Purchasing a property: Why the Costa Blanca?
What does a Spanish property have to offer?
The Mediterranean coast of Spain has been called the California of Europe, with it's plentiful sunshine, open beaches and boulevards, and friendly welcoming people.
Property appreciation over the last 50 years has been amongst the fastest in the world, but after the current recession Costa Blanca property prices have returned to a more reasonable level, while the region retains the same plentiful, well priced restaurants, reliable and fairly priced local tradesmen, a relaxed lifestyle, and all the services you would expect in a modern European country that sets out to enjoy life.
The Spain of the new millenium also has un-congested roads (many new), broadband internet installed on demand, complete mobile phone coverage, international airports, perfect beaches and every modern convenience you could wish for at good prices and with friendly low cost service. Land titles are now guaranteed by property registries in each town, with a streamlined system of buying Costa Blanca property through local notary offices.
Why the Costa Blanca?
Like any big country, Spain has different regions, climates and even languages, that make for wonderful tourism. It has major cities like Madrid or Barcelona, Pyrenean villages with fine skiing or the miles of empty beaches bordering the Mediterranean on the northern Costa Blanca.
Calpe is a lively international town beside the sea, in the centre of the northern Costa Blanca and with easy access to the other Costa Blanca towns, Alicante and Valencia, Alicante airport ( 80 km by motorway ) and to the unspoilt mountainous interior only a short drive away.
From the investment point of view, more people from northern Europe decide every year to take up residence on the Mediterranean giving a regular demand for Costa Blanca villas and apartments. And of course the residents of Madrid have always known about the Costa Blanca and traditionally buy beachfront apartments to enjoy the cooler summer sea breezes.
Buying Property on the Costa Blanca
Note: It's not necessary to be resident in Spain to purchase a Spanish property and no special documents are required. The basics are an NIE number (foreign residents tax identification number) and a Spanish bank account, both of which the agency arrange.
The purchase costs of a resale property are about an additional 11% of the purchase price, comprising:
- transfer tax,
- - notary and property registry fees,
- transfer of utility contracts
- setting up standing order payments on the owner's new account.
The agency takes responsibility for this process.
Security of Title for your Costa Blanca Property
The notary is a special class of lawyer who is also a representative of the Spanish government. He/she reads and witnesses the signing of the title deed. They check the identities of the buyers and sellers, inform the buyers if there are any debts on the property and check that payment has been made. Only then, with full agreement will both parties sign the Deed of Sale (Escritura de Compraventa). Complete payment is made on signature with a lawyer or A.P.I. agent having already have duplicated the notary's checks to ensure that the property is free of debts.
Finding a Costa Blanca Villa or Apartment
The budget will cover the cost of the property plus the purchase costs of about 11% to give an all inclusive price. A mortgage will need a part of the purchase price to be covered from private funds (now usually 40% of the purchase price for non-residents) with the ability to comfortably meet the monthly payments.
There are Costa Blanca properties to suit every taste and budget, but they all share the wonderful climate and offer a fine outdoor lifestyle. Good advice would be to check a website like www.inmocostablanca.com prior to arriving in Spain to make a list of possible suitable properties prior to arrival and to make the best use of viewing time.