The short answer. In October 2026, €2.6 million in Mallorca buys a three-bedroom apartment in a sixteenth-century Old Town building, a new four-bedroom villa in Génova with Bay of Palma views, a 364 m² penthouse with its own rooftop pool in Son Armadams, or a new garden townhouse with a pool in Son Espanyolet. On the same budget you can also buy a new country villa on almost two hectares in the east of the island. Asking prices per m² for these homes range from about €7,100 to €13,700. Add €288,000 in transfer tax for a resale home or €312,000 in VAT and stamp duty for a new build.
We chose €2.6 million because it is the median asking price across the 49 homes we are offering, so it is the most representative budget for our buyers. Every home below is a real listing on the market today, shown in its own listing photography rather than in illustrations.
The six homes side by side
| Home | Area | Asking price | Built area | Price per m² | Outdoor space | Tax status* | Purchase tax* |
|---|---|---|---|---|---|---|---|
| Historic apartment, 3 bedrooms | Palma Old Town | €2,600,000 | 237 m² | €10,970 | Two terraces of about 15 m² | Resale | €288,000 |
| New villa, 4 bedrooms | Génova | €2,600,000 | 295 m² | €8,814 | Garden, pool, roof terrace | To be confirmed | €288,000 or €312,000 |
| Penthouse, 3 bedrooms | Son Armadams | €2,600,000 | 364 m² | €7,143 | Rooftop with plunge pool | To be confirmed | €288,000 or €312,000 |
| New townhouse, 3 bedrooms | Son Espanyolet | €2,600,000 | 190 m² | €13,684 | Garden, pool, 132 m² plot | New build | €312,000 |
| New villa, 3 bedrooms | Establiments | €3,050,000 | 307 m² | €9,935 | Pool, garden, roof terrace, 537 m² plot | To be confirmed | €346,500 or €366,000 |
| New country villa, 3 bedrooms | Sant Llorenç | €2,450,000 | about 226 m² | about €10,800 | Pool, gardens, 18,643 m² plot | New build | €294,000 |
*Tax shown at the asking price. Resale: Balearic ITP on the progressive scale. New build bought from the developer as a first delivery: 10% VAT plus 2% stamp duty. The legal tax status of each home must be confirmed by your lawyer before you sign. Our purchase-costs guide explains the difference.
1. The Old Town: history you cannot rebuild
This three-bedroom apartment occupies part of a sixteenth-century building in the heart of Palma. It has 5.5-metre ceilings, original beams, a kitchen made by Mallorcan craftsmen with Miele appliances, a wine cellar, two terraces of about 15 m² each, a lift and a garage. That last feature is rare in the historic centre. At €10,970 per m² of built area it is one of the highest prices per m² in this comparison, and you are paying for something that cannot be replicated: architecture, address and the ability to walk everywhere.
Who it suits: buyers who want city life and heritage, and are happy with terraces rather than a garden.
2. Génova: a new villa above the bay
On the hillside west of the centre, this new four-bedroom, four-bathroom villa has 295 m² over three levels. It has a pool terrace and garden, and a rooftop terrace with views over the Bay of Palma. At €8,814 per m² it gives you a detached house with a private pool, 20 minutes from the Cathedral, for the price of a historic apartment in the centre.
Who it suits: families and buyers who want a turnkey modern house with views, close to the city.
3. Son Armadams: the most space for the money
At €7,143 per m², this three-bedroom penthouse offers the lowest price per m² of the six. With 364 m², it is also the largest home in the city in this comparison. The private rooftop has a plunge pool, a barbecue area and lounge space, and the building has a lift, a communal pool and garden, two underground parking spaces and storage. The trade-off is that it is an apartment: no private garden, and you share a community.
Who it suits: buyers who want a large lock-up-and-leave home near the seafront, with a private outdoor retreat on the roof.
4. Son Espanyolet: a new house with a garden in town
Four new townhouses are being built on a quiet street in Son Espanyolet, a short walk from Santa Catalina. Each has three bedrooms, 190 m², a private garden with a pool and underground parking. At €13,684 per m², this is the most expensive home in the comparison per m². The premium reflects how rare a new house with a garden and pool is in central Palma.
Who it suits: buyers who want a garden and pool without giving up the city, and who are comfortable buying before completion.
5. Establiments: a step above the budget, a step out of town
This new villa is offered at €3.05 million, so it sits slightly above our budget. We include it because it shows what a short drive out of the city brings. You get 307 m² on a 537 m² plot, with a pool, garden, roof terrace, outdoor kitchen and distant sea views from parts of the house, about 26 minutes from the Cathedral.
Who it suits: buyers who want privacy and a garden at a lower price per m² than central Palma, and who are happy to drive.
6. Sant Llorenç: a country finca with almost two hectares
Away from Palma, the same budget buys land. Between Manacor and Sant Llorenç, a newly built single-storey finca of about 226 m² is offered at €2.45 million on 18,643 m² of land. Its seller describes it as about 75% complete and due to finish by the end of 2026. The drive to the airport is about 50 minutes.
Who it suits: buyers who want privacy, space and countryside, and who will use the house for long stays rather than weekends.
How to read the comparison
- Price per m² is not value per m². The Old Town apartment and the Son Espanyolet townhouse cost the most per m² because what they offer is scarce. The Son Armadams penthouse costs the least because apartments in modern buildings are less scarce, not because it is a lesser home.
- Built area is measured differently. Spanish listings may quote built area including walls, terraces or common parts. Ask for the useful area (superficie útil) and the registered area before you compare homes.
- Tax depends on legal status, not age. A new build is taxed at 12% (VAT and stamp duty) only if you buy the first delivery from the developer. If you buy it from someone else it is a resale. At €2.6 million the difference is €24,000.
- Running costs differ widely. A pool and garden cost more to maintain than a terrace. A community has fees but shares the maintenance. A two-hectare estate needs a gardener.
See every home at this level in our property catalogue, or compare villas and penthouses across the island. To model running costs and returns, use our investment calculator.
What can you buy in Mallorca for €2.5 to €3 million?
In 2026 this budget buys a historic three-bedroom apartment in Palma's Old Town, a new four-bedroom villa in Génova, a large penthouse with a rooftop pool, a new townhouse with a garden and pool in central Palma, or a new country villa on almost two hectares in the east of the island.
What is the price per square metre for luxury homes in Palma?
Across the homes in this comparison, asking prices range from about €7,100 per m² for a large penthouse in Son Armadams to about €13,700 per m² for a new townhouse with a garden in Son Espanyolet. The median asking price across our whole portfolio is €8,696 per m².
How much tax do you pay on a €2.6 million home in Mallorca?
A resale home pays Balearic transfer tax (ITP) of €288,000 on the progressive scale. A new home bought directly from the developer pays 10% VAT plus 2% stamp duty, a total of €312,000. Notary, registry and legal fees are extra.
Prices are the asking prices of homes we were offering on 5 October 2026, and the areas are those stated in the listings. Tax figures are illustrations at the asking price, not quotes. This article is general information, not investment, legal or tax advice.