Buy an Apartment in Palma de Mallorca

Palma's Barrios for Apartments at a Glance

Anyone who wants to buy an apartment in Palma first chooses the barrio (neighborhood), because the differences are large. According to the idealista price report for September 2026, the asking price in Palma averages €5,513 per square meter (all residential property). The districts reported range from around €3,600 to over €8,500. The following barrios are the most in demand among apartment buyers.

Casco Antiguo

Apartments in restored city palaces and period buildings with high ceilings, natural stone walls and in some cases an inner courtyard. Around La Lonja life is lively, while in La Calatrava and the lanes around the cathedral it is quieter. The idealista district of Ciutat Antigua stood at around €7,300 per square meter in September 2026, 8.5 percent above the previous year.

Santa Catalina and Jonquet

The former fishing and market district with a market hall, restaurants and a mixed building stock of period buildings and modernized houses. idealista groups it with Son Armadans and the Paseo Marítimo into one district, which stood at around €6,300 per square meter in September 2026 (plus 4.2 percent year on year).

Son Armadans and Paseo Marítimo

Son Armadans is a quieter residential district behind the waterfront promenade, with multi-family buildings, elevators and short distances to Santa Catalina. On the Paseo Marítimo there are apartments with views of the bay and the marina, often from the higher floors, in buildings from different decades, plus new-build projects.

Portixol and Molinar

Two former fishing villages east of the old town with a promenade and city beach. The idealista district of Portixol-Molinar stood at around €7,800 per square meter in September 2026, about 9 percent below its peak in June 2026, and thus still well above the city average.

El Terreno, Génova, Bonanova and Sant Agustí

El Terreno lies on a slope above the harbor, mixes apartment blocks with converted period buildings and offers plenty of evening life around Plaza Gomila. Génova, Bonanova and Sant Agustí are greener and quieter, often with sea views and communal complexes with a pool. The idealista district of Génova - Bonanova - Sant Agustí stood at around €6,500 per square meter in September 2026.

Nou Llevant and the East

Nou Llevant is a new residential quarter with modern architecture and new builds. In the wider east, idealista records the strongest momentum in the city for Llevant - La Soledat at plus 21 percent within a year, albeit from a low level (around €3,900 per square meter).

Period Building, Apartment Block or New Build

The building fabric shapes quality of living and costs. Period apartments in the Casco Antiguo and in Santa Catalina have character but are often in buildings without an elevator and usually require renovation of insulation, pipes and sound insulation. Apartment blocks from the post-war years and the following decades, such as those on the Paseo Marítimo, in Son Armadans and in El Terreno, often offer larger layouts and elevators but are not always up to current standards. New builds deliver a pool, underground parking, concierge and better energy efficiency but cost correspondingly more.

What Determines the Price of an Apartment in Palma

• Barrio: The gap between inexpensive and expensive districts is larger than that between many building types.
• Floor and light: Bright apartments facing the street on upper floors with an elevator are more in demand than dark courtyard apartments on the ground floor.
• Outdoor space: A balcony or terrace is especially valuable in the city.
• Parking space: A private parking space is rare in the central barrios and noticeably changes everyday life and resale value.
• Condition: Renovated apartments achieve higher prices, while apartments in need of renovation offer room for negotiation but require cost and time.

What to Look Out for When Buying an Apartment in Palma

Building Condition and IEE

For multi-family buildings from an age of around 50 years, the city of Palma requires a building report (IEE) on structural condition, accessibility and energy, which is repeated every ten years. Ask about the result and any defects found. Necessary work on the facade, roof or elevator is borne by the owners jointly, often as a special levy.

Community and Statutes

Read the minutes of the last owners' meetings, ask about the reserve fund, arrears and planned resolutions, and clarify which uses the statutes permit.

Old Town: Protection Rules and Access

In the historic core, design requirements apply to facades, windows and conversions, which you should clarify before planning a renovation. Parts of the old town are traffic-calmed with access control (ACIRE). For parking, deliveries and moves, you should know the rules for the specific street.

Use and Areas

Especially for ground-floor apartments and units that used to be commercial, residential use must be permitted. Compare living space, land registry and cadastre, and ask to see the certificate of habitability and the energy certificate.

Noise and Sun

View at different times of day. On lively streets in Santa Catalina or around Plaza Gomila, the evening can be loud, while courtyard locations are quieter but darker.

Prices, Rental and Value Development

The idealista report gives €5,513 per square meter for Palma in September 2026, plus 3.6 percent year on year and just below the previous peak of €5,554 in May 2026. Prices actually paid are shown by notary data: according to Dahler & Company, the average price per square meter of apartments sold in Palma in 2025 was €3,791, with around 4,430 apartment sales. The difference is explained by asking versus closing prices, different methods and the share of inexpensive outlying districts. For a purchase decision, what counts are the prices of comparable apartments in the same barrio.

On rental, the situation has tightened considerably. New tourist rentals have long been impossible in multi-family buildings in Palma. On May 28, 2026, the city council also approved the amendment to the land-use plan, which rules out new places across the whole city, including for single-family houses. Existing licenses remain; whether and from when individual rules take effect is something you should check currently with the municipality or a lawyer before buying. In addition, the Balearic Islands have the restrictions of Decreto-ley 4/2025 and the requirement for approval by the owners' association for newly started uses. Realistic options remain personal use and long-term rental. According to idealista, the asking rent in Palma in September 2026 was €19.6 per square meter per month, €21.9 in Portixol-Molinar and €20.1 in the district of Santa Catalina, Son Armadans and Maritim. Relative to asking prices, this works out to a gross yield of a good 4 percent for the city and around 3.4 to 3.8 percent in the more expensive barrios, before costs, taxes and vacancy. This is a rough guide, not a forecast.

Your Property Purchase in Palma with Thomas Mallorca

Our office is in Port d'Andratx, around 30 minutes from Palma. From there we also support buyers with apartments in Palma: in choosing the right barrio, at viewings, in reviewing documents, community and building report, and in coordinating with lawyer, notary and tax advisor. Klaudia Wolf and Matthias Thomas advise you personally and with no obligation.