Spain Property Insight

The main ones in Spain are:

http://www.idealista.com/pagina/portada (the largest)
http://www.segundamano.es/ (the largest for all kind of ads)
And fotocasa, which has already been mentioned.

Never heard of the others.

Recent civil works replaced long standing upstream culvert under road with 2m dia pipe. When in flood, water now jets from open end onto bank causing massive erosion and collapse of paved areas. Authorities are slow to respond. Any ideas on best way to proceed?.

Unless it effecting your property there will be little that you can do.. Must be a very high flow rate to jet out of a 2m pipe.. Usually a 45 degree nozzle is placed on the outflow end to direct the flow down. Have you approached the local council. Sending a picture often helps them understand. Contact the local news paper and make an issue of it. That often helps. Damage costs money and is best avoided. When in Spain the rain can be a pain..Have a good day.

We have always known that investing in bricks and mortar is normally the most lucrative and wisest investment you could ever make. However, with the continuing price rises in the UK many are looking abroad to buy an investment home and future nest egg. Spain has always been first choice for many, with year round sunshine and relatively cheap cost of living. Nevertheless, what do we buy and how? Tony Roberts reveals the secrets to buying property here and offer his ten top tips on making the right investment.

When we bought our first property in the Costa del Almeria, we broke every rule and guideline. We bought impulsively whilst on holiday, having done no research whatsoever. We dealt with an estate agent who we later discovered had a rather colourful history, we bought off-plan without ever visiting the site, we did not use a lawyer and so the list went on. It was very exciting and we were incredibly lucky. However, do not push your luck follow these guidelines. Get it right and you will have a wonderful asset that will give you and your family enormous enjoyment over the years as well as creating greater wealth.

1. Get the help of an Estate Agent

Your first step should be shop for a good estate agent, not shop for a property. Estate agents are necessary in the UK and in most other countries; you cannot afford to be without one. Get yourself a good one, look at the websites; a good one will seem genuinely concerned about informing homebuyers, check out the testimonials. A reputable agent will help you to find the right property and take the headache out of property searches especially if you do not speak the language. However, a warning, think hard before going it alone without the help of an estate agent. In reality, buying privately will mean months of chasing people and worrying that you have not done everything you should. However, if you do buy privately, then be very careful.

2. Nothing beats good legal advice

As with using an estate agent to look for the right property, make sure you have the right lawyer when making your final purchase. A good agent will recommend a local lawyer who speaks English, who knows the area and all its regulations. It is amazing how many people are willing to buy something abroad without the use of a reputable lawyer. It is something they would never dream of doing in the UK.

3. Location, Location, Location

Remember the words of hotelier Conrad Hilton who, when asked what were the three keys to success, famously replied, Location, location, location. Fifty years later not only is it still true for the hotel business, but also for buying a home with resale value.

As in the UK, where you buy counts just as much as what you buy. Narrow your location choices to just a few places and think of resale value when considering a property, and will it make a good rental? Make sure necessary shops and services are located nearby and try to make sure surrounding properties are of a similar standard and size. In addition, try to get something located near the town. Remember, buying the least expensive home in the best location is better than buying a beautiful home in an undesirable location.

4. Do your homework

Buying property abroad is an exciting experience; however, one of the biggest mistakes investors make when it comes to buying property in a foreign country is failing to do their homework. You cannot do too much research into an area. Spain is a big place so first settle on a region. If it is unknown to you, try to visit the area as many times as possible so you can glean more than just one impression. Looking for property online and in newspapers and magazines should always be part of your strategy as it vastly increases your chances of finding what you want. If you are looking for property online, begin by making your initial searches as broad as possible. You can always narrow your searches later. Careful local research before you commit to buying can save much heartache later.

5 Stay Focused and do not be hasty

Stay within your budget and keep focused on what you originally had in mind, it is all too easy to be tempted to buy something that is not what you really want. While you want to cast your net as wide as possible so that you do not miss your dream home, you do not want to be wasting time viewing property that is wholly inappropriate or completely unaffordable.

Therefore, you should draw up a realistic and accurate wish list. However, you must go looking for your home with an open mind. You will soon realise that it is virtually impossible to find exactly what you want, so you may need to compromise on some issues, you prioritise your requirements.

6. Know why you are buying

Make sure you know why you are buying and what it is that you are seeking to achieve with your purchase. Is it a holiday home, a residential home or an investment. Are you looking for short-term gain or regular long-term income?

If buying for investment, it is vitally important that you understand the risk factor and you are comfortable with it.

7. The bigger house is not always the better.

In any residential development, houses vary in size but if you are looking for maximum resale value do not always choose the largest house on the block. When determining market value, the homes nearest to yours are most important. If most of the nearby homes are smaller than yours then they can act as a drag on appreciation. On the other hand, if you buy a small or medium house in the development, the larger homes can pull yours up in value

Do not assume that the more bedrooms you have the better the property is. Two and three bedroom properties have the quickest sell-on value and you should try to stick with this when buying. Two bathrooms are necessary and as most will tell you, a large kitchen is the heart of the home.

8. Money, money, money

The simplest fact is can you afford it? Stay within your budget, consider what you are buying, and allow for extras. The cost of buying a property in spain is much higher than in the UK, (VAT, lawyer’s fees, and taxes), so you must budget accordingly. Consider the pros and cons of buying abroad and always factor in costs including existing commitments and future expenses.

Buying a home is a rewarding experience but remember to invest in the location of your home first. Research is key in buying abroad and you have to have patience and time when making such a huge investment. If you remember that location is the primary factor in property, your money will continue to grow through the years and earn you your share in the property world.

9. Check the transport links.

Make sure there is a choice of budget airlines, and if possible more than one airport. Check out the road infrastructure. People who rent property will want somewhere that is easy to get to and will often be attracted to those places with a nearby airport served by low cost airlines. Budget airlines have opened up huge areas of Europe, but do not assume they will always be there. What would happen should the airline close down the route?

10, Check the taxation and inheritance laws

Make sure you understand the tax implications involved should you decide to sell. In addition, if you want control over how the property is dealt with on your death and avoid any restrictive rules, then check out the inheritance laws, it is likely that you may need two wills one for any assets in Britain and one covering your property and savings in Spain.

tony roberts
http://www.articlesbase.com/ask-an-expert-articles/ten-top-tips-to-buying-a-property-abroad-82153.html

If you want a home for the summer, something to rent out for extra income, or a place to retire than look no farther than real estate Torrevieja. With it’s close location to Alicante, you can’t loose in this pristine spot. When you buy a property in Torreviaja, Spain you will not be making the wrong choice. Torrevieja is a lovely tourist destination where you can spend the winter and rent out your place during the summer with no problem!

If you want to rent out a property or buy a property to live in then you should go to Torreviaja several times before you make your final decision. You will need to see the difference between villa life and apartment life before you settle down and pick out something right for you.

You should explore different parts of the city and the outlying areas when you are in Torreviaja. This will help you know the different areas that you may want to buy something in and you will also know the areas to avoid when you are on your search. You should also visit during different seasons so you can get a vibe for the different times of year.

You will want to note all the amenities and different things located on and near your property. Are you close to the shopping area or hot places to eat? Do you want to be near the beach and boost your rental value? Will you be living there or renting it so do you need something warm for the winter to live in?

If you want to live there all year round then you want to make sure that it is warm enough in the winter and cool enough in the summer. If you just plan on using it for summer rentals then you don’t have to worry about the winter months and the heating situation. Is the property on a high floor where you will need to carry things up and down it regularly? Could this be a turn off to you or renters?

You need to shop around for loans to get the best deal for your money. The prices of homes in Spain are not as cheap as they used to be and you’ll want to make sure that you can qualify for a good loan before you get to serious about buying a place. Compare Spanish loans from loans in your home country.

If you choose to go for a loan in Spain, then you will want to be familiar with the laws about real estate in Spain. You can hire a lawyer who speaks both English and Spanish to help you with your situation. You will need him to help you apply for a mortgage and understand everything detailed in it.

You should also be prepared for all the paperwork that will follow this process. It will all depend on what country you are from, but the basics are usually a copy of your passport, pay stubs, the past three year’s tax returns, statements from your bank, and proof of your income level.

Peter Wilson
http://www.articlesbase.com/travel-articles/spain-is-good-for-real-estate-96016.html

Torrevieja, Spain is a popular summer vacation destination. It is located approximately thirty miles south of Alicante in the Costa Blanca region of Spain. A significant number of people from Europe, in particular, travel here each year to enjoy the beautiful climate, many attractions and nearby beaches. If you plan to visit often or stay longer when you do visit, you may want to consider purchasing Torrevieja property. You can find the best place to purchase property by visiting various areas and renting apartments and, soon you may just find that home away from home.

Visiting the area often will help you determine if you love it enough to purchase property. You should travel at various times throughout the year which will give you the opportunity to experience it in the off seasons and not only the peak summer season. When you do visit, try renting apartments rather than staying in a hotel. This will give you a better idea of that specific area, your neighbors and, generally, the quality of life. It is much easier to get a taste of apartment living in Torrevieja when you are experiencing it in an apartment. Be sure to make a list of the various areas you have visited and stayed. This will help you compare the neighborhoods you have visited and your opinion on it and, at some point, make a decision on the neighborhood that best meets your lifestyle and accommodation needs.

Do not rush to make a decision on the property to purchase. It is a big commitment and you want to ensure that you are getting everything you want. Though the price of the property is a very important factor in your property comparison, include other factors such as the area, nearby attractions and convenience. Consider your short-term and future needs in both summer and winter seasons. If you intend to rely on public transportation, look at your property’s accessibility to available public transportation. You should also look at the property’s proximity to restaurants, stores, the beach and other amenities which are of interest and important to you.

Finally, take into consideration the property’s condition. You may get a better deal on property that needs some work, but not being at the property full-time may make renovations more challenging. With this in mind, be sure to consider the extent of work needed and whether or not it is reasonable to complete.

Peter Wilson
http://www.articlesbase.com/real-estate-articles/purchasing-an-apartment-in-torrevieja-spain-108946.html

I know this has been asked before, but not lately…. I’m thinking of re-locating, living there most of the year and renting part of the year. Want to be able to sell in coming years, though, and hopefully make a profit! And where is a good place to buy? I like bits of Costa Brava but much more expensive than the south, so thinking of inland from Malaga….

Yes it is a good time to buy ,as in england property developers are going through a bad time and properties are moving very slowly,
Re sale houses are barely moving at all and some people are getting desperate to sell and are open to silly offers,i am talking about the costa blanca area. particularly inland of alicante and Murcia.
there are currently 5 of my neighbours who have been trying to sell for nearly 2 years and have finally realised that they have to slash there prices.

There are a number of English speaking Equity Release companies here in Spain that you may wish to contact, the procedure is explained on this link - http://www.tumbit.com/how-to-guides/articles/48-lifetime-loans-and-equity-release.html

do they have mortgages that are available for other EU citizens such as from the UK?

It works just like anywhere else. You go to a bank and if you can afford the mortgage, you get it.

Just remember that there are taxes and notaries to pay on top of the purchase price. Your bank will advise. (Budget at least 10% to 15%).

UK and European investors looking for high growth in 2007 are hoping for a repeat of the property inflation seen in Malta when it joined the EU in 2004, and it could become reality with the news that low cost airlines are to fly to the island, giving their real estate industry expectation that 2007 could be an exceptional year for price rises and sales.

In recent years the arrival of low cost – sometimes referred to as ‘no frills’ – airlines to a regional airport has seen property prices within a two hour drive escalate in popularity and price, especially among British buyers for France and Spain.

With the advent of these new flights to Malta, there is a possibility that demand for real estate in Malta will increase.

Commenting on the news, Malta holidays guide http://www.yourmalta.com say that a double digit property inflation figure for Malta is quite possible for 2007.

‘Cheap airline destinations have proved to be a magnet for UK property investors, and if that trend continues then prices will go up in the next twelve to twenty four months’, they say.

‘Other than the local market, the UK provides most buyers for property in Malta, and with the British economy doing well it’s quite possible that the island will be seen as a good investment opportunity’.

Malta Weather

Tribune Properties, a UK company specialising in Malta properties, agree that property prices could rise in 2007.

‘With lower fares, Malta becomes a destination viable for 3 and 4 days trips a few times a year from the UK, and that will attract buyers to look at Malta in the same way they do France and Spain when considering where to buy a holiday home abroad. The weather in Malta and low fares could be a magnet for buyers.’

There is a warning however from YourMalta that property prices on the island might not necessarily escalate in the same way that regions of France have seen when low cost airlines have started flying to their region.

‘The Malta government has allowed more land to be used for property, and we anticipate a lot more apartment blocks being built short and medium term. Supply might well meet demand. Unless the political map of Malta changes and with it a change of policy towards her environment, there is a danger of Malta becoming the Tower Hamlets of the Mediterranean, or 1970’s Spain where development spoiled much of the coast.’

Concern has also been expressed on the island about the infrastructure, with some tourists and potential property investors berating the state of the roads and – compared to mainland European and UK standards – dangerous construction sites.

‘The real winners from the low cost flights could be the Malta hotels rather than the property industry’, conclude YourMalta. ‘We envisage a lot more people taking short three and four day Malta holidays, often booking their flights and hotels on the internet rather than via a traditional high street travel agent store’.

Roger Munns
http://www.articlesbase.com/advertising-articles/malta-to-be-european-2007-property-hot-spot-67563.html

The call for new taxes on flights to reduce carbon emissions could impact the prices of properties, according to a UK based overseas property company.

‘There has been more discussion and calls for action recently over the impact that air travel is having on the environment,’ they say, ‘And one of the most obvious ways to cut air travel is to raise the price of travelling through taxes. It’s a win-win situation for governments, more tax revenue and being seen combating global warming at the same time. It’s only a matter of time before cheap air fares on the scale we see it today comes to an end’.

Owning a second home and a property abroad has shown to be an aspiration for the majority of UK residents by recent surveys, and low cost carriers have opened up new overseas property markets by flying to destinations not covered by other airlines, or forcing flight prices down where they compete directly with more established carriers.

Property prices within a one hour drive of regional airports served by the low cost airlines have tended to escalate in recent years, and it is these areas that would be hardest hit by any increased taxes on flying.

The areas which would feel least impact would be northern France, which many UK second home owners access via ferry and the Channel Tunnel, and areas where owning a property abroad was in vogue long before the new airlines started, and when air fares were proportionately higher than they are today. Access to France from the UK has improved recently with Eurotunnel cutting the journey time by twenty minutes.

‘The Costa del Sol for example we feel wouldn’t be impacted much by increased air taxes - although over development could bring prices down there anyway’.

But there is a warning that the lower priced end of the market could be hit more than the top end.

Bargain Properties

‘There has been a significant increase in second home ownership in the last decade’, say the company. ‘Gone are the days when it was just the wealthy who owned an overseas property. Developers in Spain, Greece and Cyprus have built apartment blocks with units of two and three bedrooms that are affordable for a lot of middle income families. Given that mortgages are readily available and it’s often just twenty per cent of the asking price that needs to be found an overseas home has become reality for millions of Europeans. But if air fares increase significantly and the holiday makers who rent the owners apartments and villas declines, quite a few will need to sell as the rental income pays the mortgage. There could be a glut of properties come to the market which will send prices downwards.’

Exceptions to the rule could be in the two European tax havens of Monaco and Andorra, where there is no income tax for residents.

‘Historically tax havens have been popular no matter how the economy is. When someone buys a property in Monaco it often doesn’t matter to them if it’s a few million Euros as they’re going to save more than that in tax during the time they stay there. Andorra is slightly different as it’s a tax haven but also people buy ski apartments there, adding to demand’.

Andorra property prices have risen an average of ten per cent a year in the last decade, and some predictions are for that figure to be closer to fifteen per cent for 2006.

If governments do start introducing new air fare taxes to slow and possibly reverse the rise in air travel there could be good news for some property buyers though.

‘In some areas the second home market has increased prices significantly, with many of the younger local population being forced to move away from their towns and villages.

The UK and US populations are quite mobile, but in some countries popular with holiday home buyers there are three or four generations of the same family in a village or town. But as overseas property buyers have moved in and pushed prices up, the younger generations ahave been forced to look away from these popular areas because they cannot afford a property in their home town anymore, and a lot of the local employment has become seasonal. If real estate prices come down they might be able to afford to live in the villages where they were brought up if they choose to do so. Some will still move away but at least they will have a choice.’

Conversely, far from changing traditional towns and villages into holiday resorts, overseas property buyers can sometimes have a positive affect on preserving traditional village life.

‘In France for example, many of the rural villages were dying a slow death as the younger generations moved away to the bigger towns and cities to find work. British second home buyers have revived the villages by buying run down properties and renovated them, breathing new life into the communities. The property market is nothing if it isn’t adaptable,’ they conclude, ‘And while there will be regions that will suffer as a result of a declining market, there will be winners too.’

Roger Munns
http://www.articlesbase.com/non-fiction-articles/global-warming-taxes-could-slow-overseas-property-markets-79380.html