PASEO MARITIMO PROPERTY
Beautiful harbour with luxurious yachts, popular hotspots and splendid promenade
Following its comprehensive €63 million transformation completed by the Balearic Port Authority, Palma de Mallorca’s Paseo Marítimo has evolved from a dual carriageway into a 3.5-kilometre landscaped waterfront boulevard. International buyers seeking frontline apartments enjoy 20 per cent more pedestrian space, expanded green corridors, direct access to world-class superyacht marinas, and immediate proximity to Palma’s historic centre.
Why Buy Property on Palma’s Newly Transformed Paseo Marítimo?
For decades, Palma’s seafront promenade (Passeig Marítim in Catalan) served primarily as an arterial road dividing the city from its harbour. The completion of the €63 million remodelling project by the Balearic Port Authority (APB) report on the 2026 FAD Award for the Paseo Marítimo renovation has fundamental changed this landscape. Spanning 3.5 kilometres from Porto Pi in the west to the Moll Vell and Cathedral corridor in the east, the initiative expanded pedestrian areas by 20 per cent and allocated 70 per cent of the surface to landscaped green zones planted with over 1,800 new trees. This urban overhaul earned the prestigious 2026 FAD City and Landscape Opinion Award.
Frontline real estate along Paseo Marítimo consists predominantly of multi-storey apartment buildings and penthouses featuring expansive south-facing terraces. These homes offer panoramic views of the Bay of Palma, the cathedral, and the harbour. Positioned between the water and established inland districts like El Terreno, Son Armadams, and Santa Catalina, the avenue allows residents to step directly from their front door onto a tree-lined promenade.
While the live market ticker on this page outlines broad pricing trends and district averages across Palma de Mallorca, property valuation on Paseo Marítimo requires detailed building-by-building analysis. Prime buyers and real estate professionals rely on CASAFARI Area Insights and our property valuation and market study tool to benchmark historical transaction records, assess orientation premiums, and evaluate precise comparable data.
Marinas, Dining and Waterfront Lifestyle Along the Promenade
The appeal of Paseo Marítimo is closely connected to Palma’s maritime infrastructure, which caters to private boat owners and the global yachting industry:
- Club de Mar: Completed an €80 million private redevelopment introducing berth facilities for over 70 superyachts up to 170 metres in length, alongside a dedicated 5,000 square metre Superyacht New Build Hub.
- Real Club Náutico de Palma (RCNP): Secured a 20-year concession extension from the APB in June 2026, linked to modernising its facilities and constructing an underground car park at Contramuelle Mollet.
- Marina Moll Vell: Features 26 berths for yachts up to 45 metres and serves as the annual host location for the Palma International Boat Show.
Along the waterfront, dining and venue options have shifted towards refined hospitality. Café El Pesquero on the Lonja pier remains an established waterfront fixture while its 16-year concession renewal (€3 million planned investment) undergoes municipal planning review. At Punta del Gas, the former Anima Beach venue is being transformed into a new Purobeach establishment under a 14-year APB port concession involving a €1.75 million investment.
Nightlife along the avenue has also undergone structural changes. The iconic Tito’s building (which briefly operated as Lío Mallorca in 2023) was acquired by Grupo Sounds and reopened in July 2026 as Fitz Mallorca. Meanwhile, the former Social Club Mallorca (previously El Divino) and its connecting footbridge were expropriated and demolished during the port authority’s remodelling works, creating a quieter, more residential environment along the seafront.
Transport, Cycling Connections and International Schools
Active transport is a core element of the remodelled boulevard. A continuous 3.5-kilometre cycle path now runs the length of Paseo Marítimo, connecting seamlessly to the eastern coastal trail through Portixol, Ciudad Jardín, and Can Pastilla.
Public transit along the corridor is operated by municipal bus line EMT Palma. Check the official EMT Palma Line 1 route and timetable for direct services connecting the Porto Pi corridor, city centre, and surrounding neighborhoods. Additional coverage is provided by lines 30 and N1, while the direct express airport bus (Line A1) links the promenade to Palma de Mallorca Airport (PMI) in 26 to 30 minutes for a €5 fare. By car or taxi, the 8 to 11-kilometre drive to the airport takes between 8 and 15 minutes.
For families relocating to Mallorca, the Ponent district surrounding Paseo Marítimo offers a selection of international schools within easy reach:
- Svenska Skolan (Swedish School): Located on Carrer de la Infanta 15, under 200 metres from the waterfront.
- Lycée Français de Palma: Situated approximately 400 metres inland in the El Terreno neighbourhood.
- Queen’s College: Positioned nearby in the elevated district of Bonanova.
- Bellver International College: Located roughly 3 kilometres west in Marivent.
- Baleares International College: Maintains its primary campus nearby in Sant Agustí.
In addition, golf enthusiasts residing on the promenade have straightforward access to the championship courses at Son Vida, situated just northwest of Palma city centre.
Taxes, Residency and Short-Let Rules for Palma Property Buyers
Acquiring residential property in Mallorca involves regional purchase taxes and regulatory frameworks that buyers must factor into their acquisition strategy.
When purchasing a resale apartment, buyers pay the Balearic Property Transfer Tax (Impuesto sobre Transmisiones Patrimoniales - ITP). According to the Agència Tributària de les Illes Balears (ATIB) ITP tax brackets, the tax is calculated on a progressive scale based on the purchase price:
| Purchase Price Tier | Marginal ITP Rate |
|---|---|
| Up to €400,000 | 8% |
| €400,000.01 to €600,000 | 9% |
| €600,000.01 to €1,000,000 | 10% |
| €1,000,000.01 to €2,000,000 | 12% |
| Over €2,000,000 | 13% |
High-net-worth property owners are also subject to the Balearic Wealth Tax (Impuesto sobre the Patrimonio), which applies progressive rates up to a maximum marginal rate of 3.45%. For detailed guidance on conveyancing procedures, consult our guide to the Spanish property purchase contract and escritura.
Investors considering short-term holiday letting should note that tourist rental licences (ETV) in multi-family apartment buildings are strictly prohibited across Palma. Furthermore, under Decree-Law 4/2025 and subsequent PGOU modifications approved by Palma’s Urban Planning Department, the entire municipality is closed to new tourist licences across all property types. Investors purchasing on Paseo Marítimo focus on long-term residential leases or compliant seasonal contracts requiring a Single Rental Registration Number (NRUA). Learn more in our guide to owning a rental property in Mallorca and Ibiza.
Non-EU buyers should also note that Spain officially abolished the real estate Golden Visa under Organic Law 1/2025 in the Boletín Oficial del Estado (BOE). Real estate investments of €500,000 or more no longer qualify for residency, leading non-EU purchasers to utilise alternative pathways such as the Non-Lucrative Visa or Digital Nomad Visa.
To navigate Palma’s frontline property market effectively, investors, agents, and family offices use CASAFARI Property Sourcing to monitor full market inventory, track historical listing changes, and evaluate real-time pricing data. To access our complete database of Balearic real estate analytics, sign in to the CASAFARI platform.
Frequently asked questions
Can I get a tourist rental licence for an apartment on Paseo Marítimo in Palma?
No, tourist rental licences (ETV) for apartments in multi-family buildings are prohibited in Palma de Mallorca. Furthermore, under Balearic Decree-Law 4/2025 and local municipal planning regulations, no new tourist rental licences are issued anywhere in the municipality across any property type. Investors purchasing on Paseo Marítimo focus on long-term residential lettings or compliant seasonal leases registered under a Single Rental Registration Number (NRUA).
What are the property purchase taxes in Mallorca for resale homes in 2026?
Buyers of resale residential property in Mallorca pay the progressive Balearic Property Transfer Tax (ITP) administered by the ATIB. The tax starts at 8% for the portion up to €400,000, rising to 9% between €400,000.01 and €600,000, 10% between €600,000.01 and €1,000,000, 12% between €1,000,000.01 and €2,000,000, and 13% on any amount exceeding €2,000,000.
Does buying a property over €500,000 in Palma still grant a Spanish Golden Visa?
No, Spain officially abolished residency by real estate investment (the Golden Visa) under Organic Law 1/2025, which came into effect on 3 April 2025. Purchasing property in Palma de Mallorca no longer confers automatic residency rights for non-EU citizens. Buyers planning to reside in Mallorca long-term now apply for alternative immigration options such as the Non-Lucrative Visa or the Digital Nomad Visa.
Which international schools are closest to Paseo Marítimo in Palma?
Several established international schools are located within close proximity of Paseo Marítimo in Palma’s Ponent district. Svenska Skolan (the Swedish School) is situated under 200 metres from the promenade on Carrer de la Infanta, while the Lycée Français de Palma sits roughly 400 metres away in El Terreno. Queen’s College in Bonanova, Bellver International College in Marivent, and Baleares International College in Sant Agustí are all within a short drive.