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A Guide To Buying Property In Costa Almeria

Mar 29, 2008
Searching for that dream home in Spain is a time effort mission, but without the time put into researching, you may end up with something that is less than satisfying. Researching the area you have set your heart on is the best step to make for finding that dream property. For those who have found their dream spot, searching for a house is the next step and to do this people will need to travel abroad.

One of the more popular destinations for expats is Costa de Almeria. This is situated between Costa Calida and Costa del Sol. One of the most beautifully scenic provinces, it is aptly known as 'the garden of Spain' of the Southern Mediterranean. Many have sought to find property in Costa Almeria, making it popular amongst retired folks and families.

Property in Costa Almeria has seen an increasing number of demands from people abroad, with tourism of the area rising. This has not only become the hot spot for people to live in but also a good prospect for investing. Many who buy a property here are likely to rent it for visitors of locals. In addition, this region offers consistently warm climate, the hottest in the Andalusia region and with the most sunshine period every year.

Recent has seen Costa Almeria become popular, prior to this it was one of the more isolated areas of Spain. It is also largely maintained in its original form. This is one of the quieter village areas and has not been converted into a tourist town. Much of its authentic features and fishing village has been preserved; giving it its own characteristic and making it stand out from any other tourist area.

Recent changes have included new infrastructure improvements, road improvement and new facilities that offer guests, tourists and potential buyers the opportunity to enjoy the surrounding area for its natural beauty and enjoy their stay with extra activities. With all of these changes, came a result in the impact of property prices. This raised the purchase price and increased tourism.

As further developments occur, property prices in Costa Almeria begin to rise. Currently the prices are at a steady rate and are affordable for first time buyers. However, some properties situated nearer to the coast are more popular and are more likely to be sold quickly. These properties tend to be more expensive and see a lot more tourism than any other part of the area.

Prices range between 68, 000 pounds for an apartment to 168, 000 pounds for a detached villa, therefore, there is more scope and opportunity for people to buy. The flipside is that Spain has a very different policy for new homebuyers to Britain, therefore, for those looking to buy in this area will need spend a reasonable length of time researching the property market, legal rules and regulations, and the Spanish real estate. If in doubt, seek professional advice and always stick to an independent solicitor.

All buyers looking to buy in Spain must be aware that before purchasing, you must apply for an NIE number, in person. This will take time to look into, so once you have received this number you can start making offers. Normally when purchasing a property in Spain a ten percent deposit is required from the buyer. Once this deposit has been the buyer should know that if they decide to pull out they would lose all of the deposit, however, if the seller pulls out they must then reimburse double the deposit amount. Therefore, you would receive twenty percent and not the original ten percent of your deposit.

Fees and taxes amount to around ten percent of the purchase. Transfer taxes prices can vary with resale and new build properties, usually resale and new builds charge at seven percent, only new builds charge an extra one percent on stamp duty. Spanish lawyers charge around one percent of the final purchase price and real estate agents can charge between two and fifteen percent.
About the Author
Anna Stenning is an expert on property in Costa Almeria, having researched this area for a potential new home.
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