There are no restrictions on the acquisition of real estate by EU nationals. The Spanish Constitution guarantees the protection of property. EU citizens in Spain enjoy the same rights as Spanish citizens.
Regions and prices
If the purchase of property by foreigners in Spain has been mentioned, it is usually around six of the 17 regions of the Kingdom: the Balearic Islands, Catalonia, Valencia, Murcia, Andalusia and the Canary Islands. The island of Mallorca and the Costa del Sol in Andalusia are the most popular (and most expensive) vacation property regions. A nice house with pool in a good location, there are at prices ranging from 500,000 two-bedroom apartments, with prices starting at 200,000 euros.
And also very popular areas of Costa Blanca (Alicante) prices of comparable properties are 20 percent lower. The new apartments are available at prices starting at 140,000 euros. The “explosion of the” real estate bubble “has a broad face significant reductions in house prices in the newcomers areas Murcia are with their many new stations and two areas of Andalusia Costa de la Luz, in the Atlantic ocean and the province of Almeria. That option to be considered is Expert Real Estate on the Costa del Sol.
What you have to consider when you buy a property in Spain
When buying a property in Spain you need to plan for additional tax expenses. Nicole’s lawyer Herpich of Madrid says that what has been observed value added tax (VAT) will be charged if the seller of the property is a legal person; ie VAT fall when the initial acquisition (new building) occurs.
It should be noted that there are different rates for apartments (ten percent), housing (ten percent), commercial real estate (21 percent) and garages (21 percent). Moreover, it should be noted that the tax rate in the Canary Islands, called IGIC (IGIC) is 4.5 percent and thus differs from the tax rate on the continent.
Wherever the seller and the buyer to individuals so that falling property tax transfer (transfer tax) which – depending on which autonomous region is the property moves between seven and ten percent .
This tax is incompatible with the VAT and the corresponding tax in the Canary Islands (IGIC) Besides the VAT is also the Transfer Tax (stamp duty, stamp duty) to pay the amount of movement between 0.5 and 1, 5 percent – depending on which autonomous region the property is located.
The tax is paid to the respective region. It should be noted that the rules are updated frequently.
One example is the law on protection measures against tax fraud (Law 36/2006 of 29.11.2006), have been modified by the legal rules with the aim of Spanish tax identification number (NIF Tax Identification Number) and means payment of the purchase price is used to keep the public document. When are recorded in the property by deed of purchase, transfer, modification, or termination charge of property or other real rights on which the notary appearing are required to show that their Spanish tax identification number. Marbella real estate market: the good signs of success in the area
The numbers should be written in the document. If you do not, so it is a reason to refuse registration of the sales contract in the register of the property. And now it prescribed in the public accurately document should be introduced by any means of the purchase price is paid in order to avoid cases of money laundering. If the property is your property that may annual tax return, which is submitted to the Spanish tax agency is not to be forgotten. A distinction is made in each individual case whether limited or unlimited tax liability applies. For more information contact Ignacio Acosta Sorge.
Without But the buyer of the residence must have more than 183 days a year in Spain, which is tax liability for the application, so their worldwide income and assets in Spain are taxed. It is in legal terms and the double taxation agreement between Spain and the nation buyer, observed. With respect to the legal and fiscal aspects of property to buy one in each case it is always consultancy necessary so you should consult a lawyer.
Glossary: the main terms of Spanish property
10 Golden Rules when buying property in Spain
1. Have the property of their contracting party, showing its deed of sale (Deed of Sale) registration with the note from the land registry (Land Registry tests) or “fresh” from a script. This also includes the cadastral reference (cadastral reference.)
2. Before organizing something in writing or orally (including verbal contracts may be valid under Spanish law), ensure that the object intended, in particular regarding:
If the owner is entitled to have one or required for the validity of consent of the spouse? If the seller is not the owner, the authorization must be examined.
Quality of land
Municipal Development Plans
Existence of rental agreements and leases with respect to property
Tax liabilities for which the property is responsible. So if the property tax (including documents for payment of IBI – Property tax) are presented in the last five years. This way you learn at the same time the amount of property tax expected effective.
Waste delivery, unless the object of this Condominium Act (certificate HOA)
Review of the plot and limits
Buying property with home, you should make a point that the house is registered in the land registry and ensured by the presentation of the latest water bills and electricity or livability, there will be no problem with supply water and electricity.
3. Adhesion contracts may be easy to fill, but promised usually only good for contractors who designed the form. Balanced individual contracts originate however often a headache. The existence of individual agreements can affect the mood is true in contract negotiations, changed, but especially also decide the outcome.
4. That even seemingly trivial representations and evident axioms written confirmation of your contractor. always organized in the contract, that the law should apply.
5. Think about the asset positions always the motto: “Trust is good, control is better.” What guarantees are offered, so that what is promised and agreed contractual if necessary also in court can be enforced?
6. Insist as a buyer in the rapid conclusion of a purchase agreement (Deed of Sale) and its entry as owner in the land registry, even if a deferred payment agree.
7. If a construction not finished yet purchased object of the construction in installments, then the seller of the test will be on insurance payment or bank guarantee is completed.
8. When plots is to ensure that they have the quality of the land and the minimum size for further development meet
9. Ask about the problems associated with the acquisition of real estate taxes and costs. general guide, one can say that the cost is about buying real estate (notary, land registry and solicitor or Gestoría) of approximately 3 to 4% of notarial purchase.
Book transfer tax (depending on autonomy between 7% and 10%) and VAT (10% and 21% in commercial real estate) – This amount is then still as appropriate. In this respect, it is recalled that vendors often increase the tax on land value (Goodwill) pass to buyer contract. You should also check the buyer, a non-resident in Spain seller before full payment, withholding tax if the amount of 3% (the so-called retention is doing) or not.
10. Even in apparently simple cases, it is for a foreign advisable to consult an expert advisor before signing the contract. Its cost is only a fraction of the damage that can be caused by a dishonest contractor or a defective contract.
If you consider an ideal choice certainly is in Marbella and its beautiful properties
A property for sale is an art. The property market in Marbella has always been quite competitive in relief, and many owners without the knowledge of the local market should seek professional help to find the way to proceed in a realistic way. If you want to know about the properties in Marbella available in the market.
The real estate market in a world characterized by the area of tourism as Marbella has always been very competitive, but considering the difficult market conditions prevailing at the time, he is in an even greater degree. With this small article we would like to share some of the most important things in connection with the sale of goods we have in the course of the 40 years that we operate as a real estate agent learned. You want to know where the best houses and apartments in Marbella and prices in the digital media real estate website to find what you want in property?
Marbella is not a big city than London, Dublin or New York, the market potential extends in a radius of 80 kilometers from the center of the city, but a city with only 140,473 registered inhabitants (this number doubles when you count the non-residents, in the off season here), and operated by a market stakeholders from across Europe and around the world. That is why it is long lasting in tourist areas, a property for sale in big cities.
Most buyers are looking for a house in which to live permanently, but a second or third residence, as a luxury. This was true for Marbella has always been, but now is much more important in view of the difficult market situation and the crisis. While in some countries, many people can not afford more luxury items, other countries know an economic boom.
Marbella real estate can be a few weeks or a few years in the market, which depends on the price, location, status and attractiveness, but of course also has the serious will of the owner to sell his property, a lot to do with it.
Why Marbella is the new trend of the property market on Spanish soil?
The Spanish weather is good and the land is suitable even in the European winter ideal for a sufficient reason for many foreign holidays, increase purchasing a property abroad in Spain. Many regions are accessible by plane and opened well. If you want to buy a house there, but keep in mind that purchasing costs of buying a property in Spain are relatively high.
Spain is one of the most popular holiday destinations of international tourists. For a long time he had driven up real estate prices to new heights: good weather, beautiful scenery and a very good transport links made the demand for vacation properties continue to rise. But the construction boom led to a huge housing bubble, the financial crisis has added yet. After that prices initially fell rapidly as they have risen again in particular the Spanish islands. Cheaper real estate there almost exclusively on the continent.
Drafted by: AV
Word count: 2051
Contribution to reader: This article provides users with relevant information regarding the trend of the property market in Spain as well in Marbella and the zone in Andalucía.