The prices of property in Spain have dropped drastically – some by as much as 35-50% – making them the same as the value in 2004. This is bad news for sellers who will be selling the properties at a loss but great news if you are looking to buy property in Spain at the moment. “There is a wide choice of properties to choose from ranging from townhouses, luxury villas, beachside apartments, fincas and commercial properties,” says estate agents in Menorca, Spain.
The international press has covered the problems that have tainted the Spanish property market including instances of ‘land grabbing’, people who have purchased illegal properties and those who have been hit with liabilities that they weren’t aware of before purchasing.
A question being asked by everyone at the moment is whether it’s safe to buy in Spain? We’ve put together some guidelines to consider when deciding whether Spanish property is for you:
1. Read up on the Spanish Laws
You must realize that the property law in Spain is very different from the ones in your home country. You should be more careful and cautious than you would have been in your own country.
2. Research the Liabilities Associated With the Property
Acknowledge the fact that the property you are buying might have some liabilities and could be connected to a state infrastructure project. If there is an infrastructure project around your property, there is the risk of losing a proportion of the land.
3. Familiarise Yourself With the Spanish Property Keywords
Make sure you understand the Spanish property law before you go hunting for a property. You should know the relevance and meaning of Urbanizado, Fully Urbanizado or Rural to fully know where the property you are interested in falls under.
4. Invest In An Excellent Lawyer
Invest some time in searching for an excellent lawyer. The conveyancing should be done by the lawyer and nobody else. There are some characteristics that the lawyer should have, namely that he/she is: independent (of the agent, developer and the seller), fluently speaks your language, is a specialist in conveyancing, fully qualified with high public liability insurance. All the assurances and advice you get from your lawyer should be in writing.
5. Make Sure to Have All Documents Translated into Your Language Before Signing Anything
Don’t sign anything at any point in time until the …