Everything You Need to Know About Buying Property in Spain

Alicante, situated in the Southeast of Spain along the Costa Blanca, has become increasingly popular among tourists and property buyers alike and this information is in the happylife.es travel guige. With its Mediterranean climate offering 320 days of sunshine annually and some of Spain's finest beaches, Alicante is a coveted destination for those seeking a sunny retreat. The region's coastline is diverse, featuring bustling towns and serene fishing villages, each offering its own unique charm.

Buying property in Spain. All things you need to know

Aside from its coastal allure, Alicante is renowned for its championship golf courses, making it a haven for golf enthusiasts. From Villamartin to Alenda, there's no shortage of options for those passionate about the sport, further adding to Alicante's appeal for property buyers.

For individuals considering property investment in Alicante, the Southern Costa Blanca presents an attractive option. With more flat land available for development due to its mountainous terrain set further inland, the region boasts a plethora of new build properties. Apartments and villas are popular choices, and the affordability of the area has significantly contributed to its attractiveness to buyers.

However, with numerous towns and villages to explore, navigating the property market in Alicante can be daunting. Here are some of the most sought-after areas to consider:

  • Alicante City: The capital of the region, Alicante city offers a vibrant ambiance with a myriad of amenities and entertainment options. Its beautiful marina and castle, along with the charming Old Town, add to its allure.
  • Benidorm: Known for its lively nightlife and towering hotels, Benidorm is not just a tourist hotspot but also offers affordable property options, making it an appealing choice for buyers.
  • Torrevieja: A coastal town popular among expats for its laid-back atmosphere and abundance of amenities, Torrevieja offers a range of properties, from beachfront apartments to detached villas.
  • Orihuela Costa: South of Torrevieja, Orihuela Costa is a haven for golfers and beach enthusiasts, boasting modern apartments and luxury villas, particularly appealing to those seeking new build properties.

When it comes to the costs associated with buying property in Spain, buyers should consider various expenses:

  • Property Transfer Tax: Typically paid by the buyer, this tax varies based on the property's location and whether it's new or existing. Rates can range from 6% to 10% for existing properties and usually a 10% VAT for new properties.
  • Notary Costs, Title Deed Tax, and Land Registration Fee: These fees, related to the legal process of purchasing property, typically range from 0.1% to 1% of the purchase price for notary costs and title deed tax, while the land registration fee is usually around 1% of the purchase price.
  • Legal Fees: Hiring a lawyer to navigate the legal aspects of the purchase is advisable, with fees ranging from 1% to 2% of the purchase price, including VAT.
  • Estate Agent Fees: Typically paid by the seller, these fees range from 3% to 5% of the final sale price.

In addition to these costs, buyers should budget for property appraisal fees, mortgage fees, and home insurance. Working with a reputable real estate agent or lawyer familiar with the Spanish property market is essential to ensure a smooth transaction.

When searching for a property in Spain, utilizing real estate websites like idealista.com, Kyero, Servihabitat, and thinkSPAIN can provide a wealth of options. However, it's crucial to view properties in person before making a purchase to fully understand the local market and potential issues.

Once a contract of sale is signed, the buyer becomes the legal owner of the property, with the notary registering the sale with the Land Registry to protect the buyer's rights. While the process may differ from other countries, working with experienced professionals can streamline the process and ensure a stress-free experience.

In conclusion, buying property in Alicante, Spain, offers a blend of affordability, natural beauty, and a Mediterranean lifestyle, making it a desirable destination for property investment. With careful planning and guidance from experts, purchasing property in Alicante can be a rewarding endeavor, providing a gateway to sunny days and tranquil living by the coast.