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Buying property in Spain. All things you need to know

Alicante, situated in the southeastern part of Spain along the Costa Blanca, has become increasingly popular among tourists and property seekers. Boasting a Mediterranean climate, the region enjoys 320 days of sunshine annually and features some of the finest beaches in the country, making it an ideal destination for those in search of a sunny haven. The coastal landscape is diverse, offering vibrant larger towns and tranquil fishing villages, providing a range of experiences. Inland areas showcase stunning scenery, promising a more peaceful way of life. Explore the vibrant coastal life or indulge in the tranquility of inland beauty with by your side. Your Alicante dream home is just a click away!

Buying property in Spain. All things you need to know

Beyond its beautiful beaches and charming towns, Alicante is renowned for its numerous championship golf courses, such as those in Villamartin and Alenda, making it an appealing choice for golf enthusiasts and property buyers alike.

For those considering property investment in Alicante, the Southern Costa Blanca stands out as an excellent option. The region's flat land, due to the proximity of mountains further inland, allows for widespread construction, resulting in a variety of new build properties. Both apartments and villas are popular choices, and the region's affordability serves as a significant attraction for potential buyers.

Navigating through the multitude of towns and villages in Alicante can be challenging for property seekers. Here are some of the most popular areas to explore:

Alicante City: As the regional capital, Alicante city offers a bustling atmosphere with numerous amenities and entertainment options. The city boasts a beautiful marina and castle, and its Old Town features narrow streets and traditional Spanish architecture.

Benidorm: Known for its lively nightlife and high-rise hotels, Benidorm is a popular destination for holidaymakers. However, it also provides affordable apartments and villas, making it an excellent choice for property buyers.

Torrevieja: This coastal town is favored by expats for its relaxed atmosphere and abundance of amenities. Torrevieja offers a range of properties, from beachfront apartments to detached villas with private pools.

Orihuela Costa: Located south of Torrevieja, Orihuela Costa is a sought-after destination for golfers and beach enthusiasts. The area offers a variety of new build properties, including modern apartments and luxury villas.

Regardless of the chosen town or village, purchasing property in Alicante promises to be a wise investment. The combination of stunning scenery, a warm climate, and reasonable prices ensures an excellent quality of life for residents and holidaymakers alike.

Costs of Buying Property in Spain:

When considering a property purchase in Spain, it's essential to account for associated costs. These can vary based on the property's location and type. Buyers should be prepared for the following expenses:

  • Property Transfer Tax: Typically paid by the buyer, this tax is calculated based on the property's purchase price. Rates vary, with existing properties taxed at 6% to 10%, and new properties incurring a 10% VAT.
  • Notary Costs, Title Deed Tax, and Land Registration Fee: These fees, paid by the buyer, pertain to the legal aspects of property acquisition. Notary costs and title deed tax range from 0.1% to 1% of the purchase price, while the land registration fee is usually around 1%.
  • Legal Fees: Hiring a lawyer is advisable, and legal fees can range from 1% to 2% of the purchase price, including VAT.
  • Estate Agent Fees: Typically covered by the seller, these fees can vary from 3% to 5% of the final sale price.

In addition to these costs, buyers should factor in expenses such as property appraisal fees, mortgage fees, and home insurance when budgeting for a property purchase in Spain. The buying process in Spain can differ from other countries, emphasizing the importance of working with local professionals familiar with the Spanish property market.

Finding a Property in Spain:

Several options exist for finding a property in Spain. The internet has facilitated the process, allowing prospective buyers to browse and purchase properties online through various websites catering to different languages and nationalities. While many British buyers prefer real estate websites listing Spanish properties, using Spanish sites can provide a broader range of options suitable for permanent residency.

Popular Spanish real estate websites include:

  • Kyero
  • Servihabitat
  • thinkSPAIN

It's crucial to exercise caution when considering purchasing a property before physically viewing it. While online options abound, viewing a property in person is recommended to gain a comprehensive understanding of the local market, potential property issues, and associated costs.

Working with a reputable real estate agent familiar with the local market can prove invaluable. Agents can offer insights into the local property scene, guide buyers through legal processes, and present properties that align with their criteria and budget.

The Property Buying Process in Spain:

Upon signing the contract of sale, the buyer becomes the legal owner of the property. The notary registers the sale with the Land Registry to ensure the property is free from debts, liens, or encumbrances, protecting the buyer's rights and preventing legal disputes.

The registration process, taking a few weeks, may involve additional fees like transfer tax, notary fees, and land registry fees. Understanding all costs before embarking on the property purchase process is essential.

Given the differences in the Spanish legal system, engaging a reputable lawyer experienced in Spanish property law is advisable. They can guide buyers through the legal process, ensure documentation compliance, and provide advice on legal and tax matters.

In summary, buying property in Spain can be a straightforward process, especially when working with knowledgeable and reputable professionals. With abundant property options and a sunny Mediterranean lifestyle, Spain remains a top choice for property investment abroad.

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