The average cost per square meter in Spain at the time of writing (January 2023) is 1.921 €/m2, and in Mallorca — 3.706 €/m2. It is 48% higher than the average in Spain. Over the past 2022, the difference in these indicators has increased by 7%.
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What do I need to buy a property in Mallorca? To be able to buy and own a property in Spain you need a NIE-number (Número de Identidad de Extranjero) which is similar to a Spanish social security number but for foreign citizens. You can get the number either at the Spanish embassy in your country or in Spain.
US citizens can also relocate to Mallorca. The easiest way is to obtain a Spanish visa without work permission (Visado de Residencia No Lucrativa). In this case, US citizen needs: Application for a national visa on the Spanish Consulate's form.
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.
Portals Nous, Port Andratx, Bendinat, Illetes, Santa Ponsa, Puerto Portals are some places you will find in this region. If you like glamor and are looking to live in environments with status, the southwest of Mallorca, without a doubt, can be one of the best areas to live on the island.
An average apartment of 85 m2 consisting of two bedrooms can cost €850 - €1,000 if it is located in a larger city such as Palma de Mallorca. For a three-room apartment, you should allocate €1,200 - €1,500 per month, and for a house with three or four rooms, expect a rent of €1,500 to €2,000 per month.
According to property website Idealista, Petra is the cheapest place in Mallorca to buy a home. The average price per square metre in Petra is 1,173 euros. This is more than 200 euros cheaper than the second cheapest - Felanitx at an average of 1,383 euros.
Financial requirements for retiring in SpainIf you're a non-EU/EEA citizen who wishes to retire in Spain, you'll need to prove you have enough income to support yourself without income from employment. As of 2021, the minimum figure for this is currently set at €2,259 per month or just over €27,000 per calendar year.
Spain is a bureaucratically complicated country. The real estate market there has fluctuated in the past, so some research before buying property is always a good idea. Another important factor to keep in mind is that Spain has a fairly high capital gains tax.
Mallorca has always attracted people from England, northern Europe, and Germany. Europeans and the English moved to Mallorca mainly because of the mild Mediterranean climate, warm weather, proximity to the sea, delicious food, and lower living costs.