Over the past year the property value in the Balearic islands has increased by 11.4%, with Madrid being the only Spanish region with a higher rate (17.8%). However, in terms of actual property value, even Madrid does not overcome the Balearic archipelago. Balearic housing prices have hit a new high, mainly due to the extreme […]Continue reading
Renting out property and buying property is an ever-rising investment. Procedures can vary by situation and you may incur some unexpected expenses if not well researched. Depending on your budget a real estate agent or bank are the ones dealing with most of it on your behalf, however it is always beneficial to be aware […]Continue reading
In Mallorca the duration of a rental contract is usually of one year and possibly renewable for a minimum of 3 years and maximum of 5 more years, but even after the extension has been agreed, both the landlord and the tenant may put an end to it before its specified duration, as long as […]Continue reading
When signing a rental contract it is important that both the owner/landlord and the tenant are fully aware of the rights and obligations involved for each party in terms of contract duration, rent payment, property condition, etc. To start with, contract duration is usually mutually agreed before signing the contract, but if not specified, the […]Continue reading
It is very important, especially for foreigners who have assets in the Balearic Islands or their future beneficiaries, to be informed on the Spanish process of succession and inheritance. In Spain, unlike in other countries, the Inheritance Tax is payable by each of the heirs and not by the estate. The rules and tax rates […]Continue reading
The Spanish Government has recently approved some legal changes to housing rental contracts: both for long term or short term/touristic rentals. One of the changes in long term rental contracts is that upon renewal, the extension of contracts’ duration is for 5 years (instead of the previous 3 years) or 7 years if the landlord […]Continue reading
