Buying Advice

Spain is increasingly becoming a popular retirement vacation spot meaning that this is a good time to invest in real estate in the country. Property prices in Spain have dropped drastically. Market studies show that since 2007, property prices have fallen by around 35- 50%. While this might be bad news for property sellers, it provides a great opportunity for people wanting to buy real estate in Spain.

Spain is increasingly becoming a popular retirement vacation spot meaning that this is a good time to invest in real estate in the country. Property prices in Spain have dropped drastically. Market studies show that since 2007, property prices have fallen by around 35- 50%. While this might be bad news for property sellers, it provides a great opportunity for people wanting to buy real estate in Spain.

As a buyer, you have a variety of properties to choose from in almost every property sector. From commercial properties, beachside apartments, luxury town houses, the list is endless as to the list of the wealth of bargain property options that are available to you

Sellers are keen to sell and even in these hard economic times, you can bargain for a great price to buy property to invest in long- term or even a great place to live in. However, the main question in many buyers mind is whether investing in real estate in Spain

The truth is if you have the right information and plan, it is possible to buy real estate in Spain safely. Below is a valuable guide to help you make the right investment decisions when buying real estate in Spain

1. Investigate the market and plan ahead

Before investing in any property, whether overseas or locally it’s important to understand the market trends, current market prices, market standards and requirements. You need to be knowledgeable about the Spanish market so that you can purchase property that meets your preferences and budget. Come up with a proper real estate buying strategy and ask yourself important questions such as the kind of property you want to buy, costs, location etc.

2. Understand the legal requirements

Foreigners need to obtain a National Identification Number (NIE)before they are able to do anything and essentially, if you are planning to buy real estate in Spain. It’s important to hire a lawyer to help you understand all the legal standards you are required to meet to avoid problems. At minimum you will be required to have a lawyer, real estate agent, clear with the land registry, obtain proper planning permission, and ensure the property is sound- an architect or surveyor can help you with this.

3. Get professional Property purchase assistance

If you are especially new to real estate, it’s very important that you hire an expert to help you with the buying process. Hiring a real estate agent in Spain can help you make the right buying decisions so that you can avoid the many pitfalls many foreigners face when buying property overseas. An agent is armed with valuable information and knows where to look and all the processes involved to make the process as stress free and pain free as possible. He/ she will help you choose the right property based on your budget and preferences.

4. Hire a lawyer

As mentioned above, you need to understand all the local standards and regulations pertaining real estate investment. Having a legal representative who will represent your interests and watch out for possible legal problems can be priceless when buying real estate in Spain.

5. Have important documents translated

Before you sign any document; have it translated from Spanish to a language you can understand. You need to be aware of what you are exactly agreeing to before putting your official signature to avoid future problems. Have all the documents translated, go through them, you can even ask your lawyer to go through them to ensure you are comfortable with the entire document before signing it.

6. Location

The location is very important when buying real estate in Spain, you need to ensure your property is near important amenities such as access to transport, hospitals shopping mall, relaxation spots etc.

7. You can find property to buy online or hire a real estate agent to help you with the entire process

You will need to ensure that you follow all the required legal guidelines and law requirements to avoid problems. Hire a good lawyer and real estate agent to make the process easier and stress free for you.

A successful purchase of any property is to understand the purchasing process and all costs involved, this is where we will help you best understand all aspects of the buying process here in Spain.
The process starts when we visit the said client at their property with a property valuation, then we explain what we do to market the property and how RMR will achieve the sale.

RMR prefer to take a property on Exclusively and promote that we manage not only the sale of the property but also the whole buying and selling process; basically we tend to the clients needs.

Once you have found the perfect property

What are the next steps and what might be encountered before you can expect to own your dream home in Spain, Details listed below.

Step 1

The first step would normally be a meeting with an English speaking Spanish solicitor (abogado). During this meeting the solicitor will explain to you the legal implications of your purchase.

You will be told that you are required to place a small reserve on the property, typically €3,000, in order for the owner or developer to take the property off the market.

This is a very important step as decent, well positioned, attractive properties that may be bargained priced move very fast in the current market where due to the worldwide financial crisis some properties are selling for 30% less.

There’s never been a better time to buy!

Step 2

Your lawyer will outline in detail his charges and what he will provide by way of service in return.

This includes searches on the property to establish ownership and resolve outstanding debt and more importantly, checking that the deed (Escritura) is in order and that it matches the building and land being offered.

Step 3

The lawyer will also check building licenses are in order and that the owner or developer has satisfied any local planning conditions prior to offering the property for sale.

You can also expect that your solicitor will handle any financial transactions on your behalf, although it’s more practical to allow them power of attorney to complete the sale.

Step 4

Depending on when you decide to take possession and take into account your personal circumstances you will now set the payment schedule.

In one example if the property is vacant and you are a cash buyer you can go to the notary within 4 weeks and have possession of your new home!

If a mortgage is required then this process can take 8 -10 weeks depending on your mortgage lender.

Step 5

The notary office will have the new Escritura drafted before you or your solicitor goes before the notary to have the sale completed. The notary will also register the new deed on your behalf.

Step 6

On the day of notary you will be required to provide funds to meet the sale price of the purchase, then sign the title deeds.

With year round sunshine, 8,000 km of beaches and a very competitive cost of living, Spain has long been a favourite destination for British expats.

The Costa Blanca and Costa Del Sol are magnets for retirees, while vibrant cities like Barcelona and Madrid are full of young British expats enjoying the relaxed Spanish lifestyle.

Facts About Spain

• Population: 46.77 million
• Number of British expats: 761,000
• Most popular areas for expats: Costa Blanca, Costa Del Sol, Barcelona, Valencia and Madrid
• Currency: Euro
• Official language: Spanish, but there are also widely used regional dialects and languages such as Catalan, Valenciano and Gallego
• Main industries: Tourism, Automotive, Energy, Textile Manufacturing
• The Kingdom of Spain, as it’s officially known, is the second largest country in the EU
• Spain has the fourth highest life expectancy of all the OECD countries

What Visas and Paperwork Do You Need?

Spain is a member state of the European Union, so British citizens don’t need any additional visa to freely work and live in Spain.

However, as an expat you will need to get a Número Identificación de Extranjeros (NIE number), which registers you with the authorities. Once you have accommodation, you will also need to register yourself (and all other members of your family) at the Town Hall in order to get a Certificate of _Empadronamiento. You will be required to show this when you register with a school or doctor, or do certain other things such as buy a car.

The Cost of Living

People used to prices in the UK will find the cost of living in Spain refreshing – however bear in mind that this is reflected in Spanish salaries. Accommodation in popular cities can be expensive however, and utilities are also noticeably higher – up to 20% up on UK averages.

Setting up your Finances

There are over 170 financial institutions to choose from in Spain, split into bancos (private banks) and cajas (state owned). Cajas are often much more ethical in their investments, including funding local social projects, and are often locally based with just a few branches. Major bancos with branches across the country include Santander, Banco de Sabadell and Banco Popular.

There is usually an annual fee of up to €30 for a current account and additional fees for debit cards and saving accounts. You will need your Numero Identificación de Extranjeros to open your account, as well as your passport, proof of employment (or unemployment) and a proof of address.

Once you have opened your Spanish account, register with TransferWise in order to transfer money between your UK and Spanish accounts without having to pay hefty bank fees.

Education & Schools

The Spanish school system gives you the choice of sending children to state school, private school or colegios concertados.

These are semi-private and generally offer better facilities than the state schools but with less of a price tag than going fully private. International schools are also a popular option with expats, with lessons taught in both English and Spanish.

The Telegraph has a comprehensive list of British-style schools that offer GCSEs and A-Levels in Spain, if you are just planning a move of a few years.

Although the healthcare budget in Spain has been cut over the last few years due to austerity measures, it is still offers a good standard of care.

Expats who are resident in Spain are entitled to free (or low-cost: some treatments are only covered 75%) healthcare through the Sistema Nacional de Salud (public healthcare system), as long as you have a social security number.

Healthcare

Many expats, especially retirees, choose to go down the route of private healthcare, as it is still affordable and offers a greater choice of options. If you think you will be using this regularly however, taking out insurance will be cheaper than paying the extra each time.

How the National Healthcare system works in Costa Blanca, Spain

Many are wary of public healthcare and especially healthcare offered in foreign countries, but Spain has an excellent system that not only compares favourably with the British NHS system but provides better and more up-to-date facilities and equipment than Britain, despite, according to the World Bank, Britain spends a greater % of GDP per capita on healthcare than Spain.

It is also important to note that the National Healthcare Service in Spain does not cover dental care. So if you feel that you need to cover this type of care you will have to look to private insurance cover.
Be aware that although the system covers the whole of Spain, you will have to attend a facility in your area as designated by the system. You will not be able to pick and choose which facility you prefer.

Who is entitled to National Healthcare in Spain?

Residents of Spain: If you are a resident of Spain (regardless of nationality) and you make regular Social Security contributions than you and your immediate family members are entitled to access Spain’s National Health Service. You can be either employed, self-employed or retired and on a pension.

However, there is a big ‘but’, If you are still registered on a national healthcare system in a country outside Spain you must de-register before applying to Spain’s National Healthcare Service.

That said, and again, as is the case in any country, Private Healthcare is a better choice if you can afford it, and many take private health insurance in Spain.

To benefit from the excellent Spanish healthcare system you will need to register and be prepared to pay the Social Security contributions according to your income or employment status.

Who is NOT Eligible for National Healthcare in Spain?

Spain like Britain has experienced the problem of EU citizens taking advantage of its Healthcare system and as a result, has put provisos in place as well as the requirement for expats before they can access the system.

Persons not eligible for Healthcare

Expats who are below retirement age and who are not employed in Spain and who have not registered.
Anyone who has not followed the required procedures.
Anyone who has not obtained a SIP card.
Anyone who has not de-registered from the healthcare system in their home country.

Private Health Insurance in Costa Blanca, Spain

Private Healthcare Insurance in Spain for the local market is not as expensive as the same insurance in Britain, but your choice of health care hospitals will quite naturally be restricted to the private medical domain.
If you are not yet in Spain but planning to move there soon, it is a good idea to arrange for healthcare cover before you move, you can do this through a company regulated by the Financial Services authority as these companies are likely to be more accommodating should any payment dispute arise.

Health Insurance Brokers

Single-company brokers are the norm in Spain. Single-company brokers are no more than agents selling a single company’s products so you will not be given the best overall product on offer. You need to find a broker who is able to find a competitively priced product suited to your needs, in other words, a broker who has the ability to check multiple company products.

If you decide to rely on a broker be sure to ascertain what their commission is and before you buy check online directly with the insurance company to ensure that the commission added is not too high.

Simple terminology:

Insurance – Seguros
Policy – póliza
You are referred to as the ‘subject’ (el subdito) on a policy.
As the receiver of a payment, you are termed the ‘beneficiary’ (beneficiario).

Private Health Insurers for Ex-Pats

Adeslas – Insures approximately one-third of the privately insured population in Spain.  The company covers a number of national hospitals and clinics throughout the country and provides high-quality health insurance products with options of basic medical services and/or specialist services including the dental cover, within Spain.

Aresa – This private health insurance company specialises in meeting the needs of expat residents in Spain.  This insurer has its own medical services centres in many of the main centres in Spain.

Asefa – Another leading Spanish Private health care insurer that offers various products specific to the needs of ex-pats resident in Spain. The have one of the best rates for health insurance among the different insurance companies. Unfortunately, the website is in Spanish so basic Spanish is necessary to navigate its pages.

ASSSA – a health insurer based in Spain that boasts of 80 years experience in health insurance and offers products aimed at the expat resident in Spain.  Its boasts multilingual staff at both its head office and branches throughout Spain.

AXA – a Multinational very reputable company that offers Global Insurance cover. Also Travel Insurance.  In Spain AXA enjoys a large portion of the private healthcare market and has in excess of 1200 employees and therefore a very strong distribution network.

BUPA International – a provider of Health Insurance specific to the needs of Expat residents of Spain.  It is also an excellent option for those who spend time in both Spain and their home country.  It offers individual and group policies to cover both Spain and the home country of the policyholder.

Fiat C – A Spanish insurer based in Spain – they also offer the benefit of a health club which is included in their health insurance.  They state that they have a third of the privately insured Spanish population as their clients.  And that they guarantee that if you use their nominated facilities you will not be faced with additional costs.  However, the website is in Spanish with a rather confused English translation.

Sanitas – This health insurer is the sister company of BUPA.  It offers cover in Spain the UK and globally.  Policies for residents of Spain can be as low was €30. Cover for  Spain.

AEGON – an international Insurance company originating in Denmark has combined with Santander bank to offer health insurance in Spain.  To access their policies you go through Santander bank.

Caser Seguros – Has more than 70 years’ experience in the Spanish Insurance market including Travel, health and dental cover.  They offer discounted rates on personal policies and have a very comprehensive website that offers translation into English which is clear and understandable.

DKV (DKV Seguros) – Based in Spain, This International company has an English website and offers a number of health insurance products.  It has branches throughout Spain which makes face-to-face discussions easy.  The website has a choice of languages including English.

MAPFRE Asistencia – A large and reputable International Insurer, however, its Websites are not encouraging – there is virtually no information available in English.  If you have some knowledge of Spanish then you might find what you are looking for.  They offer Personal Insurance products.

Access and Transport

Costa Blanca is one of the most accessible places with in Spain, Alicante airport is the main gateway to the region with many flights from all over Europe.

A guide to transfer times

Torrevieja is south of Alicante airport and is around 45 minutes by road and just 20 minutes from Murcia, while Moraira in the north is around 60 minutes from Alicante airport and 80 minutes from Valencia. Each airport is served by a variety of airlines from the UK, including one or more of the following: British Airways, EasyJet, Flybe, Monarch, Ryanair, Thomas Cook and Thompson.

When you arrive here on the Costa Blanca, not having your own car wont be a problem if you are based in a holiday resort. There are shuttle services or taxis that will take you from the airport to the most popular areas, while local bus services operate between all towns and villages, with Alicante being the transport hub for the whole region.

As well as taxis, local bus services also operate in many holiday resorts, stopping regularly in residential areas, offering a convenient and cheap way to get to local amenities, beaches and attractions. This is a popular way of getting around on the Orihuela Costa, around resorts such as, Cabo Roig, Playa Flamenca, La Zenia, Torrevieja and Villamartin where the bus will take you to the new shopping centre of La Zenia, Fares should be no more than a couple of Euro. Timetables are available from tourist information offices.

Cars – Owning a Car

With such a good climate here in Spain there is much to do whether it be a lazy day by the beach or a day at the golf course or perhaps 1 of the many leisure activities available here on the Costa Blanca. If you’re planning to move or make frequent visits to a holiday home here to help you enjoy all the fun things available around the region you might consider buying a car, read on to find out more about all the activities to do on the Costa Blanca and having your own transport there.

Leisure – Things to do, places to go

Costa Blanca

Situated on the southeast coast of mainland Spain, the Costa Blanca is renowned for it’s sandy white beaches and warm Mediterranean climate. Steeped in history and boasting beautiful mountain views, sweet fragrance orange groves and glistening waters, this picturesque Valencian province has something for everyone.

You certainly won’t be short of things to explore on the Costa Blanca, whether you wish to delve into it’s history and culture or reveal the untold mysteries of the deep blue Mediterranean.

Why not make the Costa Blanca your base while you explore Spain’s rich historical architecture, take a hike in its magnificent mountain regions or ski in the spectacular Sierra Nevada, just three hours drive away.
It’s also worth knowing that there is a comprehensive motorway network to make your journey easier around the region and should you adventurous enough to want to see more then Alicante & Murcia airports are easily accessible for a internal flight to other areas of your choice. Also from Alicante, you can hop on a ferry over to the beautiful Balearic islands or use the high speed train network to the wonderful cities of Madrid, Valencia and Barcelona.

Alicante

Alicante is a coastal university city with an impressive harbour and a tree lined promenade. One of it’s main attractions is it’s ancient mountaintop castle (Castillo de Santa Barbara), although keen shoppers will revel in it’s quaint boutiques and grand department stores.

The ancient town of Alicante extends itself along the curve of its busy port. The Romans called it Lucentum – The City of Light – quite appropriately for the acknowledged tourist capital of the White Coast, which has supplied generations of visitors with their first enticing impression of Spain.

Alicante, like most of the towns on the Costa Blanca, hosts an array of restaurants and bars with prices that won’t break the budget, so you certainly won’t go hungry here!

Gran Alacant & Santa Pola

Situated 15 minutes from the city of Alicante, 10 minutes from Alicante International Airport and 5 minutes from Santa Pola, Gran Alacant has a great deal to offer. With amenities and the coast in walking distance, plus a good bus route, you never need get in your car again. However, should you fancy adventure, there are plenty of places to visit close by.

Santa Pola is renowned for it’s beautiful beaches, sand dunes and salt lakes. It also has a large fishing harbor. Many of the salt lakes here at Santa Pola are protected, as there are a variety of migratory birds here such as flamingos, the Colorada duck and the Osprey.

Elche

Elche a city 20 km inland from Alicante, having some 200,000 inhabitants, is the third largest city in the Comunidad Valenciana region in terms of population size and resources. A stroll through the city’s streets will reveal an interesting historical centre, a silent witness to its glorious past.

This glorious past contrasts harmoniously with all of the elements characteristic of a young, dynamic city with a unique townscape due to its location in Europe’s largest palm grove where there are two beautiful parks you can visit: El Palmeral containing 200,000 different specimens of palm and Huerta Del Cura with many different plants and trees. The Palm Grovelegacy of the Andalusí farming culture, has been declared a World Heritage Site by UNESCO.

Elche is steeped in history and houses an archeological museum located on an excavation site where the 4th Century B.C. “Dame of Elche” was found. Some of the architecture in this city dates back to the 16th century such as the Basilicia de Santa Maria, which is also worth a visit.

Elche is currently the footwear capital of Spain making 42% of the countries shoes that are exported, to other EU countries and USA. Some of the factories are open to the public so a visit is well recommended.

The municipality of Elche has 9 km of white beaches, equipped with all of the facilities necessary for visitors to enjoy nature to the full. With beaches of fine white sand, exotic dune systems and sandy semi-urban beaches, Elche has a varied and highly interesting coastline to offer visitors.

La Marina

14 kms to the east of Elche lies the town of La Marina, close to which is a well established “urbanisation” predominantly popular amongst the English. Close to the beach, and with a strong community spirit and plenty of facilities, this is a great place to start a new life, whether for retirement or bringing up your family, La Marina could be just what you’re looking for.

Benijofar

This charismatic Spanish village is just a 10-minute drive from the crystalline waters of Guardamar beach. With all the facilities you need, Benijofar can also offer you a glimpse of Spanish life and, with its scenic surroundings, you certainly can enjoy the best of both worlds.

Guardamar

Situated on the River Segura, the picturesque town of Guardamar is surrounded by rich farmland of orange and lemon groves, almond trees and various other crops. It’s main attraction is it’s 11 km stretch of natural golden sand with a backdrop of shady pine forest. The forest, originally planted to prevent the movement of the sand dunes, is now a beautiful nature reserve and is popular for cool walks and picnics.

In Guardamar, you will sense a strong family atmosphere, especially if you take an evening stroll to the local craft market or treat yourself to a tasty meal or a large ice cream in one of Guardamar’s ice cream parlours.

Torrevieja

Torrevieja is a cosmopolitan town hosting a wide variety of bars and restaurants and also many local “fiestas”. This town caters for the whole family and you can take part in many activities such as walking, swimming, snorkeling and horse riding. You will also find several clubs and societies so you need not leave your hobbies behind. Whether you take part in dance and drama, art and craft, tennis or bridge, the area has a great deal of choice.

Take advantage of Torrevieja’s magnificent Friday market which sells everything from fruit and veg to housing accessories and gifts. In fact, why not make a day of it and “shop until you drop” in Torrevieja’s many boutiques.
Local to Torrevieja are the salt lakes. The concentration of salt in these picturesque lagoons helps to draw the moisture out of the air.

This, combined with the very low annual rainfall, creates the unique microclimate. The long sunny days, with an average temp of 20 degrees centigrade, make this area ideal for sufferers of Rheumatism, Arthritis and Asthma.Torrevieja boasts marvellous golden sandy beaches, which carry the blue flag for cleanliness year after year.

If you simply wish to relax and soak up the rays, then head for one of Torrevieja’s sandy white beaches, which have been awarded the EC’s “Blue Flag” status so you can ensure safe bathing and quality recreation facilities for you and your family.
And the kids needn’t worry either, as there is always McDonalds, Burger King and KFC!! As well as ten pin bowling, cinema, new sports centre, horse riding, numerous water sports…

San Miguel de Salinas

Just a fifteen-minutes drive from the coast lies the rural Spanish town of San Miguel de Salinas. With its quaint church square and many bars and restaurants, you will find all the facilities you need here amongst the local folk. The local market is not to be missed, every Thursday morning throughout the year.
Should you wish to go further a field, hop in the car and enjoy a scenic drive through the orange groves to your destination, be it the golf courses, Torrevieja or to explore something completely new, you’ll never far from the action!

Cuidad Quesada

Cuidad Quesada the urbanisation that grew up to become a town. Once under the control of Rojales, it now has it’s own town hall and is now making sure that the area is developed with the correct amenities for the residents.

It area boasts an aqua park, a golf course, a country club and numerous shops, bars, restaurants, banks and commercial businesses. Located west of the salt lake of La Mata, Quesada residents enjoy the panoramic views of the salt lakes, Mediterranean, Vega Baja and distant mountains.

Whether staying or visiting a place for all to remember.

Los Montesinos

Located on the inland side of the salt lake of Torrevieja, Los Montesinos, has grown to be one of the most popular places in the area. It a small town that is charming, quiet anf relaxing. The town square is surrounded by cafes & bars and is the centre of town life. Children play in the safely of the square while parents discuss the days events.

The town council is very anxious to maintain all the ancient traditions so fiesta time is a speciality for such a small place, whether one float or twenty all the town folk turn out to watch the parade through the streets.

Local facilites are all within an easy stroll and they include an all weather sports stadium, swimming pool, music college and the latest addition is a park area with a waterfall and stream.

Algorfa & La Finca Golf Resort

Situated amidst the orange and lemon groves on a hillside lies the small town of Algorfa. It has extensive views of the Vega Baja area and the surrounding mountains. This quaint town has many small bars and restaurants and is handily placed for those whose wish to tour the area and sample rural Spain.

f you’re a keen golfer, your needs are certainly catered for here with the La Finca Golf Resort being only a 5 minute drive from the town centre. The Spanish Open Golf Championship will be held here in the next couple of years.
If golf is not your scene then the coast is only fifteen minutes away.

Villamartin

Popular amongst the English & Irish, you’ll really feel at home amidst it’s English bars and Irish pubs. Here you will find all the facilities of a small town so you need not travel too far and should you wish to go further a field, there is a reliable bus service.

Take advantage of the breathtaking coastal walks along the rugged coastline of the Orihuela Costa and remember, golf is never far away. With three golf courses already established, you’re be spoilt for choice at Villamartin.

If the rest of the family can’t abide golf, you need not fear as there are plenty of activities here, with the coast just a 10 minute drive away, go-karts, horse riding and the infamous Villamartin Square with more than 20 restaurants and numerous bars, especially vibrant in the evening.

Pinar de Campoverde

Pinar de Campoverde is an established Spanish village set on a wooded hillside, 8 kms inland with views to the Mediterranean. It is less crowded than the more developed areas towards Torrevieja, with mainly large detached homes and year-round residents, many of who are British or German.

In the commercial centre of Campoverde there are several bars, restaurants, supermarkets, bank etc. There is a small street market on Sunday mornings. On the other side of the village is the famous Natural Area “Rio Seca” where you can walk along the (usually dry!) bed of the river, which has carved a spectacular gorge. Near Rio Seca there is also a new 20,000m2 sports area with several tennis courts, basketball, football and a large public swimming pool.
The nearest town is Pilar de la Horadada, where you can join the new A-37 Alicante-Cartegena Autoroute or access the beaches of the Mediterranean. There are about 4kms of sandy beaches stretching from El Mojon to Mil Palmeras, including a small, pretty cove at Torre de la Horadada where there is also a Marina. This is only a 15 minute drive away.

The Golf Resort “Lo Romero” has recently opened between Pilar de Horadara and Pinar de Campoverde, well worth a visit.

La Manga & The Mar Menor

La Manga is a developing area situated on the Costa Callida (the warm coast) and with the sea on one side and the Mar Menor on the other, it’s great for a holiday home, with sea views if desired, and in walking distance to the sea.

If basking in the Mediterranean sun is not for you, then why not take advantage of the many water sports activities on offer such as windsurfing, sailing and fishing. You will find a good bus service here and many bars and restaurants which are vibrant in the summertime.

La Manga is also famous for it’s golf resort and country club with a large casino should you fancy making your fortune.