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Wer träumt nicht von einer eigenen Finca auf Mallorca, der Lieblingsinsel der Deutschen? Bild: Flugklick / shutterstock

The dream of owning your own property on a Mediterranean island

The sunny Mediterranean islands are the dream of many people. However, if the longing for the sea and sun exceeds the annual holiday and you are thinking of a permanent residence, then good planning and some considerations are necessary in advance. Whether it is on Mallorca Real Estate A finca in Ibiza, a house in Cyprus or an apartment in Crete is desired: To ensure that the dream of a sunny south does not quickly turn into a nightmare, the first question is whether the property should be a permanent holiday place or a new residence. While work and training opportunities are not taken into account in the holiday paradise, these are important when changing residence.

Define your wishes precisely

In order to find properties in Ibiza, Cyprus or Mallorca that meet your requirements, you must first determine the basic data for the purchase of a house or apartment. In addition to the decision between apartment and house, this also includes the size of the property, the equipment and the location. It is decisive for both the purchase and rental price, but also the resale value, whether the desired Mallorca property is located directly on the beach, in a city or in the quiet hinterland. Transport links to the airport or the public transport network are just as important a value factor as shopping and entertainment facilities in the immediate vicinity. In addition to the size of the living space, the property belonging to the property has a significant influence on price development. You can choose a single plot of land or purchase an apartment in a residential complex, where you have a right of use to the common garden. Your accommodation unit can have a balcony, a terrace or the entire garden. On many Mediterranean islands, properties are only rented or sold furnished. The equipment of the Mallorca properties, both the residential unit and the outdoor area with pool and sports facilities, must fit your wishes and requirements.

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Help from local experts

In order to translate the wishes you have made into actual houses or apartments, the support of local real estate agents is helpful. If several properties are shortlisted, then, as with any house or apartment purchase, the houses in Crete, Cyprus or Mallorca real estate must also be evaluated. The building fabric will be discussed in an appraisal as well as the quality of the equipment and the value of the furnishings. To ensure that the desired residential property has not been built illegally, the valuation and control of the building permit can be carried out by a real estate lawyer.

The settlement is carried out in accordance with state law

Cyprus Property
Great weather all year round with a property in Cyprus, Image: Motortion Films / shutterstock

Once you have found your dream house or the desired Mallorca real estate, then it is necessary to have the purchase contract and the entry in the land register carried out. The services of a local notary are necessary for this. In principle, a local tax number and a current account with a local bank are required for a property purchase in Spain, but also in Greece or Cyprus. Payment processing must be carried out via the local bank, but loan commitments are also ultimately clarified in cooperation with a local institution. Since the respective country laws differ, it is advisable to consult a tax advisor. This also provides information on which taxes, from real estate transfer tax to ancillary acquisition taxes, are incurred when buying. If the property is a secondary residence and you live in your summer dream for less than 183 days a year, then there are tax implications, which the local tax advisor will inform you about.

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The sun shines on the Mediterranean islands for around 300 days. The scent of the olive groves and the view of the sea awaken in many people the desire for a permanent property in the sunny south. Local experts will help you find the precisely defined dream houses and advise you on the local requirements. However, in order to live permanently in the south, in addition to the new place of residence, you must also absorb the way of life, customs and language of the Mediterranean islands.