365 days of sun, beach and sea. For many, this sounds like a dream, but more and more Germans are turning this dream into reality. The Balearic island of Mallorca is not only one of the most popular travel destinations for Germans, but the island’s real estate market is also booming. Read here Real estate comparison Mallorca Germany. 

Property Mallorca vs. Property Germany – Architecture and Landscape 

Could be different Germany and Mallorca Not so. Whether it’s in terms of climate and landscape or the different architectures of the properties.

Spain is known for its traditional Estates, These are also widespread in the central part of Mallorca. The idyllic old stone houses usually have huge gardens or even plantations where olives, fruit or wine are grown.

In cities like Palma de Mallorca or in general near the beaches, the Houses and Apartments Much more modern, international and luxurious, with well-maintained garden areas, pools and large terraces.

German real estate are, on the other hand, designed for practical construction conditions, such as optimal insulation and soundproofing.

Architecturally, Germany is known for its Traditional buildings, Known for gabled roofs with tiles or residential areas.

But here too, the beloved garden of the Germans must not be missing. Whether directly on the house or in small gardens, the area is fully utilized, with a garden house and the like. 

Real estate situation – Comparison Mallorca Germany

Whether in Germany or on Mallorca, property prices are steadily rising. But while German prices are increasingly reminiscent of extortionate prices, there are still several affordable properties for purchase on Mallorca. The square meter price on Mallorca currently (as of 2022) is around €3,400 per m², whereas in Germany it is around €5,400 per m².

When comparing properties in Mallorca with those in Germany, it is also clear that in terms of building area Mallorca is even more free land to offer as Germany. 

Bureaucracy – Real Estate Germany vs. Mallorca 

Moving to Spain and buying real estate on Mallorca just like that, unfortunately, doesn't work.

Just like in Germany, there are some bureaucratic matters, who stood before Buying property in Mallorca These issues need to be resolved and settled in order to be able to move into the new home smoothly.

Even in this area of the real estate comparison Mallorca Germany, you should pay attention to a few things. 

N.I.E – Identification number 

Before you go to Mallorca Buying a property If you want to do business in Spain, you need a Spanish tax number, the so-called N.I.E (Número de Identificación de Extranjero). This number is a Identification for foreigners It is required for almost all transactions such as buying real estate, renting a property, buying a car, or signing bank and insurance contracts. 

Spanish Giro account – for your property in Mallorca 

Even if Spanish companies would have to accept German accounts by now, you will have significantly fewer problems if you open an account with them. Spanish giro account register it, since when buying real estate the Spanish bank’s cheque is usually submitted to the notary.

It also simplifies later transactions such as paying for internet, electricity, water or telephone services. Even those who want to buy real estate in Germany must have the purchase contract notarized. 

Financing – Real estate comparison Germany Mallorca 

If you already have a Spanish account, it will also be easy to connect with it. Financing Your property.

Many German banks are reluctant to grant financing abroad, because they are concerned about the Mallorca property market cannot assess.

Therefore, you should apply for your financing with a Spanish bank. 

Insurance – Real estate Mallorca 

You should take out insurance for your property in Mallorca just as you would in Germany. To protect your home in all respects, you should consider building insurance, home contents insurance, and private liability insurance. While there are plenty of providers in Germany, the worry of having to pay out for repairs or damage to your property could be overwhelming. find the right provider in Mallorca to find, to be greater.

However, there are now enough Spanish providers that offer the processing and contract forms in German as well. However, it is best to compare the local providers with German or international ones, because even though the Spanish insurance covers more than the German one, the deductible at the end can be significantly higher. 

FAQ – Real estate comparison Mallorca Germany