A Guide To Buying Property In The Costa Del Sol

While it is probably most famous for its vibrant nightlife and booming tourist industry, there is another side to the Costa del Sol that has been attracting investors and second-home buyers for many years. Behind the glitz and the glamour, the Costa del Sol also plays host to traditional little Spanish villages, secluded bays, tranquil and breathtaking scenery and classic, cobbled streets.

The Costa is one of the warmest parts of Spain, tempered by a cooling sea breeze. There are around 320 days of sunshine per year in this region with temperatures averaging at around 24æC in the off-peak months and rising into the thirties during the summer. The tourist industry has taken advantage of the longer strips of beach, but has had to overlook the smaller, more intimate bays that are known mainly to the locals. Further inland are the mountain villages (pueblos blancos) that are instantly associated with a more traditional Spain. Many property buyers are purchasing property here, either to integrate themselves into the local community or to own a secluded property that presents a real investment opportunity.

Buying property in the Costa del Sol offers its own set of variables, particularly in light of the deregulation of the real estate industry in 1999. Before you consider buying property in the Costa del Sol, there are a few aspects that are worth researching.

Since the deregulation laws were passed, hundreds of agencies have sprung up, with the majority of them being unlicensed. Thankfully, in 2003 the government passed legislation requiring all businesses to clearly display the registered name and address of the company. By looking at their websites, you will be able to see which agencies comply and which do not. You will also be able to see which agencies are registered with the professional associations of GIPE and API. These authorities ensure their members adhere to strict codes of practice, offering protection to clients. If an agency doesn’t display its business address or is not affiliated to either GIPE or API, then continue searching.

It is also worth checking to see if an agent is a member of the Costa del Sol Property Index; members will have access to a central database of properties and other members in those areas. This means that they can find all the property in the Costa del Sol that match your requirements by simply making a quick call to the other independent licensed agencies. This saves you time and money, as you don’t have to see lots of different agents to access all the properties available.

Once you have found a property, you will then need the services of a Spanish lawyer. You need to find on before you sign any contracts. A Spanish lawyer will usually charge around 1% of the sale price of the property and handle the financial aspects of the purchase.

There are variations in the legal system that makes the Spanish system very different from that of the UK. In order to avoid pitfalls, you need to do as much research as possible. Alternatively it may be worth hiring the services of an overseas property specialist. Overseas property specialists will have experience and expertise in the property industry, as well as a pool of contacts and connections to help the purchase of your property in the Costa del Sol run as smoothly as possible.

By: Tom Baker

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Unique Living specialise in the sale of luxury overseas property across the Costa Del Sol, The Algarve, Cyprus, French Riviera, Florida and Mallorca; in stunning locations such as Albufeira, Boca Raton, Cannes, Cap Ferrat, Carvoeiro and Cascais.