ARTICLE

Fly To Buy in Spain

The Costa del Sol remains one of the most popular holiday destinations on earth, but the vibrant beach life is just one aspect of a country that also boasts beautiful cosmopolitan cities and areas of cultural, architectural and artistic excellence. Fly To Buy's Kerstin Herzinger and James Andlaw were keen to dip their toes into this busy property market and find out exactly what it had to offer.

Fly To Buy in Spain

Tips for buying

  • Estate agents will take advantage of those who haven't done their homework, so do your own research and find a good estate agent. Go for a company licensed by the GIPE or API. The former has a website that provides a list of members. You will also find a lot of UK-based agents operating in Spain.
  • Once you've found an agent, develop a good rapport with them to give you access to local knowledge and information.
  • Make sure you appoint a lawyer who is well versed in Spanish and British law and who speaks both languages.
  • Lots of developers do the ''hard sell'' – fly you out, put you up, ply you with food and wine and then pressurise you to buy. Don't get caught out. Your lawyer should check whatever they want you to sign before you sign it.
  • It's quite common to sell privately in Spain. If you do go down this route, never view a house unaccompanied and get your lawyer to check out all the paperwork before you proceed.
  • Be wary of the 'black money' trick, where an undeclared percentage of the price will be expected in cash, 'under the table'.
  • Contracts are signed at a much earlier stage than in the UK – so if you are at the stage of viewing properties and you see something you want, be prepared to sign and put your deposit on the table.
  • Different guidelines apply for existing properties and new builds.
  • The deal is finalised with the signing of the deed of sale – the 'excritura de compraventa'.

Why Spain?
The Spanish government has an ongoing commitment to encouraging tourism, international investment and construction. The tourist infrastructure is already highly developed and new legislation covering Spanish property sales and building standards has made it safer than ever to buy property there.

For those who like DIY on a grand scale, Spain also offers a big market for building your own home and buying a plot of land can be an economical alternative to purchasing property.

The climate is also an enormous selling point and being so accessible from the UK, it's hardly surprising that the Brits continue to flock to this particular part of Europe for sun, sea and sangria. It's also a buyers' market at the moment. Put the effort in to find it and you can pick up a good property in a desirable location at 20% to 30% below the asking price.

Where to buy:
In the Costa del Sol and Costa Blanca, you're unlikely to find that perfect villa for anything other than a luxurious price. Head further inland and you have more chance of discovering a real bargain or try the Costa De La Luz. Currently overtaking the other costas as 'the place to be seen', it is also on the brink of a property boom, according to experts.

Valencia, situated on the coast between Madrid and Barcelona, has just played host to the 2007 Americas' Cup and consequently the city and surrounding area have been boosted by squillions of euros invested in building and infrastructure.

Murcia, a beautiful and historic area of the country, is another hot tip, largely due to the golf resorts that bring in some of the wealthiest tourists in Europe. The market is on the up and with good weather for ten months of the year, it's a great holiday rental location. Restrictions have also been put in place to guard against over-development which would lower prices in the future.

Another area you might want to consider is the Costa de Almeria. There are still little fishing villages caught in a pre-tourist time trap and, while the infrastructure in places can be a little lacking, properties are still amongst the most reasonable in Spain.

Alternatively, Zaragoza, near the Pyrenees, is hosting the Expo 2008 and motorway links are improving to up this lively city in the desirability stakes. A huge retail development looks set to improve its profile still further.

Related sections: Fly To Buy

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