Costa del Sol typically offers higher rental yields, especially in luxury and beachfront properties, with a potential return around 5-7%. Costa Blanca also has strong demand for rental properties, especially in tourist areas, with an ROI around 4-6%. Both regions benefit from a strong tourism sector.
In Costa del Sol, prices can range from €2,000 to over €5,000 per square meter depending on the location.
In Costa Blanca, the average is lower, typically ranging from €1,500 to €3,000 per square meter. Premium areas in both regions will be at the higher end of the scale.
In Costa del Sol, popular areas include Marbella, Estepona, and Mijas. In Costa Blanca, expatriates are drawn to Alicante, Benidorm, and Torrevieja. Both regions have a significant international community with many amenities catering to foreigners.
The process involves selecting a property, making an offer, securing financing (if necessary), and signing a reservation contract. A legal advisor is essential to check the property’s legal status. After that, a purchase contract is signed, and a deposit is paid. The final step is the signing of the deed at a notary, and registration of the property in the Land Registry.
No, there are no restrictions on foreigners buying property in Spain. However, non-EU citizens may need to apply for a NIE (Foreigner’s Identification Number) and comply with any visa requirements.
Expect to pay around 10-15% of the property’s purchase price in additional costs, including VAT or transfer tax (8-10%), notary fees, registration fees, and legal fees. Costs may vary slightly between Costa del Sol and Costa Blanca, but the overall percentage is similar.
Property taxes (IBI) vary depending on the municipality but are generally similar across Spain. Other taxes include Wealth Tax and Non-Resident Income Tax. Costa del Sol municipalities might have slightly higher rates due to the region’s higher property values.
New builds offer modern amenities, energy efficiency, and come with guarantees but are usually more expensive. Resale properties may offer better value and established neighborhoods, but they might require renovations. Your choice depends on your budget and preferences.
Costa del Sol typically offers higher rental returns, especially in luxury and beachfront properties, with potential ROI around 5-7%. Costa Blanca also has strong rental demand, particularly in tourist-heavy areas, with ROI around 4-6%. Both regions benefit from a strong tourism sector.
Yes, many Spanish banks offer mortgages to foreigners, typically financing up to 70% of the property’s value. Interest rates are generally competitive, and the terms vary depending on the buyer’s residency status and financial situation.
Coastal properties in both regions are more expensive due to the proximity to the sea and tourist amenities. Inland properties are more affordable and often offer more space for the price. The choice depends on whether you prioritize beach access or better value for money.
Ensure the property has clear title (no debts or encumbrances), that the seller has the right to sell, and that all necessary licenses are in place. Hiring an independent lawyer is crucial to navigate these legal aspects and protect your interests.
The best time to buy is typically in the off-peak season, from October to March, when there is less competition, and sellers may be more open to negotiation. However, inventory may be lower during these months.
Brexit has introduced some additional bureaucracy for British buyers, including visa requirements for stays over 90 days and changes in tax residency rules. However, British citizens can still purchase property, and Spain remains a popular destination.
