Refurbished island palace in Mallorca, Spain expected to sell for $30 million

Palatial. Premium property listings are peppered with the word in much the same way the label “charming” is slapped on tiny houses.

For a property on the market in the Spanish holiday isle of Mallorca, the word palatial isn’t some real estate agent’s flourish; many of the grand old homes are referred to as town palaces.

Listed through Mallorca Sotheby’s International Realty with a price guide above €20 million (about $30 million), this refurbished palace in the old town of the capital Palma dates back to the 18th century.

Traditional Mallorcan architecture has strong Roman roots – think natural stone walls, interior patios and distinctive arches. Renaissance and Baroque influences are also present.

In town palaces, patios were designed to provide protection from the heat and encourage airflow through the streets. Modern technology has enabled subtle tweaks to old-world features in new, luxury properties. Many incorporate larger windows, thinner walls and wider porches, for example.

This 10-bedroom property maintains the classic layout, with the most important rooms surrounding the patio. It includes three generous terraces, several independent apartments, a cellar, lift and multiple car parks.

Current market 

Scandinavian buyers have shown increasing interest in Mallorca real estate. Photo: Alamy

A decade ago, property prices across Spain crashed in the wake of the country’s economic crisis.

The managing director of Balearics Sotheby´s International Realty, Alejandra Vanoli, says the Mallorca prestige market proved more resilient than most, with demand from northern European buyers virtually undimmed.

“Mallorca has always been very popular among the Germans, but a very clear trend of the last two years is the purchase of homes by Scandinavians. We expect growth among this market to continue in 2018.”

This is despite a dramatic fall in the number of Britons buying holiday homes, amid uncertainty about how Brexit could affect the pound and their access to healthcare and residency rights.

Can Australians buy in?

To buy in picturesque Mallorca, you’ll need to hold Spanish residency. Photo: Sunsail

“I sold a lovely apartment in the Old Town to an Australian couple with businesses all around the world,” Vanoli says.

Spanish residency is required when buying a home in Mallorca. Conveniently, residency is automatically acquired with purchases of property for €500,000 or more without financing.

Authorisation from the defence ministry is needed when buying some heritage properties.

What you can buy for…

$40 million

A refurbished rural estate in the valleys of Sierra de Tramuntana, including a main house with seven bedrooms, three-bedroom guest house, chapel, tennis court and pool.

$20 million

A newly built five-bedroom villa with sea views in the Port Andratx neighbourhood of Mon Port. Set over three storeys, it’s minimal in style and high-tech in features.

$5 million

A five-bedroom penthouse in the Palma suburb of Cala Vinyes, with water views from every room. A roof terrace offers a barbecue, summer kitchen and Jacuzzi.