House-hunting in Spain got easier this month with the launch of PropertyandSpain.co.uk, a website that showcases new-build and off-plan properties in resorts in the Spanish Costas and Balearic Islands.
PropertyandSpain.co.uk brings together a portfolio of carefully selected property developments, listing them by location with full property details and a range of photos. The site also features a blog and area guides to keep buyers informed about the Spanish property market.
Resorts in which PropertyandSpain.co.uk has property for sale include Punta Prima and Villajoyosa in the Costa Blanca, Mijas and San Pedro in the Costa del Sol, as well as on the islands of Mallorca and Ibiza.
Director of PropertyandSpain.co.uk Julian Walker said: “The Spanish market appears to be back on an upward curve in sought after areas of the Costas, as well as key cities like Barcelona and Madrid. To help buyers benefit from this, at PropertyandSpain.co.uk we focus solely on new-build, or key-ready, and off-plan projects, which typically offer better capital appreciation than resale properties.”
Buying new or off-plan rather than resale property in Spain brings the following key advantages:
- Buying into a new development early increases the opportunity to benefit from capital appreciation, as units are often sold at a discount. Once a project becomes established, demand typically increases, especially as desirable new development sites become harder to find.
- Developers often offer attractive finance deals or payment schemes, which you won’t get when purchasing an existing resale property. This is especially applicable at the moment, as interest rates are at record lows in Spain, where new mortgages are now cheaper than the Eurozone average.
- New property in Spain, like in most countries, comes with a guarantee from the developer, who will also be obliged to take care of any faults when the new owner takes possession, so-called snagging. Also, new property is built using more energy efficient materials than you find in older resale homes.
- Buying off-plan gives the new owner a certain amount of control over the interior of their property, allowing them to choose the style and colour of certain fixtures and fittings. Developers will typically present furniture pack options too.
- VAT (IVA) levied on new properties in Spain is 10 per cent, which is the same rate as transfer tax levied on resale purchases in some regions, including the Valencian Community, home to the Costa Blanca. This means there is little difference in the buying costs between new and resale purchases there.
Concluded Julian Walker: “Sparkling new properties on our website start from just €155,000. With the euro still weak against the Pound, finance very affordable and Spain’s market having turned the corner, now is a great time to be in the market for a new Spanish home.”