As of June 2026, apartments in Palma de Mallorca are expensive by Spanish standards, with normal buyer-facing prices around €5,100 to €5,300 per m², or about $5,900 to $6,100 per m², before negotiation.
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We constantly update this blog post because apartment prices in Palma de Mallorca in 2026 are moving fast, especially in cheaper districts that used to be overlooked.
For a normal foreign buyer, the real cost of an apartment in Palma de Mallorca is not just the asking price, because taxes, legal costs, community fees and repairs can change the full budget a lot.
This guide focuses only on apartments in Palma de Mallorca, so you can quickly understand what a studio, one-bedroom, two-bedroom or three-bedroom apartment may really cost in June 2026.
And if you’re planning to buy a property in this place, you may want to download our pack covering the real estate market in Palma de Mallorca.
Insights
- Palma de Mallorca apartment prices in 2026 look expensive on portals, but Tinsa valuation data is much lower, which shows why buyers should not treat asking prices as final prices.
- The practical buyer-facing price in Palma de Mallorca in June 2026 is around €5,100 to €5,300 per m², while a conservative valuation-style benchmark is closer to €3,450 per m².
- The cheapest Palma de Mallorca districts are no longer hidden bargains, because Llevant-La Soledat rose by about 26% year on year in Idealista’s May 2026 data.
- A normal two-bedroom apartment in Palma de Mallorca often needs an all-in budget close to €500,000 to €620,000 once buyer taxes and first-year buffers are included.
- Foreign buyers in Palma de Mallorca should usually plan for 30% to 40% down payment, plus closing costs, because banks often lend less to non-residents.
- Old Town, Santa Catalina and Portixol-Molinar can be wonderful lifestyle areas, but they rarely offer the best yield or the lowest building-risk profile for first-time buyers.
- The real risk in older Palma de Mallorca apartment buildings is often not the monthly community fee, but a future special assessment for façade, roof, damp or lift works.
- New-build apartments in Palma de Mallorca usually cost 15% to 30% more than comparable resale apartments, mainly because central land and modern stock are scarce.
- IBI property tax in Palma de Mallorca is calculated on cadastral value, not market value, so the tax bill is usually much lower than a buyer might expect from the purchase price.
How much do apartments really cost in Palma de Mallorca in 2026?
What's the average and median apartment price in Palma de Mallorca in 2026?
As of June 2026, the average listed apartment price in Palma de Mallorca is roughly €600,000 to €630,000, or about $696,000 to $731,000, while a more useful median budget for a normal apartment buyer is about €430,000 to €470,000, or about $499,000 to $545,000.
In per-square-meter terms, apartments in Palma de Mallorca in 2026 are usually advertised around €5,100 to €5,300 per m², or about $5,900 to $6,100 per m², which is about €475 to €490 per sq ft, or about $550 to $570 per sq ft.
For most standard apartments in Palma de Mallorca, a realistic purchase range is about €300,000 to €800,000, or about $348,000 to $928,000, with small older flats below that and prime coastal or Old Town apartments far above it.
How much is a studio apartment in Palma de Mallorca in 2026?
As of June 2026, a typical studio apartment in Palma de Mallorca costs about €180,000 to €260,000, or about $209,000 to $302,000, if the unit is small, liveable and outside the most expensive micro-locations.
Entry-level to mid-range studios in Palma de Mallorca usually sit around €180,000 to €260,000, or about $209,000 to $302,000, while renovated or central studios in Ciutat Antiga, Santa Catalina, Portixol or Molinar often reach €240,000 to €330,000, or about $278,000 to $383,000.
The typical studio apartment in Palma de Mallorca is about 35 to 45 m², so the price can feel high because small units often cost more per square meter than larger family apartments.
How much is a one-bedroom apartment in Palma de Mallorca in 2026?
As of June 2026, a typical one-bedroom apartment in Palma de Mallorca costs about €260,000 to €390,000, or about $302,000 to $452,000, for a normal unit that a foreign buyer would realistically consider.
Entry-level to mid-range one-bedroom apartments in Palma de Mallorca usually cost €230,000 to €360,000, or about $267,000 to $418,000, while prime one-bedroom apartments in Santa Catalina, La Lonja, Portixol, Molinar or good seafront pockets can cost €400,000 to €550,000, or about $464,000 to $638,000.
The typical one-bedroom apartment in Palma de Mallorca is about 50 to 65 m², with smaller units in older central buildings and larger units in more residential districts like Son Oliva, Rafal or Son Cotoner.
How much is a two-bedroom apartment in Palma de Mallorca in 2026?
As of June 2026, a typical two-bedroom apartment in Palma de Mallorca costs about €380,000 to €580,000, or about $441,000 to $673,000, for a normal 70 to 90 m² apartment.
Entry-level to mid-range two-bedroom apartments in Palma de Mallorca usually cost €310,000 to €520,000, or about $360,000 to $603,000, while high-end two-bedroom apartments in Old Town, Portixol-Molinar, Santa Catalina or Bonanova often cost €650,000 to €950,000, or about $754,000 to $1.10 million.
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Palma de Mallorca.
How much is a three-bedroom apartment in Palma de Mallorca in 2026?
As of June 2026, a typical three-bedroom apartment in Palma de Mallorca costs about €520,000 to €800,000, or about $603,000 to $928,000, for a family-sized apartment in a normal residential area.
Entry-level to mid-range three-bedroom apartments in Palma de Mallorca usually cost €420,000 to €750,000, or about $487,000 to $870,000, while high-end three-bedroom apartments in Ciutat Antiga, Santa Catalina, Portixol-Molinar, Bonanova, Sant Agustí or Son Vida can reach €900,000 to more than €1.5 million, or about $1.04 million to more than $1.74 million.
The typical three-bedroom apartment in Palma de Mallorca is about 95 to 130 m², which is why the total price often feels much higher even when the per-square-meter price is lower than for small studios.
What's the price gap between new and resale apartments in Palma de Mallorca in 2026?
As of June 2026, new-build apartments in Palma de Mallorca usually cost about 15% to 30% more than comparable resale apartments, and the premium can be higher for scarce coastal or energy-efficient projects.
A realistic new-build apartment price in Palma de Mallorca is about €5,800 to €7,000 per m², or about $6,700 to $8,100 per m², which is about €540 to €650 per sq ft, or about $625 to $755 per sq ft.
A realistic resale apartment price in Palma de Mallorca is about €4,700 to €5,200 per m², or about $5,450 to $6,030 per m², which is about €435 to €485 per sq ft, or about $505 to $560 per sq ft.
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Can I afford to buy in Palma de Mallorca in 2026?
What's the typical total budget (all-in) to buy an apartment in Palma de Mallorca in 2026?
As of June 2026, a standard apartment purchase in Palma de Mallorca usually needs an all-in budget of about €500,000 to €620,000, or about $580,000 to $719,000, if the target is a normal two-bedroom apartment around €450,000 to €550,000.
This all-in budget in Palma de Mallorca usually includes the purchase price, transfer tax or VAT, notary, land registry, lawyer, valuation, bank costs, translation costs and a first-year repair or furniture buffer.
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Palma de Mallorca property pack.
What down payment is typical to buy in Palma de Mallorca in 2026?
As of June 2026, a foreign buyer in Palma de Mallorca should usually expect a 30% to 40% down payment, so a €500,000 apartment may require €150,000 to €200,000, or about $174,000 to $232,000, before closing costs.
The minimum down payment in Palma de Mallorca is often around 20% for strong Spanish residents, but non-resident buyers are more commonly offered 60% to 70% loan-to-value, which means 30% to 40% cash down.
The recommended down payment for better mortgage terms in Palma de Mallorca is closer to 35% to 40%, because this gives the bank more comfort and leaves the buyer less exposed to high monthly payments.
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Which neighborhoods are cheapest or priciest in Palma de Mallorca in 2026?
How much does the price per m² for apartments vary by neighborhood in Palma de Mallorca in 2026?
As of June 2026, apartment prices in Palma de Mallorca vary from roughly €3,400 to €8,300 per m², or about $3,950 to $9,630 per m², which is about €315 to €770 per sq ft, or about $365 to $895 per sq ft.
The most affordable Palma de Mallorca districts in 2026 are Llevant-La Soledat, Son Oliva-Plaza Toros-Camp Redó and Rafal-Son Forteza, where typical asking prices are about €3,400 to €3,700 per m², or about $3,950 to $4,290 per m².
The most expensive Palma de Mallorca districts in 2026 are Son Vida, Portixol-Molinar, Ciutat Antiga, Génova-Bonanova-Sant Agustí and Santa Catalina-Son Armadans-Marítim, where typical asking prices run from about €6,300 to €8,300 per m², or about $7,300 to $9,630 per m².
What neighborhoods are best for first-time buyers on a budget in Palma de Mallorca in 2026?
As of June 2026, the top three budget-friendly areas for first-time apartment buyers in Palma de Mallorca are Son Oliva-Plaza Toros-Camp Redó, Rafal-Son Forteza and Llevant-La Soledat.
In these budget-friendly Palma de Mallorca neighborhoods, a practical apartment price range is about €230,000 to €420,000, or about $267,000 to $487,000, depending on size, building condition and whether the apartment has a lift.
These areas offer lower entry prices, everyday local demand, decent access to central Palma de Mallorca and better rental depth than many purely tourist-focused pockets.
The main trade-off is that some streets can feel less polished, so buyers should check noise, building debts, community minutes, safety, lift condition and future special assessments before signing.
Which neighborhoods have the fastest-rising apartment prices in Palma de Mallorca in 2026?
As of June 2026, the three strongest fast-rising district signals in Palma de Mallorca are Llevant-La Soledat, Son Ferriol-Sant Jordi and Establiments-Son Sardina.
Idealista’s May 2026 data shows Llevant-La Soledat up about 25.8% year on year, Son Ferriol-Sant Jordi up about 17.0% and Establiments-Son Sardina up about 15.6%.
The main driver is affordability pressure, because buyers priced out of Old Town, Santa Catalina and Portixol-Molinar are moving toward cheaper or less central Palma de Mallorca districts.
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What extra costs will I pay on top of the apartment price in Palma de Mallorca in 2026?
What are all the buyer closing costs when you buy an apartment in Palma de Mallorca?
For a typical €500,000 resale apartment in Palma de Mallorca, buyer closing costs are usually about €55,000 to €65,000, or about $64,000 to $75,000, before any furniture, renovation or moving costs.
The main buyer closing costs in Palma de Mallorca are ITP transfer tax for resale homes, VAT and AJD for new-build homes, notary, land registry, lawyer, valuation, mortgage setup, gestoría and possible translation or fiscal representation.
The largest closing cost in Palma de Mallorca is usually the transfer tax on resale apartments, because Balearic ITP normally applies by price bands and can take a large share of the buyer’s cash.
Some costs can vary, especially lawyer fees, mortgage broker fees, valuation costs and negotiation margins, but taxes, notary and registry costs are much harder to reduce.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Palma de Mallorca?
For most apartment purchases in Palma de Mallorca, buyers should budget about 10% to 14% of the purchase price for closing costs, depending on whether the apartment is resale or new-build.
The realistic low-to-high range for standard Palma de Mallorca transactions is about 10% to 15%, with lower percentages on cheaper resale homes and higher percentages on expensive resale homes or more complex foreign-buyer transactions.
We actually cover all these costs and strategies to minimize them in our pack about the real estate market in Palma de Mallorca.
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What are the ongoing monthly and yearly costs of an apartment in Palma de Mallorca in 2026?
What are typical HOA fees in Palma de Mallorca right now?
Community fees are common for apartments in Palma de Mallorca, and a normal two-bedroom apartment often has monthly HOA fees of about €100 to €180, or about $116 to $209.
The realistic HOA fee range in Palma de Mallorca is about €40 to €90 per month for a basic older building, €80 to €160 for a normal building with a lift, €150 to €300 for a building with pool or garage, and €300 to €700 or more for premium coastal or luxury communities.
What utilities should I budget monthly in Palma de Mallorca right now?
A typical apartment owner in Palma de Mallorca should budget about €130 to €250 per month for utilities, or about $151 to $290, for normal full-time use.
The realistic monthly utility range in Palma de Mallorca is about €80 to €150, or about $93 to $174, for a lightly used second home and about €200 to €350, or about $232 to $406, for larger homes or heavy summer air-conditioning use.
The typical utility budget in Palma de Mallorca includes electricity, water, waste-related charges, internet, mobile service and sometimes gas if the apartment uses it.
Electricity is usually the most expensive utility for Palma de Mallorca apartment owners, especially in July, August and September when air conditioning can push bills above the yearly average.
How much is property tax on apartments in Palma de Mallorca?
A normal apartment owner in Palma de Mallorca should budget about €450 to €1,400 per year for IBI property tax, or about $522 to $1,624, depending on cadastral value.
Property tax in Palma de Mallorca is calculated from the cadastral value of the apartment, not the market price, and the city’s IBI framework applies the local tax rate to that cadastral base.
The realistic annual IBI range in Palma de Mallorca is about €300 to €600, or about $348 to $696, for small older apartments, €600 to €1,000, or about $696 to $1,160, for normal two-bedroom apartments, and €1,000 to €2,000 or more, or about $1,160 to $2,320 or more, for larger or prime apartments.
What's the yearly building maintenance cost in Palma de Mallorca?
A prudent Palma de Mallorca apartment owner should reserve about 0.5% to 1.0% of the apartment value per year for maintenance, which means about €2,500 to €5,000, or about $2,900 to $5,800, on a €500,000 apartment.
The realistic yearly maintenance range in Palma de Mallorca is about €1,500 to €3,000, or about $1,740 to $3,480, for a smaller or newer apartment and €4,000 to €8,000, or about $4,640 to $9,280, for a larger, older or coastal apartment.
Building maintenance in Palma de Mallorca can include private repairs, painting, appliances, damp treatment, façade work, roof repairs, lift upgrades, energy-efficiency work and occasional community special assessments.
These maintenance reserves are separate from normal HOA fees, because HOA fees cover regular shared costs while special works and private repairs can arrive as extra bills.
How much does home insurance cost in Palma de Mallorca?
A standard home insurance policy for an apartment in Palma de Mallorca usually costs about €180 to €400 per year, or about $209 to $464.
The realistic annual insurance range in Palma de Mallorca is about €120 to €220, or about $139 to $255, for light contents cover, €200 to €350, or about $232 to $406, for a standard owner policy, and €350 to €700, or about $406 to $812, for larger, higher-value or stronger landlord cover.
Home insurance is optional if the apartment is mortgage-free, but the bank will normally require building insurance if the buyer uses a mortgage in Palma de Mallorca.
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What sources have we used to write this blog article?
Whether it’s in our blog articles or the market analyses included in our property pack about Palma de Mallorca, we always rely on the strongest methodology we can, and we don’t throw out numbers at random.
We also aim to be fully transparent, so below we’ve listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why we trust it | How we used it |
|---|---|---|
| Idealista price report, Palma de Mallorca | Idealista is one of Spain’s main property portals and gives fresh district-level asking-price data. | We used it as the main buyer-facing price anchor for May 2026. We also used its district table to rank cheaper, pricier and faster-rising Palma de Mallorca areas. |
| Fotocasa Índice Inmobiliario, Palma de Mallorca | Fotocasa is a major Spanish housing portal with recurring price-index data. | We used it to cross-check Idealista’s citywide price level. We also used its size and bedroom signals to estimate studio, one-bedroom, two-bedroom and three-bedroom prices. |
| Tinsa IMIE local page, Palma de Mallorca | Tinsa is a major Spanish valuation company, so its data is closer to appraised values. | We used it as a conservative valuation anchor. We compared it with portal asking prices to avoid overestimating what apartments are worth. |
| Indomio real estate market, Palma de Mallorca | Indomio gives another portal-based view of Palma de Mallorca asking prices. | We used it as an extra check on price per square meter. We also used it to sense-check broad area spreads inside Palma de Mallorca. |
| Trovimap Palma de Mallorca price data | Trovimap gives another market snapshot and helps test whether portal numbers are consistent. | We used it as a secondary cross-check. We did not use it as the main source because Idealista and Fotocasa have stronger buyer visibility. |
| Ministerio de Vivienda, transaction statistics | The housing ministry publishes official transaction data for Spain. | We used it to place Palma de Mallorca inside the wider Spanish housing cycle. We did not use it for bedroom-level apartment estimates. |
| Registradores, property statistics | Registradores data comes from registered property transactions, not adverts. | We used it to cross-check the broader Balearic market direction. We also used it as context for foreign-buyer pressure. |
| Portal Estadístico del Notariado | Notary data is based on real signed sales in Spain. | We used it as a reality check against advertised prices. We gave portals more weight for neighborhood detail because notary data is less buyer-friendly at micro level. |
| Agència Tributària de les Illes Balears, ITP and AJD | ATIB is the Balearic tax authority for transfer tax and stamp duty. | We used it for the tax framework on Balearic property purchases. We then turned the tax logic into simple buyer-cost ranges for Palma de Mallorca. |
| Valoración Mallorca, ITP Baleares 2026 guide | It explains the 2026 Balearic ITP bands in a practical buyer format. | We used it to cross-check current ITP rates and thresholds. We treated ATIB as the official source and this guide as an explanatory source. |
| Balearic Islands property tax guide | It summarizes Balearic buyer taxes in plain language. | We used it to sense-check resale and new-build cost categories. We kept official tax sources as the main base. |
| Banco de España mortgage reference rates | Banco de España publishes official mortgage reference rates. | We used it to frame mortgage affordability in 2026. We combined it with common Spanish loan-to-value practice for foreign buyers. |
| BOE, Banco de España official rate publication | The BOE is Spain’s official state gazette. | We used it to verify official mortgage reference-rate publication. We used it as a legal publication check, not as a neighborhood price source. |
| INE household budget survey | INE is Spain’s official statistics agency. | We used it to sense-check utility and household running-cost assumptions. We adjusted the national data for Palma de Mallorca apartment ownership. |
| EMAYA, Palma water and urban services | EMAYA is Palma’s municipal water and urban-services company. | We used it to identify the local water and waste-service operator. We did not use it as a single bill estimate because consumption changes each bill. |
| Ajuntament de Palma, IBI information | The city is the local authority for Palma de Mallorca property tax. | We used it for the IBI calculation framework. We estimated bills from cadastral value logic, not from market value. |
| Ajuntament de Palma fiscal ordinances | Fiscal ordinances show the local tax rules and payment framework. | We used them to cross-check Palma municipal-tax assumptions. We kept the final estimate as a range because each apartment has its own cadastral reference. |
| ICEA insurance information | ICEA is a recognized Spanish insurance-sector statistics body. | We used it to frame home-insurance costs. We converted national insurance ranges into practical Palma de Mallorca apartment budgets. |
| Exchange-rates.org EUR/USD 2026 history | It provides a clear exchange-rate history for EUR to USD in 2026. | We used it to round euro amounts into simple dollar equivalents. We used approximate conversions because exchange rates move daily. |
| Cadena SER, Balearic housing price context | Cadena SER gives current local news context for Balearic housing pressure. | We used it as background on record prices in the Balearic Islands. We did not use it as the main pricing dataset. |
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