Buying to let in Mallorca

One of the best value places to buy property in Mallorca is said to be the picturesque town of Petra.

Perhaps you are more drawn to coastal regions? Wherever you choose, demand is high for most locations in Mallorca.

Buying a property in Mallorca?

To buy a property, you will need a Spanish fiscal identity number (NIE), if you are not already a resident. And to rent it out as a holiday let you will need to be a resident of Spain.

And your quick ticket to a residency visa could be to invest £500,000 in property, under the Golden Visa scheme.

Remember that the holiday letting market is strictly regulated in the Balearic Islands and the rules can vary from one town to the next.

Legal regulations for holiday lets in Mallorca

The following is not a definitive guide, and you should always check for the latest details with the local authorities or a legal expert before renting out your property in the short term.

The Balearic government authorised certain zones to offer holiday rentals, and each local authority can decide whether apartment rental is permitted or whether a whole property must be let.

You will require an ETV licence (Estancia Turísticas en Viviendas) to legally rent out your home in Mallorca for shorter periods of one month or less.

For eligible properties, each owner is entitled to offer a maximum of three for holiday lets. Apartments cannot usually be let short-term.

Long-term lets are subject to other regulations.

Certain properties may not qualify for an ETV licence, for example if it is less than five years old, or in a protected or other special area.

Once you have the right permit, there are countless websites and portals where you can advertise your property for rent. You will need a system to manage bookings and many holiday let portals have these built in.

And if you live far from your rental property, consider engaging one of the many reputable property management companies which can help you with regular maintenance, pool or cleaning services.