A Buyer’s Guide to New Developments in Marbella

When buying a new development in Marbella, several hidden costs can arise. Beyond the purchase price, buyers should budget for VAT (IVA) at 10% on new properties, Stamp Duty, which is around 1.5%, and legal fees, typically 1-2% of the purchase price. Additionally, there are notary fees and property registry fees, which usually range from 0.5% to 1% each. If you’re securing a mortgage, banks may charge an opening fee.

The buying process in Marbella can vary significantly based on various factors, such as mortgage approval and legal checks. Generally, once a buyer finds a property and agrees on the price, the process can take anywhere from a few weeks to several months. If everything is in order and no legal issues arise, completing the purchase can take approximately 3-4 months from the date of the initial agreement.

When choosing a real estate agent in Marbella, look for someone who has extensive knowledge of the local market, especially in new developments. The agent should be fluent in your language and Spanish, fully registered with a proven track record, and possess strong negotiating skills. Ensure they have a good reputation and can provide testimonials from previous clients. It’s also beneficial if they understand the legal and financial aspects of buying property in Spain.

When buying a new property in Spain, it’s crucial to ensure the property has all necessary licenses and permissions, which include a building license and a first occupancy license. It’s also important to check that there are no outstanding debts or charges against the property, such as community fees or local taxes. Hiring a lawyer who specializes in Spanish property law is advisable to navigate these issues.

To ensure your property in Marbella retains its value, consider its location and community features, as these are crucial for long-term appreciation. Regular maintenance and updates are essential, especially in coastal areas where properties can degrade faster due to the salty air. Staying updated with local development plans and participating in community associations can also help protect your investment.