A Place in the Sun: Couple say they’ve decided on property
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Sales of homes this year have soared to levels not seen since 2019, according to leading Spanish property builder, Taylor Wimpey Espana. The sudden spike in figures has prompted the company to praise the demand.
Marc Pritchard, Sales and Marketing Director at Taylor Wimpey Espana, said: “Confidence has been returning to the Spanish second homes market for several months and it’s great to see that British buyers have now regained the appetite that they had for Spanish property before the pandemic.”
Compared to the same period in 2020, when the property market was severely impacted by the pandemic, sales of Spanish homes to British buyers have increased by 56 percent.
Expressing his optimism for the coming months, Mr Pritchard said: “This year is shaping up to be a good one for Spain’s second homes market – our projections for August and September are looking very positive.
“Buyers want sunshine, fresh air and beautiful beaches to balance out the stresses of the past year.”
The Costa del Sol in Southern Spain, which is known for its stunning coastline and micro-climate – guaranteeing a warm summer and mild winter – has proven an especially popular choice among British property buyers.
According to Taylor Wimpey Espana, some buyers have opted for second homes, which offer panoramic views of golf courses in the Costa del Sol, penthouses with unrivalled sea views, and properties in Marbella.
Mallorca in the Balearic Islands has proved the second most popular location for buying property, with penthouses and apartments, which come with private gardens, attracting interest from home buyers.
In the town of Ses Salines, a range of properties including duplex, apartments and penthouses, were all snapped up off-plan, Taylor Wimpey Espana said.
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Property: The vital checks you should make before buying a home
Costa Blanca in the Alicante province has been ranked as the third most popular destination for British buyers to purchase property, with apartments within walking distance of the beach priced from €185,000.
According to Expatica, a website which offers advice to expatriates, despite the impact of Covid-19, official figures indicate that average property prices are growing gradually with sales rising by 2.1 percent year-on-year, and new-builds increasing by 4.2 percent.
Buying property in Spain
While there are many positive aspects of purchasing a property in Spain, Expatica has stressed the importance of researching before buying.
Once sufficient research has been carried out, buyers must first obtain a financial number – a NIE number which is required by all foreigners involving tax or legal processes – from a local police station in Spain.
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A Golden Visa program is available for foreign property owners who intend to invest more than £500,000 in the Spanish property market.
The scheme, which launched in 2013, is often used by retired property buyers and those purchasing holiday homes.
The cost involved in buying a home in Spain can vary across the country, with the rates often negotiable. While there are no fixed-fees for estate agents or lawyers, buyers can expect to pay other costs including property transfer tax, notary costs, title deed tax, land registration fee and legal fees.
Financing a home
While some overseas buyers may purchase a property through a cash buy, mortgages from Spanish and international banks will lend money to foreign buyers, with other deals available for some expatriates. Overseas buyers, however, are offered a smaller mortgage – or loan to value (LTV), meaning a larger deposit is often required.
Any debts attached to a property in Spain is passed on to the new owner of the property when it is sold, so it is crucial that all vital checks are conducted.
Offering some useful tips to prospective property overseas buyers, Marc Pritchard from Taylor Wimpey Espana, said: “Buying a property in Spain doesn’t need to be a stressful or risky experience. Always buy with a developer with a long-established reputation and a focus on providing outstanding customer care.
“And never sign anything if you feel pressured in any way – no reputable company will make you commit to a purchase before you are ready.
“It’s also important to use an experienced, dual language property lawyer – one who has your interests at heart, rather than those of the company you’re buying from.”
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