Villas Valencia Property News

Bargain Basement or Armageddon

2009-07-01T11:47:00.003+02:00

Just what is going on in the property market in Spain? Is it bargain basement with fun for all, or the end of fun, sun, and you know it, as the day of reckoning clouds the sky?

It is a little like the glass half full or half empty theory, as those who look for bargain properties cautiously dip their toes into the sea of properties flooding the market. Yes, there are bargains to be had as vendors reduce prices and some of them are well worth the asking price, which has often been reduced several times. With the euribor now around 1.6% the average family will also save 310 € a month on their mortgage.

Many of our client ask us about repossessed properties. But with the banks holding such properties until their employees and their families and favorite clients have had first choice, believe me, there is little that is a`bargain´, only dilapidated flats in run down areas. As always, it is location, location, location. This is the key to whether it is a good bargain.

We shall have to see if the day of reckoning has arrived in Spain or not. The boom that had been going on for so long has taken its toll, with an excess of unwanted properties around. According to the ministry of housing the building of new homes for the year April 2008-March 09 was down by 46.5% while the total of properties started before and terminated during this period was down by 15.7%. It is also worth considering that of these figures many of the properties are designated VP which is for public good (similar to council housing) which has seen a rise of 33.4%. So, has the lesson been learnt and will the building stop? We can only hope this is the case as the figures seem to suggest.

Many must also have seen programmes like Paradise lost on ITV UK with the horror stories about Spain. Once again; make sure the property is legal before purchase. Also don´t buy off- plan from a pretty brochure - this must be a no brainer in today´s climate.

So, bargain basement or Armageddon? In the end it is what you make it.

A Lucky Man and The Cavalry

2008-10-28T12:39:00.002+01:00

There is no getting away from it - there is a marked downturn in the property market in Spain. This is also in our neck of the woods - Valencia - which up till recently had seen a spectacular rise in property prices. As an estate agent it hurts me to say it, but sometimes the old adage of `what goes up must come down´ can even happen in our business!

According to the Spanish press the price of property has fallen by 8% in the Valencian community from January to September this year. While this is a general figure which covers the whole area, it is eyebrow raising. The actual city of Valencia is classed as having a drop of 6.5%. As to why there is a fall, the newspaper states that the reason is a lack of buyers! Up to now Spanish banks have exercised a great deal of caution - no sub prime mortgages here! But now they are tightening up even more if that is possible.

So what of my title - A lucky man and the cavalry? Well, a couple of weeks ago in the town of Algemesi the council held an auction of 30 new council flats. Instead of being inundated with buyers as is usual, you can imagine the auctioneer´s (not to mention the councilers) surprise when one lonely man walked in to bid! It seems that nobody else in the town had managed to get a mortgage.

We all know that there is a surplus of new properties (mostly flats), which adds up to around a million in the whole of Spain with 140.000 of them in the Valencian community. There is also a lack of council housing in Spain. So, here comes the cavalry in the guise of Beatriz Corredor the housing minister(ress?) who promised yesterday to absorb this surplus by turning alot of it into council property to rent and sell with guaranteed mortgages. By doing this the minister hopes to stop the price fall before the two year period which other experts believe it will take to provide a natural equilibrium in the sales and purchase market.

Whatever happens nobody can deny that with so many bargains around perhaps now is the time to buy!

WHEN TIMES ARE TOUGH.......

2008-06-13T19:27:00.003+02:00

There has been so much in the news recently about how hard it is to sell a property in today´s economic climate and scare stories abound. But vendors are still selling. Of course, not as much as in the heydays and not always at the price they hoped for. The two basics remain - location and quality sells.

Buyers are more choosy and why shouldn´t they be? Buying a home is a life-changing decision. Banks are also more choosy about who they lend their money to, and while this ends up as a disappointment for many when their mortgage application is turned down it can sometimes be a help in the long run. The Spanish and their banks have always held urban land in high regard as they know that it has a very tangible value and as such will be easy to re-sell. They therefore classify it as low risk. The problem is that we English are romantics at heart and we long for our olive and orange groves with our dream `finca´(farmhouse) and pool in a pleasant rustic setting. And this is where the big change has come, as banks have now become rather difficult when it comes to giving out mortgages for this type of property. They also require deeds which are squeaky clean, which may be an unwelcome irritation for the buyer who just wants to move straight in to his/her dream home. But it will make them think that when they come to sell up, the next purchaser could have to go through the same procedure unless the banks ease up or the buyer pays cash.

Times are also hard for estate agents and many have gone under. But for those of us who are still around we see that more vendors are placing their properties with us instead of selling privately, as they know that not only do we reach a wider market but they can also keep their pride intact. As we know, pride is one of many Spanish (and perhaps English!) traits - they hate to reduce their price and will not do so until a buyer is found. So, that is where your estate agent´s negotiating skills come in!

something positive in the Valencia property market?

2008-02-22T16:20:00.004+01:00

With all the negative shots aimed at Spain over the year or so it is good to hear something positive at last. Madrid´s `El Mundo´published the following interesting statistics on 18th Feb:

Foreigners (yes, we English are also foreigners!) spent 5.241 million Euros on purchasing property in Spain last November compared to 4.214 million Euros in November 2006. This means an increase of just over 24%.

Total property sales in November were 520 million Euros whereas in November 2006 it was 374 million, giving an increase of 39%.

Rents are also still growing with 3.5% increase in Valencia in January.

While estate agents smiles have faded as much as their tans this winter as the market wound down and even stopped for some, there is at least a ray of sunshine beaming through. As these figures show that there is still confidence in the property market in Spain.

Put on your sunhats, slap on the sun cream and enjoy! Happy 2008 to you all!

The sun is up and property prices are down in Valencia

2007-11-15T10:51:00.000+01:00

Despite some storms in October Valencia hit the news this month as high temperatures saw many flocking to the beaches last weekend - and the good weather goes on. Property prices on the other hand are rather stable in the city centre with a few bargains to be had in areas around the city.

With less hard earned cash around investors could do worse than fixing their sights on Valencia, as the city once again puts on her gladrags for the new Formula 1 race which will start next year set against the fantastic backdrop of Calatrava´s futuristic landmark buildings and the new port. The hotels are already fully booked for the event. This will be followed by the next America´s cup.

If you are not wealthy enough to be taking part you can at least watch. After all who would like to be dressed in a tight suit and helmet sitting in a car or running around pulling ropes on a yacht. Watching the events and their glamorous entourage in the warmth of the sun soaking up the atmosphere with a drink in your hand can be rather pleasant, if not as fulfilling!

Property news Valencia

2007-08-27T18:38:00.000+02:00

Weather to buy or whether not to buy? This seems to be the burning question at present in Spain. The scare stories that hit the uk this summer of a crisis in the Spanish property market seem to have been washed away with the continued bad weather in Northern Europe which has now driven buyers back to the ever sunny Spain. Even the small rise in the infamous euribor does not seem to phase the sun loving Brits as we see a surge of enquiries. The surprising thing that does put them off buying in Spain is other Brits, so a recent poll found! For those looking for something Spanish with a touch of glamour then the re-vamped city of Valencia has it all - the next America´s Cup yacht race is now secure, as is the Formula 1. There is great countryside unspoiled by tourism just less than half an hour´s drive away. But don´t expect the prices to have tumbled. While still much cheaper than her big sisters - Madrid and Barcelona - Valencia knows its days as the shabby third largest city are well and truly over, she is polished and gleams bright with the best of them

DEAL OR NO DEAL

2007-06-18T12:46:00.000+02:00

With so many having their say about what is going on in the Spanish property market we would like to join in. Perhaps our view may also be worth something more than those sitting in press offices or television studios in London or elsewhere. For a start we live here, and have done for nearly 40 years and we have a practical knowledge of the property market. We also have seen many fluctuations in the Spanish and UK markets which is a natural phenomenon (as nowhere remains static except perhaps Germany! And even there things are on the move, albeit slowly). What has been extraordinary have been the continuing high price surges of the last few years in Spain. Many properties ended up with a high price tag in relation to their location and quality of build.

So, now at last things are slowing down, or as some would have it – even come to a full stop, or heaven forbid, dare we say it, even dropping!!! We all know about the so called `overbuilding´ in Spain which could be a factor, as well as, the rise in mortgage rates, add to that the `drop´ in foreign buyers as they rush to buy in Estonia, Goa, etc. and there you have it.

Does this mean that those who have invested or who wish to invest here are doomed? Far from it! Since when has property investment abroad been such a short term policy? Yes, it is a shame that the people we saw on the TV the other night (Trevor McDonald Tonight) were upset that they were not going to get back 25%-50% profit on their properties that they had bought last year or the year before on the Costa del Sol that they would have done a couple of years ago. But as always it depends on where and what you buy.

With regard to `overbuilding´ we have all seen the cranes and new builds going up all over the place and we all wonder if they are needed, but bear the following in mind. That in certain parts of Spain there is actually a shortage of housing – Valencia city is one of these places. So, what about mortgage rates? I can remember quite a few years ago (showing my age!) when rates were 16% and people still bought, including foreigners! And as to people moving away from Spain, well that will always be. People come and go, but Spain will always remain the most accessible county for northern Europeans looking for the sun.

I heard today on the Spanish news that a luxury property in Madrid has just been sold for the record price of 17.000 € per square metre! But back to Valencia; on the 25th May, Coperfil a leader in logistics development announced that Valencia needed a 64% increase in commercial development within the next 4 years to keep up with the current needs. The company sees the new port of Valencia as the commercial gateway of the Levante coast. They went on to forecast that the current population of 2 million will reach 7 and a half million in 2015. With the newly spruced up city, and the glamour of the formula 1 set now confirmed, not to mention the soon to come fast train from Madrid, I would say that the future is rather bright for Valencia.

For those of us who are already here our advice is sit it out. If your property is in a good location and reasonably priced, and you can´t hang on to sell, then aim it more at the Spanish market as we have noticed they are still buying. And for anyone thinking of buying then now is the time; our tip would be, if you see a property you like, then go in with an offer and chances are you could be lucky and get the bargain of a lifetime!

Villas Valencia offers Title insurance on your Property purchases.

2007-05-08T18:48:00.000+02:00

Through one of the Worlds largest Title insurance companies, we now offer buyers an insurance policy covering you on the ownership of your property.
Safeguard your property investment with a name you can trust.

Title Insurance
Since purchasing property is possibly one of the most significant investments you will ever make, you can now protect it. Insuring the ownership of your property (referred to as “title”) can be just as important as insuring your property and its contents from physical loss or damage.

Title insurance safeguards you against the loss or damages arising from matters such as:

• Someone else owns an interest in or has rights to your Property
• A document is not properly signed
• Forgery, fraud, duress, incompetence, incapacity or impersonation
• Defective stamping or registration of any document of Title
• You do not have legal pedestrian or vehicular access to and from your Property
• There are registered restrictive covenants which adversely affect your use and enjoyment of the Property
• Someone else has an easement over your Property
• Your Title is unmarketable which allows another person to refuse to perform a contract to purchase, to lease or to make a mortgage loan

Without a policy and in some of these cases, you would have to remedy the situation costing you time and possible legal expenses. Ultimately you may still suffer a loss if a court decision does not result to be in your favour. It is now more important than ever to obtain the peace of mind and protection that title insurance provides.

What is the value of the cover?
Title insurance is available for a one-time premium. The Policy is good for as long as you own your property. The amount of cover is normally equivalent to the purchase price paid for the property. Should any improvements be made to the property, The insurers can increase the cover to insure that you’re fully protected for the fair market value of your investment.

How does one apply for a policy?
The process to apply for a policy is simple. All you need to do is complete our online form. Please enquire here: http://www.villasvalencia.com/contactus.htm

How does one make a claim?
You need only provide in writing that you have suffered a loss as a result of a defect covered by the policy. The claims department will then propose the method best suited to resolve your claim. There is no deductible, and a title policy also provides cover for the costs, attorney’s fees and expenses incurred in defending title against a covered claim.

As a UK insurance company, the insurers are regulated by the Financial Services Authority.

For a small one-time premium, wouldn’t you rather obtain peace of mind than pay large sums of money to correct covered title defects?

Young people more cautious property purchasers

2007-03-26T18:22:00.000+02:00

It takes the under 30´s on average a total of 130 days to view and finally occupy their property - one month more than the over 40´s! On average the under 30´s will visit 4.3 new constructions before purchase and their priorities are; location, followed by distribution of living space, orientation of the property, conditions of payment, services in the area (published by Observatorio Edival). The over 40´s act more on the spur of the moment and with less consideration of the above. Who said that the young are impetuous!

FOR LOWER PROPERTY PRICES PRACTICE BIRTH CONTROL!

2007-03-15T20:22:00.000+01:00

Sr. Eugenio Rodriguez Cepeda (President of the Colegio of Registradores de España) said this week that that the latest tendency to see less first time buyers for properties in large cities in Spain´s interior such as Madrid is due to the effect of the low birth rate of the 1980´s/90´s. It did indeed surprise many that Spain with its once large families of 30-40 years ago went on to be the country with the lowest birth rate in 1980.

Tourist exhibition in Madrid

2007-02-02T11:19:00.001+01:00

VALENCIA – FITUR – Europe´s largest world tourist exhibition was opened in Madrid by King Juan Carlos of Spain on 31st January. With 187 countries taking stands in an area covering 89.000m2 there is a lot to see, and judging by the TV news reports it all looks great fun with a real holiday atmosphere. Obviously Spain has a large presence in the exhibition which is not surprising as last year a total of 58.8 million tourists visited Spain, 4.5% more than in 2005 which has broken all previous records with Brits at the top of the list. Valencia has gone all out and put on quite a show with stands taking up 5.500m2 (more than one acre of space)! It was good to hear the King make a special reference to Valencia in his speech regarding how wonderful it is that the America´s Cup will be held here. Of course, we have to remember that sailing is his main hobby!

Multiple property owners escape extra taxes

2007-02-02T11:17:00.000+01:00

EAS (Estate Agent Speak): Those of you who have come to settle in Spain and have got to know some of the local people may find it strange to find, as we did many years ago, that most of them are the owners of more than one property. One of our workers had four properties but the others mostly just two! Alot of these properties are inherited or bought for investment and many are not rented out but just left and used on occasion by the owner´s family and friends. This of course means that for much of the time these dwellings are vacant. You also must have noticed the vast amount of building that continues going on and scratch your head in wonderment when the newspapers tell us that there is a shortage of accommodation!
For some time the government has been pondering on how to address this situation and then came up with a tentative solution: There should be an extra tax on every property which is not occupied. This tax could be added to the IBI receipt. What a great solution! All those unable or unwilling to pay the extra tax will release these properties onto the market and therefore put a halt to the excessive amount of building work.
But just a minute, isn´t this political suicide? To make it work the tax would have to bite. And if it did the market could be flooded, and for a left wing government who has a lot of supporters in the building trades those in construction would be none too pleased to be out of work. Also, don´t forget that many of those on the lowest income have a second home!
It therefore came as no great surprise when Sr Solbes speaking of behalf of the government on the 24th January decided against adding any tax onto the IBI receipt for an unoccupied residence as it would be in his opinion too `legally complex´ to decide when a dwelling is unoccupied or not ie. `As in the case of when the occupants are temporarily away for reasons of work etc.´. He went on to state that in his opinion a vacant property is `a legally inconclusive concept´. Sr. Solbes stressed that this was the central government´s decision and that every autonomous region could take their own!

Analyse the potential profitability of any property type

2007-01-31T13:04:00.000+01:00

A new online tool to check the potential profitability of any property type has been published. It costs nothing to use and could save you thousands!

More information here:

Valencia Property Prices 2007

2007-01-12T12:04:00.000+01:00

The official Spanish property news bulletin stated the other day that Valencia remains the second favourite city for investors in the property market despite the continuing price rises. And while those price rises have been spectacular in 2005 and 2006 we should bear in mind a few of the following facts:

For those who think that Valencia is now an expensive city – think again. The average price per sq. metre in Barcelona is 4.192 €, Madrid 3.870€, San Sebastian 3.807€, and Bilbao at 3,076€. Yet, with all its increases Valencia now comes in as Spain´s 3rd largest city at 2.211€.

The thing is that the above cities also saw price rises, not such spectacular ones as Valencia it´s true but then they started at a higher base level. If the much talked about America´s Cup has been the catalyst for the city´s make-over (and what a make-over, few cities could afford the cost of 500 million euros to secure the cup!) then all well and good as the effect will last long after the Cup eventually sails away and we - the residents – all benefit from a much more glamorous and cleaner city which has finally been put on the map.

The NEW VALENCIA

2006-12-14T12:43:00.000+01:00

It has been a very busy month for us all trying to leave our desks as clear as we can before we dig into our turkey, hence the delay with the newsletter. We also managed to stagger around the Urbe Desarrollo which was the large Mediterranean real estate fair which we found interesting if not exhausting! The display put on by Valencia city of `before/after´ left us all impressed and was well worth the visit.

Property rentals set to grow

2006-12-14T12:40:00.000+01:00

Apart from the typical tourist destinations and holiday lets, long term rentals in Spain have never been a high priority for estate agents. The average Spanish national usually owns more than one property but is cautious about renting and would rather leave property empty. Until now rentals have only represented 5% of the average estate agents earnings here in Spain with property sales making up the other 95%, but within two years this 5% is set to grow into 30% if Sr. Jose Juan Muñoz general secretary of PFAG (Programa del Formento del Alquiler Garantizado) is correct.

And why shouldn´t he be correct? Last year saw a national increase of 5% on rents according to the Spanish National Institute of Statistics. With new laws which protect the owner from age old problems such as sitting tenants and unpaid rents combined with a shortage of long term rental property in and around places such as the city of Valencia investors can clearly see the advantage.

Notaries in Spain

2006-11-08T17:01:00.000+01:00

Here in our neck of the woods we are still busy running back and forth in and around Valencia with sales of properties and overlooking refurbishments with runny noses to match. Yes, sorry to say that colds have run through our office with a vengeance, but you can now get close to us again as coughs and sneezes have left us.
For those of you who like statistics, here are some good ones which landed on my desk not long ago:
In Germany you would have to pay a notary 600 € on a 100.000€ property for the paperwork on the purchase, whereas here in Spain the average would be 264 €.
The Spanish government have brought out a new price list for notaries reducing the cost which will come into force in 2007 i.e.;
30€ per page of escritura, 341€ for the purchase of a 250.000 € property etc.

Valencia golf Clubs

2006-11-08T16:58:00.000+01:00

There always seems to be an answer for everything doesn't there? While the green party will downcast, as estate agents we should be celebrating as will anybody lucky enough to have properties close to where new golf courses which once were just projects could now become reality. Those in our areas which have now been approved on 19.10.06 are – Náquera, Pobla de Vallbona, Lliria, Picassent, El Puig, Burriana, etc.
For yet another slant on the topic Sr. Ramón Dávila, president of Promoter in Andalucía was on 2nd Nov. responding to critics in Almeria on the amount of Golf courses in the south of Spain and their effect on the environment and their excessive use of water on Spain's low water reserves. Sr. Dávila answered that in Andalucía there are 100 Golf clubs which use a total of 250.000 cubic metres of water. This amounts to 0.3% of the water consumed in Andalucía. If the Golf courses were closed its workers would be out of work which would affect the economy much more. He went on to state that golf is not only a sport, but that it is also a serious tourist attraction for mainly British golfers followed by Scandinavians from between October to April which is when their own climate changes. This means that hotels can stay open for the winter period which in turn means yearly contracts for employees instead of seasonal ones. The obvious knock on effects of more business for the surrounding areas were also pointed out by Sr. Dávila, as well as, the fact that golf tourists also stay longer than the average tourist, spend more, and of course golf courses do not have to be near the sea taking up valuable coastal land.
So there you have it – those with properties or land near the new golf courses can start counting their profits as the prices start going up!

Amazing Currency Exchange rates offered - Pounds to Euros

2006-10-05T20:02:00.000+02:00

Our preferred Currency exchange Company is currently offering clients GBP - EUR rates around 1.48.
Last time GBP - EUR was at these levels was June 2005 - 15 months ago.
1 month later in mid July they were trading at 1.42
This equates to a swing of over 4% in just a month. This information can be used in 2 clear ways:

(1) If you have payments to do now or in the very short term you should take advantage of this rate whilst its at these levels.

(2) If you have payments coming up over the next few months then its worth considering the possibility of reserving this rate now.

If you require any more information let us know

Valencia property market rising

2006-10-05T20:01:00.000+02:00

For those of you who like facts and figures then here are some to ponder – according to Aidico (Spain’s construction institute) the second trimester of 2005 saw property price rises of 17% for new builds and 11% for re-sales in Valencia. They go on to say that while Valencia has shown the largest property price increases in Spain it still remains comparatively low regionally.
On 12th September the Ministry of Housing published a report on their plans for state aid up to the year 2008. Anybody who has any kind of physical disability and would benefit from the installation of ramps or hearing aid devices etc. in their home can apply to the ministry of housing for a grant. This also extends to those who are over 65 years of age and have mobility problems. To qualify, the property must be your primary residence, you must also be resident in Spain, and the property must not be put up for rental.

EU Nationals and Residence Cards

2006-10-05T19:53:00.000+02:00

It seems that summer is going on and on, and with the fiestas in our village in full swing the promised rain of October hasn’t got a chance! We have had a lot of feedback from the last couple of newsletters re. residence cards when I wrote that they were no longer necessary, and that Spain was actually in breach of EU regulations by asking for them. It does seem that the news has now filtered down, as a couple of weeks ago when presented with an out of date residence card for a house purchase the notary told our purchaser there was no need to renew the card as they are now obsolete!
Thank goodness we made sure she had her passport! But the notary just said make a note of the first digits of the number on the old card (this is the NIE no.). Anyway to continue the saga here follows a translation of the official paper which we obtained from the police station in Valencia this summer:

ROYAL DECREE 178/2003 (BOE 22/02/2003)
The following people who are holders of an identity card or a national valid current passport will be allowed to reside in Spain without the necessity of a residence card extended by the Spanish authorities;

Nationals from member states of the European Union or other states who have an economic agreement with the EU, who are employed or self-employed workers, students, or beneficiaries with the right to reside permanently.
Family members of the above, as well as family members of Spanish as established in article 2 of the present Real Decreto (cónyuge, descendientes o ascendientes), as long as they are nationals of a member State of the EU
Nationals from member states of the EU and of the states who have an agreement with the EU who work in Spain maintaining residence in the territory of another one of these states who returns daily or at least once a week.

Notwithstanding, to perform any economic activity, paid employment – self-employed or any other service, student, etc... the corresponding documents would have to be obtained under equal conditions as Spanish citizens.

So there you have it! However, if you don’t want to be bothered to carry around a copy of your passport (make sure you have your original for legal matters etc.) you can still get a residence card if you wish to do so. The thing is that other nationalities have their own identity cards but we Brits don’t!

18.9% increase in foreign buyers!!

2006-09-13T20:42:00.000+02:00

USEFUL EAS (ESTATE AGENT SPEAK) – SECRETS!

Spanish Ministry of housing on 29.8.06 there was an increase of foreign property buyers of 18.9% in the first three months of this year compared to the same period last year who have bought a total of 31.342 properties in Spain. Leading this increase of foreign sales was the Valencian Community with 8.879 representing 24.02%, which was followed by Cataluña with 5.778, Andalucía 4.028, Madrid 3.899, and Murcia 2.219, (Murcia is another region which is on the move as it has just released a vast amount of land for industry, to attract 6.000 industrial businesses to the area) etc.. More than two thirds of the properties sold were re-sale with the rest made up of new builds. As these figures are published by a government body then surely we should take the following quote by Benjamin Disraeli with a pinch of salt?

“There are three kinds of lies: lies, damned lies, and statistics.”!

More statistics: According to new independent research from HIFX Spain remains the top getaway destination with 46% of Brits aiming to buy here for its lifestyle, which comes as rather a surprise. Does this mean that we Brits place more importance on lifestyle than investment? As estate agents we are always asked for a good investment!

ARE PROPERTIES FREEHOLD ?

2006-08-02T21:13:00.000+02:00

Is it Freehold, we are sometimes asked? – Yes it is freehold. It should go without saying that every residential property is freehold, as leasehold property does not exist in Spain. Having said that, it is common practise to sell business/commercial premises here in Spain on a leasehold, although the terms and conditions are rather different than we would understand them in the U.K. Such properties would come under the word Traspaso, and you would be expected to pay quite a large amount for the lease, depending of course on the type of business/location etc. and then continue to pay a monthly rent.

NO MORE RESIDENCE CARDS !!

2006-08-02T21:09:00.000+02:00

No more queues, no more finger prints as if you're on the wanted list! It appears that Spain is in violation of European law by continuing to issue residence cards to European Union citizens, as according to the EU ruling 2004/38/EC they should not be issued after April 30th 2006.

When buying property in Spain, who should the buyer pay?

2006-07-03T16:08:00.000+02:00

Extract from our translation of the OFFICIAL SPANISH GUIDE TO BUYING PROPERTY—Released by the Spanish Property Registry Office.

WHO SHOULD THE BUYER PAY; - To the estate agency. It is important to bear in mind that whoever has contracted the services has to pay their fees. Normally, vendors place their properties with estate agents and therefore their services are paid for by the vendor, never by the purchaser. So, buyers should be aware of these extra "charges" which in most cases are purely to cover 2 lots of commission (as most of the time they involve the Spanish agency and their English "partner"!)

For our full 10 page translation of the official guide to buying property in Spain, come and collect it from our office or we can send it out by email.

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