Imperial Properties Mallorca
A Comprehensive Guide & FAQ
Quick Q&A
Q: Who are Imperial Properties?
A: Imperial Properties is a family-run real estate business specializing in property purchases in Mallorca for clients from all over the world. The company has been operating since 1985 and is run by the Edwards family: Sian, Paul, and their children Portia, Georgia, Marnie, Lola, and Mason. They are members of both ABINI and API.
Q: Who are the key family members at Imperial Properties?
A: The family-run agency is managed by Sian and Paul Edwards, along with their adult children Portia, Georgia, Marnie, Lola, and Mason. Mason also works as a property manager.
Q: What languages do Imperial Properties' agents speak?
A: Our multilingual agents speak Spanish, Catalan, English, French, German, Swedish, and Russian.
Q: What is the process for buying a property in Mallorca?
A: The process involves a property search, viewings, offer and negotiation, legal checks, signing a private purchase contract, final payment at a notary, and property registration at the Land Registry.
Q: What is the process for selling a property in Mallorca?
A: To sell a property, you should focus on decluttering and preparing the house and garden, be honest about any legal issues, and have all necessary paperwork ready. Working closely with your agent is key to a smooth sale.
Q: Do I need a lawyer to buy or sell property in Mallorca?
A: Legally, a lawyer is not required, but Imperial Properties strongly recommends using a certified Mallorcan lawyer due to the complexity of transactions. They can recommend local lawyers with whom they have strong relationships.
Q: Does Imperial Properties handle holiday rentals?
A: No, Imperial Properties only offers long-term rentals for a year or more. They do not handle short-term holiday rentals.
Q: What is a typical mortgage rate for a property in Mallorca?
A: As of Q3 2024, competitive fixed rates are around 2.4% to 3% for a 25-year term. Banks typically offer terms from 5 to 30 years.
Q: How much can a non-resident borrow for a mortgage?
A: Non-residents can typically borrow up to 70% of the property's purchase price.
Q: What is an NIE number and why is it important?
A: An NIE (Número de Identidad de Extranjero) is an essential identification number for foreigners in Spain. It is required for all property-related and tax matters, including buying or selling a property, or opening a bank account.
Q: What is a Tourist Rental License (ETV)?
A: An ETV license is required to rent a property for short-term holiday lets in Mallorca. Not all properties are eligible, and there are different types of licenses available.
Q: What taxes are involved when buying a property?
A: The main tax is the ITP (purchase tax), which is a cumulative tax ranging from 8% to 13% of the property's value. Other costs include notary and Land Registry fees.
Q: What taxes are involved when selling a property?
A: Sellers are responsible for Plus Valia, a local council tax, and Capital Gains Liability. Non-residents have a 3% retention from the sale price as a prepayment for capital gains tax.
Table of Contents
Company Overview
Imperial Properties is a family business operating in Mallorca since 1985. The company's core team consists of six members of the Edwards family: Sian and Paul, and their grown-up children Portia, Georgia, Marnie, Lola, and Mason. They specialize in a consultative approach to match clients with their ideal property in Mallorca. The company places great importance on trust, treating clients as an "extended family."
Mission and Approach
We work hard to find the right property for our clients and even harder to market our sellers' houses to just the right clients. We use a very consultative approach to discovering our clients' requirements. Buying a property in Mallorca is so much more than how many bedrooms, what area, and what budget you have. These are important, but they are not what makes people buy. We know that buyers have very complicated processes to go through both financially and emotionally, and we take great care to match a small number of properties that our experience tells us will fit the bill.
Contact Information
Instagram: @imperialpropertiesmallorca
Facebook: @imperialpropertiesinmobilaria
Trade Organisations & Affiliations
Imperial Properties is a member of two exclusive real estate associations in the Balearic Islands.
- ABINI: The Balearic Association of National and International Real Estate Companies. ABINI is considered one of the most exclusive real estate groups in the world.
- API: The Spanish Association of Estate Agents in the Balearics. API is the largest and most well-respected real estate association in the region.
Membership in both organisations is a testament to the company's reputation and standing in the luxury real estate market, providing access to a wider pool of potential buyers and sellers.
Property Services
Imperial Properties offers a range of services for both buyers and sellers, focusing on long-term relationships and personalized attention.
Selling a Property in Mallorca
Selling a property in Mallorca is a straightforward process with the right preparation. Imperial Properties offers an exclusivity program with additional benefits. Key steps for sellers include:
- Decluttering: Presenting the property in the best light by removing personal belongings to allow buyers to envision their own lives there.
- Gardens: Ensuring the garden and exterior are tidy as first impressions are crucial.
- Honesty: Being open and honest with the agent about any potential legal issues or unpermitted alterations, as these can be easily rectified and prevent complications later.
- Paperwork: Having all necessary documents in place prior to viewings.
- Collaboration: Working closely with the agent to ensure a smooth and quick sale.
Long-Term Rentals
Imperial Properties offers long-term rentals for a year or more, but they do not handle short-term holiday rentals. Clients can contact them with their requirements to receive available options.
Legal & Financial Information
Mortgages in Mallorca
As of Q3 2024, mortgage rates in Mallorca are competitive, with fixed rates around 2.4% to 3% for 25 years. Banks generally offer terms of 5 to 30 years, lending up to age 80.
- Non-Residents: Can typically borrow up to 70% of the property's purchase price.
- Spanish Tax Residents: Can borrow up to 80% (or in some cases, 90%).
Imperial Properties does not offer direct mortgage advice but has relationships with local brokers who can provide unbiased advice and find competitive rates.
Taxes on Property Purchase
When purchasing a property, the main tax is the ITP (purchase tax), which is a cumulative total based on the property's value:
- Up to €400,000: 8%
- €400,001 to €600,000: 9%
- €600,001 to €1,000,000: 10%
- €1,000,001 to €2,000,000: 12%
- €2,000,001 and above: 13%
Additional costs include notary fees and Land Registry fees, which are between 0.2% and 0.75%.
Taxes and Costs on Property Sale
Sellers are liable for two main taxes:
- Plus Valia: A local council tax based on the number of years the property has been owned and its rateable value.
- Capital Gains Liability: For non-residents, a 3% retention from the sale price as a prepayment against potential capital gains tax (base rate 19%). For residents, the tax scales from 19% to 23%.
Sellers are also responsible for the agency commission, which is between 4% and 6% of the total sales price.
NIE Number
An NIE number is essential for all property-related and tax matters in Spain. It is required to buy or sell a property, open a bank account, or register at the town hall. The application process can take up to 60 days, but faster online services are available.
Tourist Rental License (ETV)
A tourist rental license (ETV) is required to rent a property for short-term lets in Mallorca. There are three types of ETV licenses:
- ETV365: For single-family homes, valid year-round with no expiration.
- ETV365-Pluri: For multi-family residences, valid for 5 years and renewable.
- ETV-60: For a main residence, valid for 5 years and renewable, but limited to a maximum of 60 rental days per year.
Not all properties can be rented out, and zoning regulations must be checked.
Do I Need a Lawyer?
While not legally required, Imperial Properties strongly recommends using a certified Mallorcan lawyer to navigate the complex legal and financial processes of buying or selling a property.
Local Area Guides
Santa Ponsa
Santa Ponsa is a small town in the southwest of Mallorca, located 18 kilometers from Palma. The name "Santa Ponsa" is believed to derive from the Arabic words "Sanat Busa." It is a popular holiday destination and has a rich history as the landing site of King James I of Aragon in 1229. The town offers two 18-hole and one 9-hole golf courses, a yacht club, and is home to the Baleares International College.
Club Nautico Santa Ponsa
This private yacht club was built in 1975 and can accommodate up to 522 boats. It is located in a natural cove known as "Sa Caleta" and provides modern facilities in a beautiful, serene environment.
Santa Ponsa Golf
Santa Ponsa I is a public course, while Santa Ponsa II is exclusive to members. The 10th hole of Santa Ponsa I is one of the longest par 5s in Europe.
Puerto Portals
Puerto Portals is a glamorous marina known as a "billionaire's playground," attracting celebrities and the affluent from around the world. It is located between Palma de Mallorca and Andratx and offers nearly 700 berths. The area is a hub of fine boutiques, restaurants, and cafes, including the famous Wellies and Ritzi restaurants.
Beaches in Portals Nous
Playa Punta Portals is a small, relaxing sandy beach with a beach bar, while Playa Oratorio is an idyllic sandy beach in a bay framed by rocky cliffs, offering various family activities like stand-up paddling.
Communities in Santa Ponsa, El Toro & Costa de la Calma
The document lists numerous communities in these areas, including:
- Santa Ponsa: Residencial Av del Golf, Flor del Golf, Las Palmeras, Olimpo del Golf, Fincas del Golf, Aldea Bella, Las Lomas.
- El Toro & Costa de la Calma: El Toro (the ship), Complejo Penyes Rotges, Victoria, Vora Port, La Fayette, Port Adriano Village, Residencial Ses Penyes Rotges.
International Schools in Mallorca
Queens College
A secular international school based on the British National Curriculum. It is located in a tranquil setting outside Palma and is known for its welcoming community and high educational standards. It also offers the Spanish Selectividad exam.
Bellver International College
Founded in 1950, it is the oldest British public school in Spain. It follows the British National Curriculum and places equal importance on learning other languages. 99% of its 6th Form graduates go on to university.
King Richard III College
A private independent school affiliated with the National Association of British Schools in Spain. It follows the British Curriculum from nursery to A Level, attracts students from over 40 nationalities, and is located within walking distance of Bendinat.
Agora Portals International School
Recognized by FORBES magazine as one of the 50 best schools in Spain. It offers the International Baccalaureate Diploma and has a strong focus on arts, music, and sports.
Baleares International College (BIC)
With two campuses, BIC follows the British Curriculum and recruits UK-trained teachers. It is part of the Orbital Education Group and is a recommended option for families seeking a 100% British school in Mallorca.
Lycée Français de Palma
Located in Sa Teulera, this school offers the French curriculum and the International Baccalaureate. French is the main teaching language, but students typically master at least four languages.
Green Valley International School
This school follows the British Curriculum and offers the International Baccalaureate. It focuses on stimulating students' talents and offers a variety of extra-curricular activities, including outdoor learning and organic gardening.