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Attractive investment property (residential & commercial building) with building permit Property description: Investment property: it is located in one of the most central locations in Palma and is being sold with an approved project. It is a typical apartment building with 5 floors to renovate. The project provides for 4 floors and it has already been approved. A total of 4 apartments (1 per floor with a French balcony) and 1 commercial premises will be built on the ground floor. Each apartment will have a usable area of approx. 68 sqm2, of which around 48 sqm is pure living space. The commercial premises will have a retail area of 38 sqm and a usable area of approx. 70 sqm. An elevator in the stairwell has also been approved and offers additional comfort. The old town of Palma is one of the most sought-after areas for real estate investments. In recent years, many houses have been renovated and converted into luxury apartments. Living in Palma de Mallorca Palma de Mallorca, the capital of the Balearic island of Mallorca, is a popular place to live, attracting people with its Mediterranean flair, high quality of life and a lively mix of tradition and modernity. The city offers a variety of housing options, ranging from urban living in the old town to exclusive villas in the suburbs. Residential areas in Palma 1. Old Town Here you will find narrow streets, historic buildings and apartments with lots of charm. The old town attracts artists, expats and locals who appreciate the special character of the district. Life here is lively, with a variety of restaurants, boutiques and cultural offerings. 2. Santa Catalina: A trendy district known for its market hall, bars and international atmosphere. Santa Catalina attracts young people and expats looking for a modern and cosmopolitan environment. 3. Portixol and Molinar: These districts are located right by the sea and offer a quiet but luxurious living environment. Former fishing quarters have been modernized in recent years and offer stylish apartments as well as charming little houses. 4. Son Vida: One of the most exclusive residential areas of Palma, known for villas with views of the city and the Bay of Palma as well as golf courses. This area appeals primarily to wealthy residents. Quality of life Palma offers an excellent infrastructure with international schools, a well-developed health system and a variety of leisure options. The proximity to the sea, numerous parks and a mild climate make life in Palma particularly attractive. The gastronomy and cultural offerings are diverse: from tapas bars and Michelin-starred restaurants to museums and concerts, there is a lot on offer. At the same time, Palma has a relaxed atmosphere that is typical of the Mediterranean. Costs and challenges Demand for real estate in Palma is high, which has caused rental and purchase prices to rise sharply in recent years. Apartments are often expensive, especially in central and popular locations such as Santa Catalina or Portixol. Holiday rentals have also influenced the housing market, which can make finding long-term housing more difficult. Living in Palma de Mallorca offers a unique mix of urban life, Mediterranean charm and a high quality of life. The city is ideal for people who want to combine culture, nature and a relaxed lifestyle. However, you should be prepared for high living costs, especially when choosing where to live.