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21 Jun 2007 2:12 PM:

Hi Patrick, I have contacted some lawyers in Madrid however since, at this stage. we are still in 'talks' with the developer, I have not apppointed them yet - hence my querry.

 



Thread: Costs and Proceedures of buying in Spain

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21 Jun 2007 9:48 AM:

Hi Patrick/Smiley,

Thank you for the lightening reply.

I am in talks with a Spansih developer to build residential flats in the Canaries aimed at young couples and workers first home buyers - so not the typical UK expat tourist villa target!!

Hopefully this area will continue to meet strong demand despite the recent bad news of propety bubbles...

In the initial proposal there is an entry of €90,000 for "VARIOS" which has been explained as bank interest repayments as well as all the other charges involved such as

Gastos notarios

Gastos adminstrativos

Licensa de primeira ocupacicion

Pago del proyecto de ejecucion

Licensa proyecto basico

Honorarios Arquiteto

Honorarios Aparejador

Hacienda

Apertura de hipoteca

Plusvalia

Other costs I anticipate (but do not yet know in Spanish) are

Land registry

Transfer tax (ITP)

Stamp Duty

My objective with this chat thread was to try to identify all possible charges/costs and get their translations for myself and other EOS members

If you can contribute to any of this information gatheing, it would be appreciated.

Gracias



Thread: Costs and Proceedures of buying in Spain

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20 Jun 2007 12:00 AM:

Muy Buenas,

Just joined this forum and like all beginners took a while to realize that answers come in backwards... I will get a avatar set-up one day but dont know how to resize my photos and have already spent toolong surfing for the answers I am now hoping some of this forum's 'regulars' can help me with.

Besides the purchase price of the plot what are all the costs I can expect (notary, surveyors, stamp duty etc etc)?

Although I speak Spanish I am not familiar with the equivalents of Stamp Duty, Capital Gains etc. do you?

What are the various checks and procedures I need to make before buying and subsquent to starting to build?

There might be some wonderful member who has all this on a single sheet laid out for 'verdes' like me. If not url links etc would help.

Cheers - and dont panic about the recent news about the bubble. Spain is still going to be a number 1 destination for years to come.

 



Thread: Costs and Proceedures of buying in Spain

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20 Jun 2007 3:48 PM:

while the market has had a major recent correction and is softening, as you indicated, that is still coming off a strong base, ie the "reduction" to 500,000 homes still shows quite a strong demand  and secondly,  the overall population has been growing at about 2.1 % (2005) and the immigration is still coming, albeit perhaps at a slightly reduced rate.  

May 29 El Pais ran an article about a recent meeting of ASPRIMA (Assoc de Promotores Imobiliarios) for the upcoming Salon Imobiliario de Madrid.
Galindo  (president ASPRIMA) identified 3 growth areas : young first homers, low income and immigrants who have settled in Spain.

Some notes from the article:

De-accelaration in rate house prices are rising:
2007 down 3%
2008 stagnation
2009 less 1% negative

New homes "down" from 700,000 to 500,000 in 2008 (but still half a million new homes to built and supposedly sold which indicates a strong demand fo 5 to 7 years)

Spain's current 4 million immigrants represent 4% of total workforce. Influx is dropping but nevertheless could contribute some 100,000 new homes on top of the 500,000. Fewer immigrants means lower unemployment rate

Mortages getting longer in attempt to manage 'soft' market correction and aim at 3 market segments mentioned above,
You can now get a 40 yr mortgage with some banks or Immobiliarios such as Metrovacesa, promising to drop 2 points below Euribor in Year 1
Nevertheless a mortgage of 150,000 will cost over 800/month

I accept that the news has been alarming for Brits holiday homes where ther is a glut but no one can really pretend to be that surprised. We  have been eating dust for the last 2 years all over the Costas... Nevertheless I still think a medium-term view of specific types of development offer good opprtunities.

Ojala!!!



Thread: 'Bubble' fears hit Spanish property

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