jerome1978 13 December 2020 Real estate news in Spain no responses

What is the NIE?

The NIE, (Numero de Identificación de los Extranjeros) in literal translation, Identification Number for Foreigners, is a number that the Spanish State issues to non-residents wishing to settle in Spain. In summary, the NIE is a tax identification number for foreigners that identifies you with the Spanish tax authorities and allows you to declare and pay your taxes in Spain.

Why do you need a NIE?

The NIE is required for any activity that requires you, as a non-resident in Spain, to pay taxes. The NIE does not exclude your tax residency. This allows most formalities to be accomplished such as:
Buy or sell a property
Buy real estate
Connect a property to water, gas and electricity
Open a bank account
Subscribe to an insurance
Work in Spain (temporary jobs of less than 3 months only)
Study in Spain
Apply for benefits
Obtain a mortgage or any other type of personal credit
It can be used for the town hall census

Who needs a NIE?

Any foreigner who becomes tax resident in Spain
Any non-resident who plans to own assets in Spain like real estate, a car, a boat, etc.
Any foreigner who plans to work, study or start a business in Spain.

What does a NIE look like?

The NIE is issued by the national police on a standard A4 size sheet of paper, which also has your surname, first name, date of birth and nationality, and is in the form of this number, Y-12345678-R.

NIE – Identification number for non-residents

How to get a NIE?

In the event of a visit to Spain, we can make an appointment beforehand with the corresponding police station with the preparation of all the documents and the payment of the license fee. If, in the event that you need it quickly, we can request it after solicitation of a notarial power of attorney.
 

If, on the other hand, you want to take care of it on your own, from France:

– By making an appointment with one of the 9 Spanish Consulates in France or the embassy in Paris.
– Via a Franco-Spanish law firm

What does it take to get a NIE?

– A passport
Complete the application form in Spanish
– Pay the administration fee € 9.54

Read more

jerome1978 6 January 2020 Real estate news in Spain no responses

retirement in malaga

Malaga a golden retreat

The health service, low crime rate, climate, culture and cost of living. These are the reasons that have made the Costa del Sol and the province of Malaga a golden retreat for pensioners from all over the world. In fact, in cities such as Alcaucan, a third of its 2,300 neighbours are over 65 years of age, mostly foreign residents of British origin. This is just an example of how the foreign population is interested in living in southern Spain for their dream retreat.

According to Forbes magazine; it has prepared a list of the best destinations in the world to enjoy this "golden age" and, in Spain, designates the Costa del Sol, Malaga as the preferred destinations. The publication periodically prepares a list of the best places focused on its American readers.

The benefits of a beautiful retirement in Malaga

"Sunny Spain is cheaper than much of Europe, especially a few kilometres from the beautiful coasts and big cities. Health care is considered excellent. The crime rate is low. Visas for U.S. retirees are relatively easy to obtain with an adequate annual income sample, about $36,000 for a couple. A tax treaty between the United States and Spain eliminates many problems of double taxation. Knowledge of Spanish is essential. There are non-stop flights to the United States," explains the magazine on Spanish destinations.

In developing this ranking, Forbes took into account factors such as the cost of living or the simplicity of obtaining a visa. He also assessed the possibility of residing in these countries without speaking the local language and the quality of the health system.

The list also includes Latin American countries such as Colombia, Panama and Aruba, Europeans such as Italy, Portugal or Scotland, and Thailand, the Philippines and Malaysia among the most exotic.

Read more

jerome1978 27 December 2019 Real estate news in Spain no responses

When we plan to buy a house during the Christmas holidays, we wonder if this is the right time to buy? Based on our experience and knowledge of Personal Shopper, we will give you the reasons to buy before the end of the year. We all like to buy at the best price, and at this time of the end of the year, you can get a better negotiation, here are the reasons.

Supply outpaces demand: more real estate on the market

 It is best to negotiate right now because the requests come simply because they relate to other things such as family, celebrations, gifts.etc If you have time, it's time to enjoy them while others are in other things.

property tax declares at the beginning of the year

A better negotiation is obtained and quick to write before the end of the year so that the owner separates from the next year's IBI, in some cases another year of capital gains, increase in assets, etc.

The influence of the seasons – winter or summer

In summer, more and more foreigners come to spend the summer on the Costa del Sol, and many of them end up buying a house for their second residence. Another very curious thing is when there is sunshine that people get more excited. In the spring summer, there is more demand and fewer offers. There is the law of supply and demand. when there is more demand, there is less room to negotiate for a better price.

Experts predict that in 2020 prices will continue with the upward trend.

According to an valuation expert: we expect that during 2020, price growth between 2% and 4% will continue to decline.
Points out the managing director of Solvia: by 2020, everything suggests that the trend will be more or less similar to now and will have sustained price growth between 2% and 4%.

Read more

jerome1978 4 December 2019 Non classé no responses

Real estate investments: How to make money on real estate

It is well known that the real estate crisis has already passed, and yet investing in a property has always been relatively safe, since it is basic goods, and we can always resort to several options to win, recover and even increase the gain from the invested.

Currently, there are several types of real estate investments, such as: land, industrial buildings, housing, premises, offices, garages, etc.gagner argent avec l'immobilier

The different ways to make money from these properties are:

• Lease or rent: it's one of the easiest passive income you can have money with every month. You can opt for a tourist rental or a long-term rental. In any case, the only drawback is the risk of default, which can be solved by hiring insurance.

• Lease or rent what includes the property: this case is for properties that have utilities inside (office furniture or a cafeteria) or constitute in itself an operating unit (a land with production), here the rent could be charged more expensive.

Resell: This option usually replenishes the money you have invested. There are several ways to sell a property: either by the passage of time or because you buy a house to reform it and then sell it.

Whatever you choose, there are a number of fundamental things you need to know so you don't risk making your investment a failure:

1. First you need to examine the area, and even if you are looking for a single investment you must view and examine several properties to be able to compare.

2. Not always the most economical is the best, the house may hide some damage or the area may be devalued.

3. The most important thing is to know how to negotiate, and you have to negotiate always.

So that you are not fooled or finished without finding something interesting in which to invest, go to a professional, your personal real estate shopper knows the market, is aware of all the trading techniques and you will find a property that adapts to your needs and you will help throughout the process.

Read more

jerome1978 1 December 2019 Real estate news in Spain no responses

The most profitable rental housing in the city of Malaga is in Bailén-Miraflores and Puerto de la Torre

Investors make a profit of 7.8% in slum embassies

Would you like to stay east of Malaga? It takes 12 years of gross income per household

Buying a house for the purpose of renting it is very profitable in Malaga.

In fact, investors are those who have pulled much of the car from the increase in real estate sales in recent years. According to UrbanData Analytics data, collected and analysed using specific computer programs in artificial intelligence, the gross profitability of the rental house compared to the purchase price is 6% in the capital of Malaga, a Percentage signed by any investor Keep in mind that Spanish bonds or interest rates are on the ground. In the capital, Bailén-Miraflores and Puerto de la Torre are the most profitable neighborhoods to rent a house.
This does not mean, of course, that these are the most expensive neighbourhoods.

Rent rises in Malaga

Renting an apartment in the Centre or in the East is more expensive and leaves more income for the landlord, but to analyze this profitability, it is important to compare the cost of the house and that of the rent. This study, carried out in conjunction with data from public and private institutions, shows that the gross profitability of rental stakes in Bailén-Miraflores and Puerto de la Torre was 7.8% in the third quarter of 2019, or 1.8 percentage points more than the Malaga average.

Renting homes is profitable throughout the capital, even if the second most interesting district is Ciudad Jardon, with a profitability of 7.6%. In the streets Carretera de Càdiz and Cruz de Humilladero, this percentage is 6.6%. Logically, the least profitable areas are those where soils are more expensive: East (5.1%), Historic Centre (4.6%) and Ensanche-Centre (3.8%).

Profitability up in Malaga

The purchase price continues to rise, but demand is beginning to be unable to pay for what is claimed and activities are slowing down. The price could therefore fall in the coming months but, for the moment, it has soared by 12% in the Ensanche-Centro sector, by 10.4% in the historic centre, 9, 5% in the East, 6.9% in Bailén-Miraflores and Puerto de la Torre, 5.8% in Ciudad Jardon , 3.9% in Carretera de Càdiz, 1.9% in El Perchel and Trinidad, 1% in Churriana and remained stable in Cruz de Humilladero. At the opposite point, house prices in the San Felipe Neri-La Merced region fell by 1.3% and in Victoria-Conde Urea by 4.6%.

Talking about percentages of price increases or decreases is an analysis of market behaviour compared to past periods, but it can be somewhat confusing. What is not in doubt is the price per square metre which, in the capital of Malaga, was 1,890 euros at the end of September, that is, a house of 100 square meters costs on average 189,000 euros.

Price per square metre district by district in Malaga

These prices vary depending on the neighbourhood. In the eastern zone, they reach 2,518 euros per square meter, compared to 1,449 euros in Bailén-Miraflores and Puerto de la Torre. For example, to buy an average house of 100 meters in the eastern zone, you have to pay 251,800 euros and 144,900 euros in Bailén-Miraflores and Puerto de la Torre. They are separated by more than 100,000 euros and, although rents are more expensive in the east, profitability for the investor is higher in other neighbourhoods, at least in the short and medium term. Another thing is to own and rent an inherited home. In this case, the benefit is greater in areas where purchasing power is greater in the city, although they also tend to bear more tax and maintenance expenses.

The best returns

This report presents a curious fact: the buying effort, as such, includes the years of gross household income needed to buy a home. This type of statistics involves the number of years of payment of a house if all the money available in a house was dedicated, i.e. without having to buy food, clothes, etc. The largest buying effort is in the east, at 12.7 years, compared to 11.6 years for Ensanche-Centro, 9.8 years for the historic centre and 8.1 years for Churriana. The average in the capital is 7.7 years, but it is lower in Ciudad Jardon (4.9), Bailén-Miraflores and Puerto de la Torre (5.2), Carretera de Càdiz (5.8), Cruz de Humilladero. (5.8), Perchel-La Trinidad (6.4) and San Felipe Neri-La Merced (7.6).

Don't hesitate if you need more information

Read more

jerome1978 27 November 2019 Real estate news in Spain no responses

Buying real estate in Spain, the pitfalls to avoid

Spanish banks still have a stock of one million homes foreclosed and for sale. So much so that it is possible to buy villas discounted 40% on the Costa del sol. But beware, to achieve a good deal it is necessary to avoid the pitfalls, people who come from outside who arrives in Spain to take advantage of broken prices on real estate, does not know that it could end up with a more slate Important. Indeed, the On-site Housing Code has peculiarities, of which the French buyer knows nothing.

1 – Unpaid charges go to the future owner

First of all, unpaid charges are automatically the responsibility of the buyer. While in France it is possible to buy an old apartment following a real estate foreclosure and wash the hands of the loads that hover, this is not the case in Spain. The local by-law requires the new owner to take on the unpaid water and electricity on the housing he has just bought. To avoid this very unfortunate situation, especially if the last occupant stayed 2 years without paying his bills, it is necessary to go to a lawyer. With benefits ranging from 1% to 2% of the price of the coveted home, the buyer will ensure that no chargeishes is due on the dwelling.

2 – The stock of seized property for sale from banks

The Spanish banks have a complete catalogue of foreclosed houses for sale, and will be happy to present them to you. But their explanations will stop there, they will be careful not to tell you about the urban projects that have just been voted on and accepted by the local city council. In the end, because the state coffers are empty, you will have to participate in the construction of a road, a cultural centre or a new gymnasium. And once you've become a homeowner, you can't refuse. Find out more about the urban project that is underway in the municipalities you want.

3 – A liability that banks are doing very well with, bank foreclosures

The public mistakenly believes that the Iberian real estate crisis was caused by the subprime crisis in the United States. This is a false truth, because in fact the Spanish banks were reckless from the early 2000s. At that time, new programs followed one another, even going so far as to create new cities in the middle of the desert. And in order to sell these projects, we had to be flexible on the terms of borrowing. As a result, many middle-class households with limited incomes have been able to become homeowners by taking on up to 50% debt. Over the years, late payments have accumulated and the number of bank foreclosures has gradually increased.

The arrival of the subprime crisis in the euro area has only given an extra blow, in an economic system already weakened by a housing market at half-mast. Today, the catalogues of credit agencies include a number of foreclosed homes for sale, which they would very much like to get rid of in order to replenish their assets.

Because when foreclosed homes do not sell, their price decreases. However Spain could see the end of the tunnel, and still hesitant buyers could miss out on the best deals. As prices per square metre begin to stabilize, to the point that the rating agency Standard and Poor's has forecast that they will lose only -2% in 2014.

4 -Good deals are trading

There are still good real estate deals to do, with prices discounted by up to 40%. Banks want to dispose of their foreclosure stocks quickly, but also have a problem with economic growth. It is now possible for a French household to buy a villa with a swimming pool seized by a bank, while borrowing from the same Spanish bank. This is one of the best strategies to get the best price, because the financial institution wins on 2 tables. First he gets rid of a bulky liability, then he returns to growth by lending money to an individual.

But there are other tricks. Opening a current account and stocking it monthly to cover maintenance expenses is a good idea. Asking the bank for an extra effort on the purchase price in exchange for a home insurance purchase is still a good idea.

5 – opportunities not to be missed

Today, more than one million new properties remain unsold between Marbella and Valencia. This is enough to drive down prices, some of which have lost as much as 40% since 2010. Today it is possible to buy a villa facing the sea, with swimming pool, at 2500 euros per square meter. Suffice to say that it is impossible to find such prices in Brittany, much less in the Landes, let alone on the Côte d'Azur. Going further south on the Costa Blanca, it is possible to find a new villa in a residence with shared pool and garden. Prices range from 150,000 to 200,000 euros, depending on the area of the house and the surface of the garden.

Don't hesitate to come back to us to get you a cheap good that suits you

Read more

jerome1978 20 October 2019 Non classé no responses

Buying a property in Spain: Advice step by step

You are a non-resident in Spain and want to buy a property there as a second residence, new residence or investment. In this article we will explain all the administrative, contractual and legal procedures. If you are a non-resident in Spain and want to buy a property as a second residence, new residence or investment, this is a good project but some rules are to be taken into account. NIE (Nimero de Identidad de Extranjero) Obtaining the NIE is essential. No real estate purchase can be made in Spain without this document.

NIE (Nimero de Identidad de Extranjero)

Obtaining the NIE is essential. No real estate purchase can be made in Spain without this document. The application for an NIE can be submitted to two agencies: the National Police, if you decide to apply in Spain, or the Spanish Consulate closest to your home, if you prefer to apply in France.

Opening a bank account

The opening of a bank account in Spain is necessary for the accreditation of the means of payment of the purchaser when buying a property, as well as for the payment of the expenses and taxes inherent in the acquisition. Although this condition is not legally binding, it is strongly recommended to have a bank account in Spain as taxes (property tax, non-resident income tax) and expenses (trustee, water, gas, electricity) …) must be paid in Spain. You can't open a bank account in Spain remotely, you'll have to go there.

Property audits

In Spain, notaries do not have the same role as French notaries who carry out various legal and urban checks on the property before the sale. In Spain, these checks must be carried out upstream by the buyer or, ideally, by a real estate lawyer.

The essential checks to be carried out are:

 

Cadastre

Check the square meters built of the property, its location and its use.
Land Registry: Ask for title (simple note). This document indicates, among other things, who owns the property and whether there are any debts on the property: mortgage, foreclosures, etc.

Certificate of habitability

: Require this certificate from the owner in order to know the useful area and especially if it is indeed a residential property. In Spain, some offices are advertised as apartments…

Urban situation

If you have any doubts about the urban situation of the property, go to the corresponding town hall and check which planning plans might affect the property.

Condominium syndicate

Ask the owner or co-owners' union if the property is up to date with the payments, what work has been done on the property and which are planned for the coming months.

Property tax

: Make sure you know the annual property tax (IBI) and whether the owner is up to date in the payments.

Building Technical Inspection (ITE)

Ensure that the property does not suffer from any structural deficiencies, such as aluminosis.

Energy certificate

 

: Require this certificate from the owner in order to know the energy qualification of the property.

Price offer (Reserva)

Before signing the promise of sale, the majority of real estate agencies will ask you to sign a price offer (called "Reserva" in Spain). The main purpose of this document is to award the purchase price and to block (reserve) the property until the promise of sale is signed. The agency will ask you to pay about 1% of the purchase price to the signature of this document. Be careful, if it is not well written and you do not sign the promise of sale, you will not be able to recover the amount paid.

The Promise of Sale (Arras)

Once all the real estate audits have been completed, the terms of the sale will have to be formalized by drafting a promise to sell. This is the most important document in the purchase of a property. This preliminary agreement is a real contract, with important obligations for both parties. It allows them to specify the terms of the future sale and marks their agreement.

The promise of sale is very rarely signed in front of a notary in Spain. However, this contract has a legal value and it will be very difficult (unless the seller agrees) to reconsider its clauses at the time of the reiteration of the sale before the notary. It is especially at the time of the signing of the promise of sale that one must be vigilant in negotiating and drafting possible suspensive conditions (obtaining a loan, purging easements or charges affecting the property, etc.).

There is no law on the amount to be paid when signing the promise to sell, but it usually amounts to 10% of the purchase price of the property. The most common is to make the payment by bank transfer to the current account of the owner or the real estate agency.

 

Notarized deed of sale (Escritura)

The notarized deed of sale is the official document that concludes the transaction. Its signature takes place in the presence of a notary on a date and time to be agreed. Both parties must be present or represented. In Spain, the notary has a limited function in the process of buying a property and only intervenes at the time of the deed of sale. It will focus on certifying the identity and legal capacity of the intervening parties in the deed of sale and verifying the documents you gave it before signing (title, register of mortgages and charges, tax certificate of habitability, energy certificate, etc.).

Once the deed is signed, the keys are handed over and the remaining amount owed is handed over through a bank cheque issued by your Spanish bank.

The new notarized deed of sale must now be registered with the Land Registry. This can take between 2 and 4 months. In Spain, the purchase costs are always borne by the purchaser. In Catalonia, you can estimate acquisition costs (taxes, notary fees and registration fees) at about 11.5% of the purchase price of the property. These fees vary from region to region.

 

Changes in ownership

Before you can finally enjoy your new home peacefully, you will need to make the change of ownership with the following organizations:

Water, gas, electricity companies…
Town hall for property tax
Union of co-owners
It is also recommended that you take out home insurance.

Read more

jerome1978 23 August 2019 Real estate news in Spain no responses

Keys to Understanding the New Mortgage Law

 

 

keys to understanding the new Mortgage lawOn 17 June, the Law on the Regulation of Real Estate Credit Contracts came into force as the Mortgage Law, whose ultimate objective is to protect the consumer from the banking misconduct that has been taking place in recent years, in the field of loans and loans granted for the purchase of a home. 

 

These are the main keys of the new Law:

  • To begin with there will be greater transparency regarding the information given to the client, so that financial institutions have to give all the necessary information, at least 10 calendar days before the signing of the mortgage, for the mortgaged future can understand the terms of credit.

  • The bank will have to dump the terms of the loans on the technological platform of notaries, giving them more prominence, since it will be the notary who must certify that the banks comply with their obligations and that customers understand the mortgage conditions.

This information must be provided by the notary free of charge, carrying out an comprehension test to the citizen and reflecting all this information in a notarized minutes.

  • Disappearance of the floor clauses of mortgages. As well as a prohibition of ties, no bank may require any customer to take out insurance or other product as a condition of being granted the mortgage.

  • The bank shall bear the payment of the tax of Documented Legal Acts (AJD), as well as the first copies of the notary, the costs of registration and the costs of management.

On the other hand, customers will have to pay the appraisal fees and the second copies of the notary.

  • The conditions of subrogation of mortgages are facilitated, i.e. to be able to switch from one bank to another, with the elimination of the subrogation fee that previously ranged from 0.25% to 1%.

With these changes, customers will know what their rights and obligations are, reducing the possibility of legal disputes in the future.

Read more

jerome1978 17 February 2019 Real estate news in Spain no responses

The country's top economists on Wednesday ruled out the creation of a new housing bubble in Spain and blamed the rise in prices on the "adjustment" recorded in the sector after the crisis over the past decade.

There is no real estate bubble, but a process of adjustment, normal in a sector where prices fell significantly during the crisis

The price of second-hand homes in Spain rose by 0.3% during the month of January, to 1,725 euros/m2, according to the latest house price index. If we look at the data for January 2018 (1,597 euros/m2), the inter-annual increase is 8.1%.

Price change in self-governing communities


The price was reduced in 3 autonomys, in La Rioja where the declines were most felt, the expectations of the owners having been reduced by 2.2%. Then came the descents of Castilla y Leon (-1.3%) Extremadura (-0.1%). In Murcia and Andalusia, prices have not changed. However, the largest increase was observed in Madrid (1.1%), the Valenciana Comunitat (1%), Asturias, the Balearic Islands and the Balearic Islands (0.9% in all three cases).

Madrid (3,094 euros/m2) is the most expensive autonomy. Balearic Islands (2888 euros/m2) and Euskadi (2,586 euros/m2) are next. On the other side of the table are Castilla-La Mancha (914 euros/m2), Extremadura (918 euros/m2) and Murcia (1,015 euros/m2), which are the most economical communities.

Price changes in the provinces


25 provinces are experiencing higher prices than a month ago. The largest increase was recorded in Toledo (1.9%), followed by Pontevedra (1.6%), Guipzcoa (1.4%), Alava and Barcelona (1.2% in both cases). The biggest drop, however, took place in Soria, where homeowners are asking for 3.4% less for their home. Next came the falls of La Rioja (-2.2%), Segovia (-1.9%) Salamanca (-1.5%).

The ranking of the most expensive provinces is led by Madrid with 3,094 euros/m2. In second place are Baleares (2888 euros/ m2), then Barcelona (2882 euros / m2).

Toledo is the most economical province with a price of 797 euros per square meter. This is followed by 'vila ' (804 euros / sq m) and Cuenca (844 euros/m2).

Price change in capitals

During the month of January, the number of capital cities whose prices increased by 37. The most pronounced increase was in Castellon de la Plana, where owner expectations increased by 6.4%. In Huesca, the increase was 5%, while in Pontevedra it remained stable at 4.7%. Grenada, on the other hand, recorded the largest decline this month (-1.1%), followed by Salamanca (-0.9%), Lleida and Soria (-0.8% in both cities). Prices rose by 1.5% in Madrid, while those in Barcelona increased by 0.8%.

San Sebastian is once again the most expensive city in Spain, priced at 4,476 euros/m2. Next are Barcelona (4,380 euros/m2) and Madrid (3,904 euros/m2). Lleida, on the other hand, is the most economical, with 949 euros/m2, followed by 'vila (953 euros /m2) and Huelva (1,062 euros/m2).

The house price index 

idealista is currently the most used real estate market place in Spain to buy, sell or rent. With a sample of thousands of homes currently for sale, the Department of Idealistic Studies has been analyzing real estate prices since 2000. After 18 years of study, Idealist has become the reference data source for many analysis teams of banking and financial entities, as well as public institutions.

For the realization of the idealistic house price index, 401,597 dwellings announced in its database on 28 January 2019 were analysed to ensure the accuracy of the data, the properties whose prices were outside the sample were eliminated from the sample. in addition to single-family homes because their presence has distorted the price in some areas. The idealistic real estate index is established with offer prices in built square meters.

Read more