Since 2007 property prices on the Costa del Sol has dropped radically by around 35%-75%. In 2014 the property values reached again the levels from 2004. Which is terrible news for property owners and sellers who bought just before 2007 is a fantastic opportunity for anyone interested in a second home, holiday home or investment in and around Marbella. The market is overloaded from bargain properties reduced up to 75% from its original selling price. You will find real bargain deals from luxury villas and town houses through to beachside apartments, commercial properties and fincas in the countryside.
However, one doubt always stays – Am I safe from future market developments?
Villa Noble is the trusted real estate agency in Marbella for Germans and British since 1996. We have a good insight into the market movements and now more than ever we offer our clients real bargain deals; especially bank repossessions.
We are aware that the international media reported and warned over the years about Spain’s bad reputation for its “property problematic” – the truth is however that you can buy a property on the Costa del Sol safely by carefully and critically following these guidelines:
- Make sure that you are aware of the taxes payable when buying a property in Spain. For newly built properties with first occupancy you have to calculate 10% stamp duty ( for resale’s its 8% ) additionally to 2% for notary and registration fees. Consequently, always be aware that you will have to pay 12% on top of the buying price.
- Be aware that there are many illegal properties in Spain and many more that have very considerable potential liabilities since they have been built in the “boom time” without license. In most cases, the previous developer (or mainly the banks who are the owners due to bankruptcy of the promoters) have requested the licenses belatedly and received all the necessary licenses such as the first occupancy license.
- To make sure that the perfect property doesn’t become a headache we always recommend our clients to check the property through a trustworthy lawyer. This generally implies a fee of 1% of the purchasing price which is definitely worth it. In cases of developments in which we already sold properties to our clients who have carefully investigated the property through a lawyer we normally suggest not to hire a lawyer since we can ensure that everything is legal and no additional charges will show up.
- Apart from the above mentioned points it is important to have a good insight of the area, infrastructure and surrounding of the property. The location of a property is worldwide one of the most important factors to consider when buying a property. In and around Marbella you have the luxury to choose between frontline beach, frontline golf, located on the hills with panoramic views and still close to amenities, views to the fantastic “La Concha” mountain or views to the rock of Gibraltar. There is a big variety in choosing regarding views and location.
If you are interested in more information or buying a property on the Costa del Sol please feel free to contact our dedicated team anytime. We would be glad to welcome you soon to this fantastic place.
Your Villa Noble.