The Spanish Property Market 2012 And Beyond
A brief description of the Spanish property market today, in 2012 and beyond. Over the last few years property prices have fallen by as much as 75% so fantastic bargains are to be had if you have the cash to hand and are ready to buy. Spanish property even today remains highly attractive to many non-resident, propsective buyers primarily because there are a lot of genuing bargain properties on offer throughout the areas popular amongst foreign buyers.
The Variety Spain Has To Offer
Spain offers a wide variety of scenery from mountains and lakes to beaches, rolling planes and vineyards. In fact, the scenery in Spain is so diverse that travelers often feel like they are driving through several countries when they take a journey from the North to the South of this exquisite country. This variety means that most people looking for an overseas property can easily find something that appeals to their tastes.
Most buyers who are looking for Spanish property for sale are interested in the Mediterranean coastal properties. These costal strips or Costas have been one of Europe's most popular vacation destinations for years, and many people who want a second home decide to buy here. Purchasers who are looking for something a little different can select small retreats or spacious villas near the craggy shores of Galicia or they can opt for country houses, fincas, village or town houses and little known but delightful cave houses, which can all be found in Southern Spain.
What Will Your Property Cost.
One thing that foreign investors outside of the Eurozone should keep in mind is the volatility of Euros. Investors should keep in mind that their purchase price may increase or decrease by as much as several percent between the time they agree to the purchase and the time that they actually pay for their purchase.
Most investors will have to pay an estate agent's fee when they purchase their property. In Spain there is no legislation covering what this fee should be and the commission can rang from as little as 3% to 25% or more of the purchase price. Most properties advertised by realestate agents include the agents commissions but before you spend any time searching an agent's properties make sure this is the case. Investors will also have to pay a transfer tax. This tax on land and property is now 8% of the declared price which can be lower than the purchase price and is paid to the Spanish Tax authorities within 30 days of the purchase. Finally, investors should consider the cost of notary fees, property registration fees, mortgage fees and their lawyer fees (never, ever purchase without using the services of a suitably experienced independent lawyer). These fees can add a significant amount to the purchase price and buyers should allow 10% of the purchase price (including the agents fee) to cover these costs. Despite this investors will find Spanish property is still a fantastic bargain in today's market. Buying A Property In Spain Is A Lifestyle.
When looking for Spanish property bargains, buyers should keep a few other factors in mind. If the new owner is only going to use their property for holidays, they may want to talk to a property management company. A property management company can help rent out their property when they are not using it. This is a great way to offset the costs of owning a property in Spain. If you are considering buying a property and permanently relocating to Spain, you should research, unless you have some other form of income, whether or not you can find work in the area of Spain in which you are interested. If you are from a country in the EEC (European Economic Community), you can live and work in Spain without getting any special visas. However, you may struggle to find work if you do not speak Spanish fluently. People from countries outside of the EEC should see if they are allowed to hold employment in Spain. People who specialize in certain occupations may find it easier to get a visa to work in Spain but with today's unemployment situation it is becoming much harder. Similarly, people who are willing to invest a significant amount of money into the Spanish economy may find it easier to get a visa. To discover if you can live and work in Spain, you should contact the Spanish consulate in your area.
If you are ready to live in a beautiful country or if you simply want to buy a holiday home, you should consider buying in Spain. Spanish property bargains are plentiful, and the country offers a huge amount of opportunity and diversity. Buying Spanish property is both rewarding and practical, and it is a decision you will never regret.
