Buying Guide Details

Buying Property on the Costa Calida

Where to buy property on the Costa Calida

This coast is a golf property hotspot and generally aims itself at a discerning, upmarket property buyer. Located in Murcia, between the Costa Blanca and Costa Almeria, the ‘Warm Coast’ enjoys an average of 315 sunshine days per year. This year-round climate and a diverse and largely unspoilt landscape make the area an appealing area to visit and to live.

The Costa Calida is perhaps best known for La Manga and its golf developments, on the Mar Menor lagoon. A number of high-quality courses from the likes of Jack Nicklaus go on to make the region a golfer’s paradise. There are many other sports facilities here too, tennis, scuba diving and sailing to name but three. Property buyers with a love of outdoor life will be impressed with this part of Spain.

Down the coast, the port of Aguilas is often cited as a property hotspot, combining traditional charm with an increasing number of new developments. Puerto de Mazarron has also started to carve out a reputation as an excellent development area, building on its success over many years as a favourite resort for the Spanish.

Inland there are more traditional properties in the mountains that form a backdrop to the coastal resorts, and interesting towns such as the Roman frontier town of Lorca. With several major infrastructure projects in place to improve accessibility to and amenities in the region, the Costa Calida is an attractive place to invest ahead of the demand from property buyers that these improvements will bring.

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The Process of Buying Property on the Costa Calida

Anyone wishing to buy (or sell) a property on the Costa Calida must first obtain from the state – in person – a fiscal number for foreigners known as NIE (numero de identificacion de extranjeros)
Once the property buyer has received the NIE number, the buyer’s lawyers can make an offer on their behalf. When a price has been agreed, it is recommended that both parties sign a preliminary agreement which outlines details such as the completion date
A deposit of 10% is the normal amount placed to secure the deal. After this, if the property buyer pulls out they lose the full deposit but, should the seller decide not to go ahead, he/she must return double the amount of the deposit – i.e. 20% – to the buyer
If buying a property on the Costa Calida off-plan, it is usual for payments to be broken into stages, the balance being paid when construction finishes
On completion, when all the necessary checks have been carried out, both parties sign the escritura (title deeds) in the presence of a notary. The property buyer then pays the balance, plus all other fees and taxes. Copies of the deeds are sent to the Land Registry and the tax office.

Homes Overseas Property Club

Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.

The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.

For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com

Fees & Taxes

Taxes and fees usually amount to around 10% of the total purchase price of the property on the Costa Calida
Taxes payable depend on whether the property on the Costa Calida being purchased is new-build or resale. Currently, transfer tax of around 7% is applied on resales, which includes stamp duty. For new-build properties, VAT (IVA) of 7% is payable in addition to 1% stamp duty
On top of this there is also plusvalia (capital gains tax), which is set by the local authorities and depends on the area concerned and the amount of profit being made on the sale. This is usually paid by the seller
If the property buyer is purchasing land or commercial property on the Costa Calida rather than residential property on the Costa Calida, VAT is 16% as opposed to 7%. Stamp duty remains the same
Most Spanish lawyers charge around 1% of the final purchase price, and notary fees are around 0.5%
Agents’ fees can vary anywhere between 2% and 15% – so be careful not to be ripped off

Getting there

Alicante and Murcia (San Javier) are served by almost every low-cost airline from many regional airports in the UK year-round. There is a new airport at Corvera due for completion soon.

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