Buying Spain Property For Sale - What Are the Mechanics
By Dale Campbell
Buying Spain property for sale has always been a popular choice with UK buyers. Spain is a beautiful country but that’s not the only reason making the region popular. A pleasing climatic zone, compatible lifestyle and affordable property options together attract continual attention to the area.
As we spend our hard earned cash on Spanish property, especially in the present credit crunch period, it has become increasingly important to be well apprised of the purchase schema and associated nitty-gritty details associated with buying property. The following information provides pertinent details on the subject, thereby assisting with the purchase options.
The buying purchase process starts by finalising your budget and working out the reason as to why the property is to be purchased. Both these facets will assist with the location and property type decision. Costa del Sol for instance is an accessible winter gateway and destination offering exciting nightlife. Regions like Gran Canaria and La Palma, on the other hand, present a warm climate all year round.
There are many different types of property available for purchase; it all depends on your needs, likes and dislikes. If you want a property that is easy to maintain, needs no DIY, and is easily accessible, then a new build in an apartment block located in one of the big towns or cities could be an option. The quality and size of the apartments range from tiny studio apartments to spacious living quarters as big as a football pitch. An interesting point here is that under Spanish law all owners of apartments are members of the community of owners and therefore must abide by the community’s rules and regulations and pay community fees. Other property options are town houses, properties located in urbanisations, or country properties.
The next step requires selecting an agent and working out the visit itinerary. While checking out the property in Spain options, be very clear on what you are looking for and remember that there are abundant choices. The property should be visited by you and somebody else who specialises in property law. Once the inspection has been completed and you are satisfied with the terms, a deposit needs to be made. The deposit is usually non refundable and thus before paying, be sure of your property choice.
There are various taxes applicable, which if calculated at this stage, will help you to plan accordingly. There is a tax on purchase, registration charges, notary charges, after purchase charges such as local council tax, etc. It is suggested that hereafter, services of an experienced Spanish solicitor are sought. The hired lawyer is expected to assist during the buying process and should not only be clear on the Spanish property law, but must be able to communicate in your language. And make sure that your selected lawyer is not directly or indirectly employed with the vendor or any of the concerned estate agents. Purchasing property for sale in Spain will also require an NIE number. NIE or the foreigners’ identification number can be obtained from a national police station.
Last but not least is the signing, which will officially make you the owner of your selected Spain property. Known as Escritura in Spain, the property contract or deed is signed at the Notary office. In case you cannot be physically present to sign, a Power of Attorney will solve the purpose. Your solicitor plays an important role in the signing as they scrutinise the legal documents to ensure that the property is free of debt and legally owned. Bank guarantees are also to be verified, and then it is time to make the payments and enjoy your property in Spain that you’ve just bought.
Dale Campbell wrote the Article ‘Buying Spain Property for Sale - What are the Mechanics’ and recommends you visit http://www.homesoverseas.co.uk for more information about Spanish property.
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Buying Property in Spain - Red Tape and Other Legal Concerns
By Steven Clarke
When you buy property abroad, it is very important that you familiarize yourself with the particular property laws of that country. For example: some newly developing countries require that you have all funds up front when you purchase a property. There is no contract period in which you can secure financing. You need to have financing in place before you can look at properties. As you can imagine, not knowing this fact ahead of time could cost you.
One of the most popular places where Brits purchase property abroad is in Spain. If you are thinking about purchasing property in Spain, there are a few things you should be aware of. The laws regarding property purchases in Spain are quite different than in the UK. You should be prepared to do a lot of legwork and research on your own. Failure to do so could leave you stuck with a few costly problems.
One of the main differences between buying property in Spain and buying property in the UK is the title or deed search. In the UK, your agent will see to it that a title or deed search is performed on the property. This will inform you if there are any liens on the property or any back taxes owed. In Spain, your agent will not do this for you. It is up to you to research the property and see if there are any debts tied to the property. If you purchase a property with debts attached to it, you will become responsible for those debts at closing.
You will also need to check with the city planning authority to see if there are any future construction plans that involve the property you want to buy or any nearby properties. Under Spanish law, the agent and seller does not have to disclose this information. You could move into a home with a glorious front yard only to learn that an upcoming highway project is going to take some of that yard away from you.
If the property you purchase is in an urban area, there is an unpopular law that could force you to pay for upgraded roads and infrastructure in the area in which you live. It is called the LRAU, and you should understand it fully before you purchase property in Spain.
When you purchase property you should have an inspection and appraisal performed. There are no exceptions to this rule. An inspection will reveal any defects in the property and point out current and future costs for repairs and maintenance. An appraisal with determine a fair value for the property so that you can be sure you’re not getting taken.
When you buy Spanish property or any other type of property, you owe it to yourself to be as informed as you can be. Knowledge will keep you from making costly mistakes that may haunt you for years after the sale is final.
Steven Clarke - Marketing Manager for : spanishpropertyclub.org.uk
Spanish Property Club brings buyers and sellers of properties in Spain together and contains 1000’s of Spanish properties for sale across all the top locations including Costa del Sol, Costa Blanca and Costa Calida.
Article Source: EzineArticles.com
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Steven_Clarke
Five Things to Consider When Buying Property in Spain
By Steven Clarke
Recent housing market crashes all around the globe have turned a lot of people off of the idea of investing in property. Many have sold off all of their investments or are holding onto everything until the market comes around. Some are barely holding on with their teeth. Investors from all walks of life have lost it all. Those who had thought about investing in property before the crash are having second thoughts. In fact, many people are not buying at all even if the property is to become their home.
The scare has only served to put another dent in the already damaged global housing market. In order for the market to turn around, people need to buy. And they will once the economy becomes more stable and they once again put faith in property investments. At that time, property values will skyrocket before they level off.
What does all of this mean? It means that NOW is the time to buy property. In Spain, as in other places of the world, properties are being sold for bargain prices. The market crash has resulted in houses being sold for less than their value. If you can afford to, you should buy property now before prices go up again. The following are also reasons why buying property in Spain is a good idea:
• Selection - The number of houses being sold in Spain has diminished greatly over the past year resulting in a surplus of properties for sale. There are also a lot of foreclosed homes that are now reaching the market. This means that you can have your pick of houses. Sellers are also looking for great ways to lure buyers such as offering upgrades, lowering the asking price and agreeing to all buyers’ terms.
• Price - As touched upon earlier, the price of property in Spain has decreased recently. In today’s market, you can buy more for your money. If you could only afford a flat previously, you might be able to purchase a detached house now. You might also be able to splurge for extras. Or you might be able to purchase property in an area that was way out of your league in years past.
• Allure - The only thing that has changed regarding Spanish property is the price and selection. The old-country allure is still present. Everything that has attracted tens of thousands of Brits to Spain every year can still be found there. It just costs less to purchase a piece of it.
• Income - Holiday properties are a great source of income. You can sublet the property during the months and weeks that you don’t plan to be visiting Spain. The money you make from renting out to other families on holiday could make your mortgage payment. You might even be able to earn a little extra to pay for…a plane ticket to Spain?
Buying property never goes out of style no matter how rocky the market gets. The market will always recover; and when it does, you will feel very smart for investing when prices were so low.
Steven Clarke - Marketing Manager for spanishproperty
club.org.uk
Spanish Property Club brings buyers and sellers of properties in Spain together and contains 1000’s of Spanish properties for sale across all the top locations including Costa del Sol, Costa Blanca and Costa Calida.
C’an Pastilla consists of little more than a narrow main street, with the small parish Church of Sant Antonio de la Playa set among tightly packed side streets which lead down to the very picturesque harbour and the Club Marítimo San Antonio de la Playa marina, which is the home to a number of yachts and other pleasure craft.
Courtesy: amic-hotel-mallorca.com
The town itself is built at the western end of a 2.1/2 mile stretch of beach called “Playa de Palma”, which is joined by a wide promenade to the resort of Arenal in the east. If you don’t fancy the walk between the 2 resorts, a popular Mini Train runs along the promenade which is a convenient way to get around.
For those of you who have never visited the island before, Arenal is very popular with the German 18 to 30’s who are looking for all night clubs and bars, and is certainly not suitable for a family holiday or anyone wishing to get some sleep before dawn. Arenal has over the years continued to expand its influence over this area of Playa de Palma, and we wonder how much longer C’an Pastilla will be able to resist this German invasion.
At present however, C’an Pastilla still retains a very strong British ex-pat flavour, and is most likely to suit those looking for sea, sun, and PG Tipps tea, although, we feel it to be almost inevitable that it will also at some point in the very near future succumb to the sea of neon and the lure of the German Euro.
On a more positive note the beach of Playa de Palma is very popular and shelves gently into the sea. A feature of this stretch of coastline is the 16 or so “Balnearios” which run from C’an Pastilla to Arenal. These small beach huts usually have toilets, showers, and a kiosk selling cold drinks and snacks, and prove to be a useful aid to navigation around the resort. By the end of your holiday, you’ll inevitably be telling others “have you been to the bar in front of Balneario 3″, or “the best place to catch the bus is at Balneario 2″ etc. Regrettably, in recent years the beach at Playa de Palma has had a bit of a problem both from litter and from “Lookie Lookie Men” selling “genuine” designer watches which are almost certainly fake, and may not even be working at all, although in its defence the local council have now recognised these problems, and will hopefully address them.
Courtesy: mallorca-majorca.com
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Economic News
Wednesday October 8, 11:56 AM
EU says told of Spanish banking sector plan
BRUSSELS, Oct 8 (Reuters) - Spain has informed the European Commission of its plan to stabilise the domestic banking system but it is not clear yet if it breaches European Union competition rules, the EU executive said on Wednesday.
Spain said it will raise its guarantee for deposits in banks to 100,000 euros and set up a 30 billion euro fund to buy assets from banks and keep credit flowing to the economy.
‘We were informed of the Spanish plan,’ a spokesman for EU Competition Commissioner Neelie Kroes told a news briefing.
‘The details have not yet been notified to us. At this stage it’s not possible to say if state aid is involved or not or if it is legal or not,’ spokesman Jonathan Todd said.
(Reporting by Huw Jones, editing by Paul Taylor)
Courtesy: Spanish Property for Sale | Reuters | propertyshowrooms.com
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Alicante looking for wheely big boost
Article Date : Friday, October 24, 2008
A London Eye-style big wheel has been proposed for Alicante in a bid to bolster the city’s image, something that could interest those thinking of investing in Spanish property.
The Alicante Hostelry Association has said the attraction should be placed in the port area, creating a new sea-facing landmark before the next Volvo Ocean Race, reports Typically Spanish.
In addition to this, Association president Jose Izquierdo has backed the city mayor’s idea of having more events for children by the port, as well as calling for more cruise liners to dock in Alicante.
Those thinking of investing in the area may also be interested to note that recent figures for passenger numbers have shown Alicante to be the fifth busiest airport in Spain.
Data from the airport operator Aena has shown that Alicante’s numbers in July, August and September were all up on the same months in 2007.
The Spanish Property Market in the Eye of the Storm - Again!
By John Hill
The Spanish property market has been in the eye of the storm on many occasions, both for good and bad reasons. Recently, it was because of a sharp fall in the value of Astroc Mediterraneo, and subsequently other Spanish real estate companies, on the Madrid stock exchange.
The British press went to town with its typically sensationalist coverage of the Spanish stock market’s “Black Tuesday”, announcing a Spanish property market crash and warning readers of the huge losses facing British investors. It failed to point out, however, that the actual property market in Spain had not suffered any consequences!
Attention-seeking headlines of this kind need to be balanced with the relevant facts and a clear understanding of how those facts impact the underlying value of Spanish property. It was, in-fact, the speculative phenomenon of the Spanish stock market that got a slap in the face, leaving the Spanish construction sector and Spanish house prices untouched.
The British press failed to point out, for example, that the shares in Astroc Mediterraneo, which fell so sharply, and initiated the story in the first place, rose more than 1000% last year alone, and that even after the fall, were still up over 100% on their value this time last year - a great annual return by any measure. To conclude that a stock market correction was well overdue might have been a more rational explanation. A sceptic might attribute the chosen headline to its more positive impact on newspaper sales!
The reality is that house prices primarily reflect the supply and demand for houses. Although demand for Spanish property has seen a marked decline during the last year or so, compared to their earlier boom levels, due primarily to rising interest rates across Europe, evidence is now appearing to suggest that supply is also being cut back, as Spanish developers channel resources and efforts into new markets, such as Poland and Romania. Indeed, the stock market scare is itself likely to result in a further supply cutback.
If you are considering the purchase of a Spanish property and are concerned about the recent headlines, it is recommended that you mitigate any potential risk by considering the following options, instead of the more popular off-plan purchase that became so popular during those boom times:
1. Consider the purchase of a key-ready or soon-to-be-ready property. Some developers now have properties in these categories. It is no longer necessary to wait two years or more for your Spanish property.
2. Consider re-sale properties (properties purchased off-plan some time ago by investors but now being sold on prior to completion). The drawback of re-sales has been mitigated by the recent market changes.
3. If you’re an investor, concerned primarily with your return on capital employed, you should look for distressed sales (people who purchased off-plan some time ago and who cannot complete the purchase now that the property is almost finished). You should expect a significant discount to current market value, but you will need to act very quickly.
Kingdom-Homes offer Golf property for sale in Murcia, a genuinely unspoilt region of Spain. Kingdom-Homes is firmly committed to the highest ethical standards, providing a totally honest and transparent service, putting their clients Golf property requirements and interests before their own commissions
Ideal Time For an Investment in Spanish Property
By Mahendra Dey
Spain offers a warm climate all year round, with plenty of outdoor activities to indulge in, such as the beaches, 26 golf courses, rambling, skiing, water-sports, breathtaking countryside, and attractive Spanish culture.
Property prices in Spain being much lower than in their home countries, people are ready to afford a holiday or second home, or are seeking to relocate to the country on retirement. The Spanish property market continues to be at the top of the list for investment and holiday homes.
About Spanish property market
Spain offers a wide range of properties from city apartments in Seville to luxury villas in Costa Blanca and stone farm houses in Galicia. Spanish property also offers investors great “Buy to Let” opportunities in an already established market.
With about 2.8million foreign residents in Spain, apart from growing tourism figures, Spain is a top destination for foreign property investment. According to Spanish Ministry of Tourism, more than one million foreigners are likely to buy homes on Spanish coast in the next six years, and this figure is likely to triple by 2025.
Off-plan purchases are a popular investment option in the Spanish realty market, due to vast profits associated with off-plan investments.
Spain offers a large flourishing rental market, with good rental potential, achieving excellent returns. Spain is a top choice for tourists enjoying a variety of accommodations, such as private villas and apartments. The property can be rented out for six months of the year to cover costs and can be used on one’s own free of charge for rest of the year. There is an increasing tendency seen among youngsters below 30s to buy a property in Spain.
The Costa Blanca and The Costa del Sol are the prime investment areas, and the most popular tourist spots too.
Spanish property investment has been quite popular among investors for a long time now, and continues to be the favorite, particularly for UK investors due to numerous low budget airlines connecting UK and Spain. Most investors buy properties in Spain seeking a secure rental income from their investment, as Spain is a safe option for rental yields, with reliable tourist industry having proved it several times.
Current Property trends in Spain
The Spanish property market is cooling off and it is yet to be determined whether it is a bubble ready to burst or if it will continue with its positive and milder increases.
Although in some aspects Spanish property market is deteriorating with transactions dropping by more than 40 percent this February, as against February 2007, in major regions such as Catalonia, the construction works are proceeding normally, with property continuing to be the best form of investment. Despite the fact that newly built properties are having a better resale values, developers are facing a terrible time with sales down by 60 percent since September 2007, with unsold properties and a growing stock. But, that is only a vague overview of a complex situation with several other exceptions.
Spain has a stable and mature property market, with prices of properties having increased by 48 percent during past three years. However, an increase in price has been predicted in near future, in both popular coastal resorts and in inland regions, according to experts.
Property experts suggest that this is the ideal time for an investment in Spanish property, as the interest rates are low, and the economy is strong, and there is huge demand for rental accommodation, which is further fuelled by revolution of internet bookings.
Latest real estate news and trends in Spanish property market and Brazil real estate.
Fiestas in Spain - Squashed Tomatoes and Jumping Devils
By Alan Liptrot
Fiestas take place throughout the year in various parts of Spain. The ones in small villages are certainly worth a visit, but if you want to experience something truly spectacular, try one of these;
SEMANA SANTA
Easter week in Spain is something to behold. Processions take place every day across the country, culminating with ‘the big one’ on Good Friday, when members of the various brotherhoods carry huge floats through the streets until the early hours of the morning. The most impressive ones are to be found in Cordoba, Granada, Malaga and Seville.
THE RUNNING OF THE BULLS
Known locally as San Fermin, the patron saint of Pamplona, this week long celebration begins on July 7th. Each morning the runners gather at 8am at the start of the route named ‘Cuesta de Santo Domingo’ and through song, ask San Fermin to protect them during the Bull Run. A rocket signals the release of the first bull, followed by another one when the last bull has left the corral and entered the streets of Pamplona. A third rocket tells us that the bulls have reached the ‘Plaza de Toros and a fourth indicates that the bulls are in their pens and the run is over.
LA TOMATINA
Surely the craziest fiesta on the planet. On the last Wednesday of each August in Bunol near Valencia, thirty thousand visitors join the nine thousand residents for a food fight, or to be more precise, a squashed tomato fight. The event begins when someone has successfully retrieved a ham from atop a large greasy pole. More than one hundred thousand tomatoes are thrown in just over one hour. Those taking part in the event are advised to wear safety goggles. The fiesta was banned under Franco but returned during the 70’s after his death. Don’t forget to take a change of clothes.
CHRISTMAS AND NEW YEAR
For the Spanish, Christmas is a time to be spent with the family. New Year’s Eve however is celebrated across Spain with huge parties organised by the various town councils. At midnight, a grape eaten with each stroke of the clock will bring good luck for the coming year. After that you can enjoy music and dancing until the early hours of the morning.
THE FALLAS FESTIVAL
Valencia hosts the Fallas Festival in mid March. This week long extravaganza of bonfires and fireworks is quite possibly one of the loudest in Spain and that’s saying a lot. Over two million tourists make their way to the city to watch the giant papier-mache Fallas, which are made in the image of famous people and characters from all walks of life, burnt at the end of the festivities, whilst worried fire-fighters stand by. The figures, which are made during the previous twelve months, are displayed in the city during the week, before they are burned amid a frenzy of noise and heat.
THE BABY JUMPING FESTIVAL
Yes, you read that properly. The El Colacho baby jumping festival takes place in Castrillo de Murcia in the foothills of the Cantabrian Mountains every May. All newborns from the previous twelve months are eligible to be leapt over by a man dressed as the Devil, and consequently purged of evil. If you get to the town during the week before the Baby Jumping, you may have the dubious pleasure of being terrorised by one of the two individuals who go around with their truncheons and whips at ready. Then on the Sunday, the babies are laid out on the ground ready for the Devil, who has been hiding in the church, to leap forth and hurdle the infants before disappearing into the distance.
Hopefully, this will have whetted your appetite for a visit to a Spanish fiesta. Whether you opt for a large fiesta or the more intimate village celebration, the common denominator is fun. This is just a small sample of the fiestas that take place around Spain. It’s up to you; do you fancy being chased by a bull, being pelted by a soggy tomato or seeing the Devil himself leaping over innocent babies. You must admit, there’s quite a choice, and every one promises be a memorable experience. Buen Viaje! and hasta pronto.
The Author is the founder of yourholidayrentals.com providing worldwide holiday accommodation The original article, along with other interesting articles can be found at yourholidayrentals.com/inspiration/
