Renting vs. Buying in Mallorca: What’s Best for You?
Thinking about making Mallorca your home—or at least your home base? Whether you’re dreaming of a sea-view flat in Palma, a countryside finca, or a beachy bolt-hole near the coast, one big question comes up early:
Should you rent or buy?
This guide breaks it all down—from lifestyle factors to legal steps, cost comparisons, and expert insight—so you can make the move that fits your life.
Renting in Mallorca
For many foreigners, renting is the first step to living on the island. It’s especially common among remote workers, seasonal residents, and those exploring different areas before committing long-term.
Renting offers clear advantages:
✅ Flexibility — You can move between neighborhoods or towns with ease.
✅ Lower upfront costs — No mortgage, just a deposit and maybe one month’s rent in advance.
✅ Speed — Move in fast, even while handling your paperwork.
✅ Risk-free test run — See what daily life feels like before you buy.
But renting comes with some drawbacks too:
❌ Rising prices — Palma and other hot areas like Santa Catalina and Portixol are increasingly expensive.
❌ Limited availability — Long-term rentals are harder to find due to tourist demand.
❌ No equity — Your monthly payments go to a landlord, not toward owning a home.
Can foreigners rent long-term in Mallorca?
Yes! Both EU and non-EU citizens can rent. You’ll usually need your passport or NIE number, proof of income or employment, and a deposit (often 1–2 months of rent).
Buying Property in Mallorca
Buying makes sense if you’re thinking long-term, want a second home, or are planning to invest.
The advantages are appealing:
✅ You’re investing — Mallorca’s property market has been consistently strong, especially in central Palma and along the southwest coast.
✅ You have freedom — Renovate, sublet, decorate, or build equity.
✅ Golden Visa eligibility — Investing €500,000+ in property may qualify you for Spain’s Golden Visa (non-EU only).
✅ Emotional benefits — There’s something special about owning your place in the sun.
On the flip side:
❌ Bureaucracy — You’ll need an NIE, Spanish bank account, and ideally a local lawyer.
❌ Upfront costs — Expect an additional 10–15% on top of the purchase price for taxes and fees.
❌ Responsibility — Maintenance, bills, insurance—it’s all on you.
❌ Less flexibility — Selling takes time, and switching homes isn’t as easy as breaking a lease.
Can foreigners buy property in Mallorca?
Yes, absolutely. Foreigners can legally buy property in Spain. You’ll need an NIE (Foreigner Identification Number), a Spanish bank account, and usually a lawyer or gestor to help manage the process.
Cost Comparison: Renting vs. Buying
Here’s a general idea of what to expect:
| Expense Type | Renting (monthly) | Buying (initial + ongoing) |
|---|---|---|
| Palma apartment | €1,000–€2,000 | — |
| Deposit / Closing Costs | 1–2 months’ rent | 10–15% of purchase price |
| Monthly bills | €100–€200 | €150–€300 |
| Maintenance | Landlord handles it | Buyer responsibility |
💡 Tip: Coastal properties and countryside fincas often carry higher costs than inland apartments or suburban homes.
Lifestyle Fit: How to Decide
Still not sure? Consider your lifestyle and how long you plan to stay.
- If you’re new to Mallorca, renting gives you freedom to explore.
- If you’re planning to stay 5+ years, buying may be the smarter financial move.
- If you’re here on a short-term work contract, renting is likely more practical.
- If you’re investing or retiring, buying lets you settle into your space.
Should I buy before getting residency?
You don’t need Spanish residency to buy property, but you will need an NIE and access to a Spanish bank account. Some taxes vary for non-residents, so ask your lawyer for guidance.
Final Thoughts: Rent or Buy?
There’s no one-size-fits-all answer. Renting offers convenience and flexibility, while buying brings long-term value and stability.
So…
- 🏠 Just arrived, or still exploring? Rent.
- 🏡 Staying long-term or looking to invest? Buy.
- 🧭 Still unsure? Rent for 6–12 months while you figure it out.
Mallorca offers options for every kind of life—and lifestyle. Start where you are, and let the rest unfold.
We’ve got local experts, guides, and resources to help you rent or buy stress-free.
📬 Email us: hola@palmaweekly.com
📸 Or DM us on Instagram: @PalmaWeekly
Let us know how we can help make Mallorca feel like home.
