Palma, the capital of Mallorca, is celebrated for its vibrant cultural scene, stunning architecture and idyllic beaches, making it a highly desirable place to live.
Selling property in this city can present an excellent business opportunity due to the high demand in the real estate market and Palma’s appeal. However, it’s essential to understand the process for a successful transaction. Here’s what you need to know about selling a house in Palma.
- What should you do before selling a house in Palma?
- Knowing your home's value
- Real estate market trends in Palma
- How long does it take to sell a house in Palma?
- Price per square metre in Palma
- Property buyer profiles in Palma
- The documentation you must prepare to sell a house
- How to choose the right real estate agency?
What should you do before selling a house in Palma?
Before selling your home in Palma, it’s important to assess the property’s value. This involves evaluating the physical characteristics of the house, its location and current trends in the local market. Additionally, it is essential to ensure that all property documentation is complete and up to date to avoid delays or legal issues during the sale process.
Another crucial step is preparing the property for viewings by prospective buyers. This includes carrying out necessary repairs, deep cleaning, and, if possible, staging the home to make the spaces appear more welcoming and spacious. Remember that first impressions are key to capturing buyers’ interest. Finally, consider the marketing strategies you’ll use to promote your property, from high-quality photographs to virtual tours.
Knowing your home's value
Before listing your property for sale in Palma, it’s essential to determine its real market value. This step will help you set a competitive price, influencing both the speed and efficiency of the sale process. To assist with this, idealista offers a property valuation tool specifically for the Balearic Islands.
Accurately assessing your home’s value involves analysing various factors, from the property’s location and condition to current trends in Palma’s real estate market. This tool accounts for all these aspects, enabling you to set the price according to your desired selling timeframe.
Real estate market trends in Palma
Understanding the current state of Palma’s property market is essential for any homeowner looking to sell effectively. At present, the market is dynamic with high and consistent demand from both local and international buyers.
Recent trends show a growing interest in well-located properties, particularly those offering features such as sea views or proximity to landmarks. According to data from September 2024, prices have risen by 10.3% over the past year. Compared to June (three months prior), values are up by 4%, with a more moderate monthly increase of 0.8% since August.
How long does it take to sell a house in Palma?
The estimated time to sell a property in Palma can vary significantly depending on factors such as the property’s location, condition and the state of the market. According to data from idealista, more than half of the properties in Palma sell within three months.
Of these, 10.74% sell within a week, 17.46% between one week and a month and 23.54% between one and three months. Meanwhile, a third of homes take between three months and a year to sell (33.64%).
Price per square metre in Palma
When selling a property in Palma, it’s important to consider the price per square metre in Palma, a key indicator that helps both sellers and buyers determine a property’s market value. Prices vary significantly across different areas, though the average property value across all neighbourhoods in the city is €4,308 per square metre.
Palma includes both exclusive and more affordable neighbourhoods. The highest prices are found in Son Vida, where values exceed €7,000 per square metre. Other popular areas, such as Santa Catalina, Portixol and the Old Town, have prices well above €5,000 per square metre. At the more affordable end of the scale are Llevant and La Soledat, with prices below €2,500.
Property buyer profiles in Palma
Identifying potential buyers is crucial to selling your home effectively in Palma. The island of Mallorca, and particularly its capital, attracts a diverse range of interested parties, with the following groups standing out.
- Families looking for a change in life.
- Spanish or foreign investors interested in holiday homes. Understanding who these buyers are and what they are looking for can help you better target your efforts.
- European retirees looking to enjoy their retirement under the Mediterranean sun.
- Young professionals attracted by the job opportunities and quality of life in Palma.
Moreover, we must not forget the second home market, which is very popular among those who want to have a holiday getaway in one of the most beautiful destinations in Europe.
The documentation you must prepare to sell a house
When selling a property, you must complete a range of essential paperwork to ensure a smooth transaction. To sell your home in Palma, it’s best to prepare all necessary documents from the outset.
The required documents include the title deed, the most recent Property Tax (IBI) receipt, certificates confirming you are up to date with owners’ association payments (if applicable), the cédula de habitabilidad (certificate of habitability), the energy efficiency certificate and all recent utility bills.
Additionally, if recent repairs have been carried out, you should have building permits on hand, as well as a recent valuation report to provide an up-to-date property assessment. It’s also important to consider all taxes and expenses for selling a home.
How to choose the right real estate agency?
Selecting the right estate agent is a crucial step in successfully selling your home, as the choice of agency can greatly impact both the time it takes to sell and the terms of the sale.
To assist with this, idealista offers a tool to help you find estate agents near you, taking into account factors such as reputation, types of properties managed, proximity and professionalism.
