2024 Guide

Complete Guide to Buying a Parking Space in Mallorca

Everything you need to know before buying your parking space in Mallorca: prices, procedures, what to check and how to calculate profitability.

Why Buy Parking in Mallorca?

Accessible Investment

From €32,000 you can enter the real estate market. Much more accessible than housing (average price 515,000€).

High Profitability

Palma offers 8.3% annual return on parking, the highest in Spain.

Personal Solution

If you live in an area with parking problems, buying a space saves you time and daily stress.

Chronic Demand

2,076 people waiting for space in Palma municipal parking. Guaranteed demand.

Parking Space Prices in Mallorca

Indicative ranges by area (2024)

Palma Center

40,000-70,000€

Maximum demand
Coll d'en Rabassa

25,000-38,000€

Booming area
Beach areas

30,000-50,000€

Tourist demand
Other Palma neighborhoods

20,000-35,000€

Variable by area
Note: Prices vary according to size, access, security and condition.

Checklist: What to Check Before Buying

Step-by-step verification list

1. Location and Access
  • Easy access to the space? Very steep ramps?
  • Near your home or workplace?
  • Area with rental demand if you want to invest?
  • Proximity to transport, services, beaches?
2. Space Size and Type
  • Sufficient measurements for your vehicle? (minimum 2.2m width × 4.5m length)
  • Single or double space? Columns that hinder maneuvering?
  • Covered or uncovered?
  • Sufficient headroom? (minimum 2m)
3. Security
  • Closed garage with automatic door?
  • Alarm system or cameras?
  • Adequate lighting?
  • Residential building or public parking?
4. Condition and Maintenance
  • Building condition? Moisture, leaks?
  • Pavement in good condition?
  • Automatic door working well?
  • Neighbors keep garage clean?
5. Expenses and Community
  • How much is the community fee? (average 10-30€/month)
  • Are there pending or planned assessments?
  • Property tax for the space? (average 30-80€/year)
  • Who pays for electricity, water, maintenance?
6. Legal Documentation
  • Deeds in order?
  • Space has habitability certificate (if applicable)?
  • Property tax paid up to date?
  • Community current on payments?

Expenses When Buying a Parking Space

In addition to the purchase price, consider these expenses

ITP (Property Transfer Tax)

8% in Balearic Islands (second-hand)

Example: €32,000 × 8% = 2.560€

Notary and Registry

300-600€

Variable according to deed

Real Estate Agency

3-5% (if applicable)

Sometimes paid by seller

Management Agency

150-300€

Administrative procedures

Total approximate expenses: 9-12% of purchase price

How to Calculate Profitability

Basic formula
Profitability = (Annual rent - Annual expenses) / Total investment × 100
Example with this space
  • Purchase price: €32,000
  • Purchase expenses: ~3.200€
  • Total investment: ~35.200€
  • Rent: 90€/month × 12 = 1,080€/year
  • Annual expenses (property tax + community): ~180€
  • Net profit: 900€/year
  • Profitability: 900 / 35.200€ × 100 = ~~3.4%%
Note: Does not include property appreciation (+5-8% annual estimated)

Steps to Buy

  1. 1. Visit the space and check the checklist
  2. 2. Request documentation: deeds, property tax, community
  3. 3. Negotiate the price (many have room)
  4. 4. Sign earnest money contract (reservation)
  5. 5. Request simple note from Registry
  6. 6. Sign at notary
  7. 7. Pay ITP and register in your name
  8. 8. Register utilities and community

Typical Mistakes to Avoid

  • Not checking measurements (space too small for your car)
  • Not checking community status (hidden assessments)
  • Buying in area without demand (difficult to rent or sell)
  • Not visiting at different times (access problems at rush hour)
  • Not calculating total expenses (only looking at purchase price)

Expert Tips

  • Buy in areas with chronic parking demand (center, near airport, tourist areas)
  • Prioritize closed garages with alarm (better for renting and safer)
  • Verify that the space has easy access (without impossible maneuvers)
  • If for renting, look for areas with workers (stable demand all year)
  • Always negotiate the price (there is room in most operations)

Real Example: This Space in Coll d'en Rabassa

  • Price: €32,000
  • Location: Coll d'en Rabassa (near airport and FAN)
  • Size: 10m² (small car)
  • Security: Alarm + automatic door + covered
  • Community: ~15€/month
  • Estimated rent: 80-100€/month
  • ROI: ~7% (not counting appreciation)
Verdict: Meets all the requirements of a good purchase. Booming area, high demand, good security and attractive profitability.

Ready to Buy Your Space?

Visit this space in Coll d'en Rabassa and check the guide on site

WhatsApp Request Visit Ver Plaza Disponible