Buying property in Spain. All things you need to know
Alicante, nestled in the Southeast of Spain on the renowned Costa Blanca, has become an increasingly popular destination for tourists and property buyers alike. Boasting 320 days of sunshine annually, along with some of the nation's finest beaches, Alicante is a dream locale for those in search of a sun-soaked paradise - as stated in the happylife.es guide. The region's diverse coastline offers vibrant larger towns and tranquil fishing villages, providing both lively and traditional experiences. Inland, the stunning scenery and serene way of life make Alicante an enticing prospect for property seekers. One of the significant draws to Alicante, aside from its picturesque landscapes, is the abundance of championship golf courses. From Villamartin to Alenda, the options for golf enthusiasts are plentiful, contributing to Alicante's allure as an attractive destination for property buyers.
For those considering property investments in Alicante, the Southern Costa Blanca emerges as an excellent choice. The abundance of flat land due to the mountains being further from the shore makes new build properties widely available. The region's affordability is a key factor enticing property buyers, with both apartments and villas being popular options.
However, with numerous towns and villages to explore, deciding where to start the property search in Alicante can be overwhelming. Some of the most sought-after areas include:
- Alicante City: The regional capital offers a bustling atmosphere with an array of amenities and entertainment options. Home to a beautiful marina, a historic castle, and a charming Old Town with traditional Spanish architecture, Alicante City has a lot to offer.
- Benidorm: Known for its lively nightlife and high-rise hotels, Benidorm caters to both holidaymakers and property buyers. Affordable apartments and villas make it a versatile choice.
- Torrevieja: With a relaxed atmosphere and ample amenities, Torrevieja is a favorite among expats. The town offers a range of properties, from beachfront apartments to detached villas with private pools.
- Orihuela Costa: South of Torrevieja, Orihuela Costa is a hotspot for golfers and beach enthusiasts. The area features numerous new build properties, including modern apartments and luxury villas.
Costs of Buying Property in Spain:
When venturing into property ownership in Spain, it's crucial to consider associated costs:
- Property Transfer Tax: Typically paid by the buyer, this tax varies based on property location and type.
- Notary Costs, Title Deed Tax, and Land Registration Fee: Related to the legal process, these fees are usually borne by the buyer.
- Legal Fees: It's advisable to hire a lawyer, with fees ranging from 1% to 2% of the purchase price.
- Estate Agent Fees: Typically paid by the seller, ranging from 3% to 5% of the final sale price.
Additional expenses include property appraisal fees, mortgage fees, and home insurance, emphasizing the importance of budgeting comprehensively.
Finding a Property in Spain:
The internet has revolutionized property searches, with various websites catering to diverse preferences. Popular Spanish real estate websites include idealista.com, Kyero, Servihabitat, and thinkSPAIN. While online browsing is convenient, viewing properties in person before purchase is recommended to make informed decisions.
The Process of Buying Property in Spain:
Upon signing the contract of sale, the buyer becomes the legal owner. The notary registers the sale with the Land Registry, ensuring the property is free from debts or encumbrances. Buyers may need to pay additional fees during this period, emphasizing the importance of understanding all costs involved. Given the nuances of the Spanish legal system, working with a reputable lawyer is advisable.
In conclusion, buying property in Alicante, Spain, offers a potentially wise investment. With its stunning landscapes, warm climate, and affordability, Alicante promises an excellent quality of life for residents and holidaymakers alike. The process, while requiring attention to detail, can be straightforward with the guidance of knowledgeable professionals.