Andalucia Realty is a leading real estate agency in Marbella that places at your disposal the knowledge and experience acquired over 20 years of working in the property market of Marbella, Estepona and Benahavis.
We are proud members of AIPP: Association of International Property Professionals, RAIC: Red de Asesores Inmobiliarios Qualificados y AEGI: Asociación Empresarial de Gestión Inmobiliaria and are also certified Real Estate Brokers of two major Spanish banks
We only list quality properties that are in good condition, offer good value for money and are free of legal problems. Additionnaly, we have access to most properties on the market through our extensive network of agents and we will thouroughly search them to make sure we find you the property that perfectly matches your requirements.
We will take good care of you throughout the entire process, from making your initial travel plans to viewing your property, through to completing the sale and beyond, making sure you are very well assisted at all times.
Our experienced, multi-lingual staff are at your complete disposal.
In addition to the price of the property, there are some additional expenses to pay in each autonomous community. But what are the expenses involved when buying a house in Andalusia?
This autonomous community attracts both the foreign and national public. The wide variety of landscapes: from mountains and snow, to sun and white sandy beaches, makes Andalusia one of the most famous areas of Spain to buy a second home or a place of rest and retirement.
Buying a property in Spain is an important outlay for most families, who want to know as precisely as possible how much they will be paying for the new home. In this post we clarify all the expenses related to the purchase of a property in Andalucia.
The prices advertised in portals, real estate websites and in general in any media, are always exempt from taxes and other expenses, unless otherwise specified. Therefore the selling price should not be confused with the total amount to be paid by the buyer.
The rest of the expenses will be proportional to the sale price, that is to say, the higher the price, the greater the amount to be paid for these taxes and expenses.
Depending on whether you buy a new home or a second-hand property, VAT or ITP would be paid respectively. The VAT on real estate (except for development plots) is 10%. The Transfer Tax or ITP is between 8% and 10%. For more information on how to calculate the ITP you can check our blog, and if you still want to know more about VAT and ITP, click on the link above.
This tax will be paid if a mortgage is requested for the purchase of the house. In Andalucia the AJD tax is 1.5% of the mortgage loan applied for, but there are two cases of reduced rates:
– 0.3% for people under 35 years old
– 0.1% for persons with disabilities equal to or greater than 33%.
Important note: This tax has been modified and must now be paid by banks, so it will not affect the consumer. The expenses derived from the application and formalization of the Mortgage are not contemplated in this entry (opening commission, study, appraisal etc.), and should be contemplated being able to be between 1% or 3% of the amount requested.
For any type of transaction of purchase and sale of a property, it is necessary to go to a notary’s office in which the Public Deed of Purchase and Sale will be signed. These services have an established fixed cost, which can range from €600 to €1000. It depends on the number of pages of the document and the complexity of the transaction.
Once the deed has been signed, it must be registered in the Land Registry, which can range between 300€ and 2000€ depending on the price of the property.
It is usual that in purchase of a property for an external agent to be in charge of the bureaucracy relative to the payments of taxes, inscriptions in the registry and payment to the notary.
If you apply for a mortgage loan for the purchase, the bank will offer you its own agency to take care of these formalities. You can also look at one of your choice, or even entrust these formalities to the Notary’s office by depositing a Provision of Funds.
These procedures usually involve a cost of between 200€ and 500€, but may vary as it is a private service and there are not fixed prices.
A PRACTICAL EXAMPLE OF HOW TO CALCULATE EXPENSES WHEN BUYING A HOME IN ANDALUSIA:
If you buy a second hand home in Marbella without mortgage, for a price of €250,000 the costs to be paid will be as follows:
A fairly close approximation is usually to calculate between 8% or 10% of the purchase price as expenses.
Have you always wanted to live in Marbella and enjoy the Mediterranean sun in your own luxury villa? Or wake up in an exclusive penthouse with the sound of the sea? In this post we compile the 10 most Exclusive areas in Marbella, and the best properties to make your dreams come true.
Marbella is located in the south coast of Spain, in Andalusia, and is renowned for its luxury private estates and magnificent villas in The Golden Mile, or La Zagaleta. These areas offer all the services and amenities anyone could ever need, as private beach clubes, 18-hole golf courses, horse ridding or sailing facilities.
Within walking distance to the city centre, Sierra blanca is a private gated community in the heart of the Golden Mile just steps from the beach and a wide range of luxury shops and 5 stars hotels.
Located on the eastern side of Marbella, this area is renowned by its mansions and villas as well as Spa and Golf resorts. The area boasts several renowned golf courses as Santa Clara Golf Club or Marbella Golf and Country Club. Do you fancy an apartment next to the golf in this area? Or maybe a luxury penthouse with breathtaking views?
With the long, golden, sandy beach of Playa de Nagüeles right on its doorstep, the residential area of Nagüeles is characterised by quiet, leafy avenues and comfortable apartments next to the sea and houses with lots of green spaces, making this the perfect place to unwind. Marina Mariola is one of the most exclusive communities of this area situated right in front o the beach and the Paseo. International restaurants as Cappuccino Marbella and Tanihi are right next door.
Considered the jewel of the crown for luxury leisure and exclusive living styles. International designers shops, exclusive yatchs in the harbor, and the most sumptuous restaurants and beach clubs. It has one of the highest prices per square meter for property in all of Marbella. Puerto Banús is where luxury begins!
Do you want to see how luxury looks like? Check this modern penthouse in Puerto Banús next to the marina. If you are looking for something more “down to earth”, this apartment with views might be just perfect for you!
This area combines golf and beach. It has possibly one of the best golf courses anywhere in the region – The Rio real Golf & Hotel- and is within easy reach of several other golf courses. Most of the real estate property in the area is a mix of Apartments and Luxury penthouses.
Half way between Marbella city and Puerto Banús is this spectacular urbanización, slap-bang in the middle of the Golden Mile. This truly is a real high-end, luxury destination thanks to the presence of the prestigious Marbella Club and the Puente Romano hotel resort, as well as the palaces and villas that dominate the real estate market here. Check this apartment with private pool and sea views in Marbella, or this unique villa with private spa.
Situated in Nueva Andalucia a just 10 minutes drive from Puerto banus, this extensive community is great for families due to its safe and quite atmosphere and its proximity to international schools such as Aloha College. Renowned golf courses as Aloha golf course or las Brisas are just a few meters away. This area is a mix of detached villas and luxury apartments like this one with its own private pool.
Located just a few minutes from Aloha, Los Naranjos is a highly renowned area where you can live in a whitewashed townhouse with a charming Andalusian style, or a private villa surrounded by golf courses. The area has all the facilities for the perfect holidays, from paddle and golf clubs, to supermarkets and shops.
Finally, we couldn’t let you go without a peek at Marbella’s millionaire’s playground, the ultraluxury resort which has some of the highest property prices in the whole of Spain. Superstar celebs such as Hugh Grant, Vladimir Putin and Rod Stewart all own a property in La Zagaleta, and it’s where Cristiano Ronaldo took his family on holiday last year to an exclusive Marbella rental at a cost of 40,000 euro a month!
Published in Idealista.com
If you are a British citizen who want to buy a property in Spain, or if you already did, but you still wonder what effects the Brexit will have on mortgages in Spain, this is your article. Sabrina García, a Legal Lifeline Lawyer, answers to the main concerns of expats in Spain regarding mortgages.
Spain is considered as one of the favourite destinations for British people. It offers a lower price of housing compered with the United Kingdom as well as enviable weather conditions and a high quality of life. So is that, that according to several analysis, the biggest investors in housing in the Spanish Market are the British with over a 14% of the total number of operations carried out by foreign citizens.
The first question that arise with this statistics is that if, after de Brexit, the mortgages already granted to British citizens will suffer any changes. The answer is concise and clear. No. According to the Spanish law, banks can not modify the conditions already stablished before a Notary.
However, will British citizens still be able to access mortgages from Spanish banks to buy a home in Spain after the 29th of March 2019? For this answer we need to take into account that any foreign citizen from outside the EU can request a mortgage for non-residents. Therefore, the answer to this second question is also clear and that is that British citizens may continue to access mortgages from Spanish banks for the purchase of homes in Spain.
Regarding the ease of concession and the risk assessment for granting new mortgages to British Citizens, Brexit can change due to several circumstances according to Sabrina García:
a) The exit of the United Kingdom could mean a change in the legislation that currently allows European banks to pursue debtors in their country of origin in case of mortgage default.
At this time, when dealing with EU resident citizens, in case of non-payment, Spanish banks can issue a court order from Spain to the United Kingdom and enforce their rights in the country of residence of the debtors.
However, once Brexit comes into effect, as the legislation that will be applied in this regard is not yet known, this will force banks to consider the same risk assessment as for non-EU foreign citizens.
b) Assessments of the economic situation of the British mortgage applicants.
On the other hand, as we mentioned before, we find that it is not yet clear what the economic situation of the United Kingdom will be after leaving the EU, which is why Spanish banks will have to take this situation into account and assess it as a risk more when granting a mortgage.
Although at first after the 2016 referendum, the pound sterling fell immediately and was well below the Euro, then the situation became stabilised, so a clear assessment cannot be made yet. In addition, we must bear in mind that the exit from the EU will not take place until March 29, 2019, with a subsequent period that the British Government has called an “implementation period” that will last until December 30, 2020, with the United Kingdom still in negotiations.
Despite this situation of uncertainty, British citizens have not lost interest in investing in the Spanish real estate market, and continue to be, as we have seen, the foreigners who buy the most housing in Spain.
All this shows that there is an important potential market and some Spanish banks have already stated that due to the potential turnover of these operations, they will not change their policies when granting mortgages to these citizens, so that despite the uncertainty caused by the lack of agreements between the British Government and the EU, no great variations are expected in the Spanish mortgage market.
Original written by Sabrina García, Legal Lifeline Lawyer. First published at Idealista.com
Los Monteros paddle and tennis club has recently launched its calendar of activities for the first quarter of the recently inaugurated 2019. In it we highlight four events.
The calendar begins with the Adidas Paddle Cup, starting on Friday January 25th. This first edition aims to introduce amateur players to the new facilities of the paddle club Los Monteros. It will take place throughout the weekend.
Three more tournaments are expected in March. The first will take place from 15th to 17th, which will be a test of the International Paddle Experience By Madison, the first tournament corresponds to the only amateur circuit that exists in the world and will cover 4 continents in 2019.
From 18 to 24 March, the Racket Club Los Monteros will hold the RPT- Marca Junio Cup tennis circuit for under 18 tennis fans.
To close the quarter, will be held the first test of the Spanish Championship of Companies Expansion.
First Publisher in Diario Sur
The mortgage market returns to an upturn in financing. According to data from the Bank of Spain for the third quarter of the year, the percentage of financing for the purchase of a home stood on average at 65.9% of the value of the property. It is the highest record in the historical series. The lack of family savings and the highest competition between banks encourage this increase.
The banking sector maintains its plans to expand mortgage credit after leaving behind the worst years of the housing crisis. Between September 2008 and September 2014, hardly any loans were granted for less than 60% of the value of the home. Families had to contribute with a lot of savings to be able to access a loan.
Since then, banks have gradually opened the credit flow, reaching historic highs in 2018. Three of the four last quarters have surpassed the 65% funding barrier. Between July and September, the so-called ‘loan to value’ of the new mortgages for the purchase of a house stood on average at 65.9% of the value of the property, the highest figure in the historical series begun in 2004.
The need of new clients among the banks in order to obtain greater profits, has been one of the causes for the increase in the granting of mortgages, and the increase in the percentage of loan financing as well.
Even so, this does not mean that banks continue to maintain a stability criteria for granting a loan. For residents in Spain, this criteria includes a fixed job, savings close to 30%, which includes 20% of the value of the home and around 10% from mortgage formalization costs and taxes.