made. This is 35% for non-residents but only 20% for residents. A further concession for residents is that if you are over the age of 65 and have lived in your property for at least three years, you are totally exempt from capital gains tax. Finally, if you are 60 years of age or more and have lived in your property for at least three years, you can bequeath your property to your spouse or children and avoid paying inheritance tax on 95% of the valuation. The inheritor must also be a resident of Spain and agree not to sell the property for at least ten years.
Legal Matters - Purchasing Real Estate In Spain
26 April 2007Legal Matters- Mallorca Properties
Most properties in Spain are in fact NOT registered. Most of the re-sale properties are sold by Spanish ….still…. since they earned about 100€ a year from selling fruit and veg they would certainly not pay 300€ to pay for their property to be registered. The only way someone may find out if how many square meters is legally theirs to sell is by investigating at the Catastral Department and Town Hall. If they have ever declared that there is a property at all. A great deal of families have never informed the Town Hall that a senior family member has deceased and therefore many sales take months to proceed to completion. There are many families with complicated backgrounds, most children believe they actually own what is and sometimes what once was their parents, sometimes resulting in an Expediente Dominio where there can be no proof of title at all. A great deal of the beautiful villas you see advertised are not registered by the builder and therefore the purchaser pays for the first registration, sometimes no licenses have been issued and the seller is required to pay fines to the Town Hall. Many many properties are then registered with less than the actual square meters of built area, and a great many are not mortgageable. Most urbanization properties now being built are of course registered first because there is a compulsory registration system in Spain for new developments but this is Urban land - not countryside. Most of the old village properties have no Title Deeds.
The seller of a second-hand home should provide the following documents:
The title deed of the property
Receipt of payment of the real estate tax for the last year
Receipt of payment of the tax on the increased value of Urban Land
Certificate that any community charges (if applicable) have been paid up to date
Latest copies of domestic bills so that you can take over the services such as electricity and water
The seller or developer of a new property should provide you with:
Deed of declaration of new construction
Occupancy permit
Certificate of rateable value of the property
Normally, before the purchase of a property is made official, there is a prior agreement drawn up between the buyer and seller. This document will identify the two parties and set out the terms of purchase. You must seek legal advice before signing this and you must be sure that this is the property you want to buy. You can lose any deposit you have paid if you pull out of the purchase and there is a penalty clause in the contract. In the case of the seller defaulting then he has to pay twice the amount. When it comes to signing the contract, this has to be before a notary, in the form of a public deed. This ensures that the details are entered onto the public records.
Currency issues in purchasing real estate in spain
26 April 2007How to fix the exchange rate:
1/ Buy all of the currency now on a “spot contractâ€. Hold the currency on deposit and send payments when they are due from your Euro account. To do this you need to have full funds available.
2/ Buy as much currency as you can afford now (e.g. for the first 2 payments) and reserve an exchange rate for the remaining payments. To reserve an exchange rate you need to buy a ‘forward currency contract’. In effect you are buying currency now but paying at a later date when you have the funds available. The exchange rate that you achieve on a “forward contract†is not quite as good as that for a “spot contract†but it does guarantee that you know the cost of the property. You will be required to pay 10% of the value immediately and the balance by the date that you have reserved the currency
Use a specialist currency broker as we do at mallorca real estate. As a result of extensive research idealspain are pleased to offer preferential currency transfer rates for all their clients and visitors, click here for more information. It is also advisable to speak to your new bank with regards to High Interest Sterling Accounts where your mortgage payments can be taken directly and converted on your behalf.
Finance and mortgage options while purchasing real estateproperties in spain
26 April 2007For finance and mortgages,we have given reviews on mallorca estates
Many developers of new properties are now offering up to 80% over 20 years for non-residents. Local banks will offer anything up to 60% for European residents. Most loans are long-term and secured on the property. When seeking a loan, make sure you are aware of the interest rates and if they are fixed or floating. Banks will ask for passports, residence permits, payslips, sale contracts and copies of the title deeds. There are many advantages to taking out a loan to purchase your property, in the form of tax allowances. We have not listed them here as they are subject to fluctuation. You may need to transfer money into Spain and you need to protect yourself:
When you buy a property in Spain, you will know the price of the property in Euros but you will not know the actual cost until you buy all of the currency to pay for it. This means that the property could either cost you more than you had planned (if the Euro strengthens) or the property could become cheaper (if Sterling strengthens). Recently Sterling has fluctuated more than 10% against the Euro within a matter of months, so this does deserve careful consideration. On the basis that you are buying a property and not speculating on the currency markets, it is worth fixing the exchange rate for all of your future stage payments to the agent / developer.
