As of late 2024, the average price of residential property in the Balearic Islands, driven by Majorca, is approximately €2,076 to over €2,159 per square meter, reflecting a 3.3% to 6.6% increase. Villa prices in good areas typically range from €1.3 million to €2.5 million, while apartments range between €450,000 and €2.3 million.
In good to average areas, villa prices typically range from €1.3 million to €2.5 million. For apartments, average prices in Palma's top seafront or historic areas range between €1.1 million and €2.3 million, while good-value areas still hover between €450,000 and €750,000.
Mallorca is generally more expensive than mainland Spain, particularly when compared to smaller cities and rural areas. This price difference stems from Mallorca's island status, which necessitates importing many goods, and its popularity as a tourist destination, which drives up demand.
Foreigners can buy property in Mallorca, so long as they have a Spanish tax ID number, better known as Número de Identificación de Extranjeros, or NIE. You can get this number by applying at your local Spanish Consulate if you're in the UK, or at your local police station if you're already in Mallorca.
HOW TO BUY REAL ESTATE IN MALLORCA / SPAIN I Step-by-step guide for first time buyers!
How long can I stay in Spain if I own a property there?
Owning property in Spain does not automatically grant residency or the right to stay longer than the standard 90 days in any 180-day Schengen period for non-EU citizens; you need a separate residence visa, like the Non-Lucrative Visa, Digital Nomad Visa, or an Employment Visa, to live in Spain long-term, as the Golden Visa (property investment route) ended in April 2025. EU citizens need to register for residency after 90 days, while non-EU citizens must apply for a long-term permit or visa to stay beyond the 90/180-day limit, with property ownership being a factor in some visa applications but not a standalone right to residency.
Once the property is purchased, you will be responsible for paying annual Property Tax (Impuesto sobre Bienes Inmuebles – IBI), which is a local tax levied by the municipality.
Affordable Cost of Living: Compared to other popular retirement destinations, the cost of living in Mallorca can be relatively affordable, particularly in terms of housing costs. This can make it an attractive option for retirees looking to stretch their retirement savings.
Prominent spots like Port Andratx, Santa Ponsa, and Palma Nova stand out as three of the most favoured areas among British property buyers. These locales offer an enticing array of luxury villas, sea-view apartments, and traditional Mallorcan houses.
Except for prescriptions for medicine, access to the public healthcare system, including primary care, specialised care, hospital treatments and emergency care, is free of charge, without co-payments.
Is €1,000 enough to live in Spain per month? Yes, it is possible to live in Spain with 1,000 euros a month, as the minimum wage is 1,134 euros. However, the freedom and comfort you will have with around 1,000 euros a month will depend on the city you will live in.
Brad Pitt has for years been linked to Port d'Andratx, one of Mallorca's most exclusive harbours. Spanish and international outlets frequently report that he owns a modern villa in the area, describing the property as a discreet retreat away from red‑carpet life.
Which is the cheapest Spanish island to buy property?
Taking Fuerteventura is the most affordable major island, that means that apartments start from around €60,000-€70,000. A one-bedroom flat in Costa de Antigua is €77,000 whilst a two-bedroom duplex can be found for €125,000, or a three-bedroom townhouse for €230,000.
The 2% property rule is a real estate investing guideline where the monthly rental income should be at least 2% of the property's total purchase price (including renovations/repairs) to indicate strong potential cash flow and profitability. It's a quick screening tool to filter potential investments, but investors must conduct deeper analysis on expenses like taxes, insurance, and maintenance to confirm actual profitability.
The "posh" parts of Mallorca are areas like Son Vida (Palma's "Beverly Hills"), Port d'Andratx, Puerto Portals, Bendinat, and mountain villages like Valldemossa, known for luxury villas, marinas, golf, exclusive restaurants, and attracting affluent residents and celebrities. The north around Pollença is also considered upscale but offers more traditional charm, while Palma's Old Town & Calatrava offer historic elegance.
The Spanish town paying Brits (and others) to move is Ponga, located in Asturias, offering around £2,600 (€3,000) for relocation and an extra £2,600 for each baby born there, provided you commit to living there for at least five years, as part of schemes to combat rural depopulation, alongside other regions like Extremadura offering grants for remote workers.
American rock chic Suzi Quatro has a hideaway in Bendinat and loves the peace and security the island provides. James Bond actor Pierce Brosnan owns a Mallorcan property, as do English actors Julian Clarey, Clare Sweeney and Eastenders favourite Steve McFadden.
Can I still collect social security if I move to Spain?
Under the agreement, however, you may receive benefits as long as you reside in Spain regardless of your nationality. If you are not a U.S. or Spanish citizen and live in another country, you may not be able to receive benefits.
How much money do you need in the bank to retire to Spain?
The retirement visa income requirement remains €28,800 (~$31,050) annually, with an extra €7,200 (~$7,763) per dependent. Spain's tax rates for 2025 range from 19% to 47% for ordinary income and 19% to 30% for savings income.
Spain also offers a rich cultural scene and easy travel within the EU. Cons can include bureaucracy, language barriers, and potential tax implications for foreign income. Some areas may also experience seasonal crowds or rising property prices.
Owning property in Spain does not automatically grant residency or the right to stay longer than the standard 90 days in any 180-day Schengen period for non-EU citizens; you need a separate residence visa, like the Non-Lucrative Visa, Digital Nomad Visa, or an Employment Visa, to live in Spain long-term, as the Golden Visa (property investment route) ended in April 2025. EU citizens need to register for residency after 90 days, while non-EU citizens must apply for a long-term permit or visa to stay beyond the 90/180-day limit, with property ownership being a factor in some visa applications but not a standalone right to residency.
The "Beckham Loophole" (or Beckham Law) in Spain is a special tax regime for skilled foreign workers, named after David Beckham, allowing them to pay a flat 24% tax on Spanish income (up to €600k) for six years, treating them as non-residents to avoid higher progressive rates and generally exempting foreign income, with recent updates expanding eligibility to remote workers and entrepreneurs. This "loophole" allows expats to significantly reduce their tax burden by paying non-resident rates on Spanish income, while foreign earnings remain untaxed in Spain, a major advantage over standard resident taxation.
IBI is the Spanish acronym for Impuesto sobre Bienes Inmuebles, i.e. property tax. It is a tax levied by local councils on the ownership of real estate property. In Spain, IBI is paid annually as a percentage of the value of the property.
