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 Property Spain, Costa del Sol
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Top reasons to buy Costa del Sol Property:
• Malaga is one of Europe’s busiest airports - being extended
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Proven rental returns in one of the most established markets
• Consistent capital growth
• Accessible to the whole of Europe and UK
• Golfer’s paradise, providing year round rental potential
• Stable economic and political climate
• First class hospitals and schools
• Up to eighty per cent loan to value mortgages
• Steady increase in number of visitors |
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COSTA DEL SOL INTRODUCTION:
The Costa del Sol is an old favourite that can still offer value for money. More ex-pats buy here than in the whole of the rest of Spain, and it continues to expand. The population is expected to increase by a further 50% over the next decade, so rental opportunities are good and properties should show solid capital growth.The Costa del Sol has over 100 miles of coastline ringed with high mountain ranges and studded with glamorous international resorts, over 60 golf clubs and 11 marinas. With over 90% of the land still green, the Costa del Sol remains an area of natural beauty, against a backdrop of mountains and forested slopes, punctuated by sandy beaches, world-famous marinas, shopping centers and championship golf-courses.
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SPAIN Country Info:
REGISTER FOR YOUR FREE SPAIN BUYERS GUIDE
Population: 44,108,530
Capital: Madrid
Languages: Spanish, Catalan
Area (km2): 504,782
Currency: Euro (EUR)
Exchange rate: £1=1.45€
Dialing code: +34
Emergency services: 112 |
GETTING TO SPAIN:
The cheapest and quickest way to get to Spain is to fly. The majority of destinations are no more than 2.5 hours away and there are plenty of budget flights available year round to most regional airports. Charter flights can also offer good deals in high season.
Spanish property Buying Process:
•Anyone wishing to buy (or sell) a property in Spain must obtain from the state a fiscal number for foreigners known as NIE (nume ro de identificacion de extranjeros)
•Once a property has been chosen a reservation fee of between 3,000 to 6,000€ is required to take the property off the market
•When a price has been agreed, it is recommended that both parties sign a preliminary agreement which outlines details such as the completion dates
•At this stage a deposit of at least 10% is placed. After this if the buyer pulls out they lose the full deposit, but should the seller decide not to go ahead, he/she must return double the amount of the deposit to the buyer
•If a property is bought off-plan, a larger deposit of around 30% is placed, this payment is sometimes broken into stages, the deposit being paid when construction finishes
•On completion, when all necessary checks have been carried out, both parties sign the escritura(title deeds) in the presence of a notary. The buyer then pays the balance, plus all other fees and taxes. Copies of the deeds are sent to the Land Registry and the tax office
Fees and taxes In Spain
•Taxes and fees usually amount to around 10% of the total purchase price of the property.
•Taxes payable depend on whether the property being purchased is new build or re-sale. Currently, transfer tax of around 7% is applied on re-sales, which includes stamp duty . For new build properties, 7% IVA (VAT) is payable in addition to 1% stamp duty.
•On top of this there is also plus valia(capital gains tax), which is set by the local authorities and depends on the area concerned and the amount of profit being made on the sale. Plusvaliais paid by the seller of the property.
•If the buyer is purchasing land or commercial property rather than residential, VAT is 16% as opposed to 7%. Stamp duty remains the same
•Most Spanish lawyers charge around 1% of the final purchase price, plus VAT, and notary fees tend to be around 0.5% |
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