FREQUENTLY ASKED QUESTIONS |
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What has been the average price appreciation over the last few years? |
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Everyone knows about the amazing property boom in southern Spain over the last few years. In 2004, average property prices rose by a dramatic 21% in AndalucÃa. However, this boom was clearly unsustainable and 2005 saw a more healthy overall increase of 12%. It's no secret that more recently, along with property markets across Europe, the market in southern Spain has suffered and prices have seen significant decreases. While this means it's not a market for those who want to make a quick buck, it does offer some unrivalled opportunities for those who understand that a property in Spain is not just a financial investment but a lifestyle investment for them and their family. There are some heavily discounted properties available, but rather than negotiate your way around the maze of so-called 'distressed' and 'repossessed' properties, come and see the team at MPM and we'll find you a real bargain as we have exclusive deals direct from the bank. |
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Why doesn't MPM offer cheap inspection trips to view properties? |
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We prefer to treat every customer as an individual and, in our experience, they prefer independence and flexibility. When you visit us, we'll take you on a tailored viewing tour of only the properties that meet your needs.
The staff at MPM is happy to help you organise flights or negotiate special deals on accommodation, if that's what you would like us to do. When you do visit us, we'll take you on a tailored viewing tour of properties that meet your specific needs - and no-one else's. The last thing we will do is put you under any pressure |
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I've been looking at property in emerging overseas markets and it's half the price of Spanish property, why is that? |
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Southern Spain is an extremely well-established region - the infrastructure here is way ahead of that in many so-called 'emerging' markets. Even those markets have suffered from the global economic downturn and just don't have the services, facilities and unparalleled lifestyle of southern Spain. There is a vast range of low-cost airlines which fly to southern Spain from all over Europe, so it's very easy and inexpensive to get here too. Southern Spain is also very international and cosmopolitan, with communities of foreigners that you won't find in emerging areas. And, most importantly, the weather in Spain is much better - even in winter! |
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What's the difference between a new development or off-plan property and an existing freehold? |
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A new development or off-plan property is a property that is brand new, currently being built, or is in the planning stages ready to begin construction. An existing freehold is a property that has already been built and currently owned by someone else - in effect a second-hand property known as a resale.
The buying process |
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When I buy my Spanish property, will everything be done in Spanish? |
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All official contracts are in Spanish, but translations can be provided for your peace of mind. The MPM staff and the lawyers we work with are multi-lingual, so we'll ensure everything is explained fully in your own language. |
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How do mortgages work in Spain? |
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There are a few different ways of financing your Spanish property, depending on factors like your residential status and age. Contact us for a financial consultation. |
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Where can I find good legal and financial advice in Spain? |
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Our financial partners can advise you on all the finance options available to purchase your Spanish property. We can also put you in touch with lawyers who have already helped many of our customers through the buying process. They can offer you free consultations without obligation, in your language. |
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Can I make an offer on a property lower than the asking price? |
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Prices for new development properties are sometimes negotiable. Our existing freehold property is privately owned by individuals, and our experienced valuation team will work hard to list the properties for sale at the most realistic price. In the current economic climate, some owners of resale properties may accept a lower price. The MPM team will be on hand to advise you on the best course of action. |
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Why do I have to pay a reservation sum when I make an offer on a property in Spain? |
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Unlike the UK, when you make an offer or decide to purchase a property here in Spain, you must place a reservation deposit. This enables MPM to take your dream property off the market and hold it for you until the offer is accepted (or until you sign the deposit contract if the property is a new development). It means that nobody else can come along and gazump you and offers more security for you and the vendor. |
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What additional costs are involved in buying a property in Spain? |
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A good rule of thumb is to allow approximately 10% of the property price for extra costs (legal, notary, tax etc.). Other than this there are the general running costs of a property and community fees if your Spanish property is based in an urbanisation or complex. |
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How do I transfer my money from the UK to make payments on my Spanish property? |
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You can transfer money via your regular bank but this can be costly, particularly if you are making staged payments and the currency exchange rate is fluctuating. We can recommend Currency Exchange and Transfer companies that will offer fixed exchange rates for your transfers to Spain, saving you headaches and money. |
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How do we organise a proper survey? |
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If you are getting a mortgage, your lender will organise an official bank valuation and property inspection. If not, we can organise an independent surveyor to carry this out for you. |
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Where are the best locations to buy in if I want to rent my Spanish property to holidaymakers? |
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Think about what you would like from your holiday accommodation. Some holidaymakers don't want to rent a car, so you'll get more interest from properties within walking distance to the beach, a bus route and shops or restaurants. Are there good golf courses in the area? Do your bedrooms have double or twin beds? Is there a terrace space, at least a communal pool and safe garden areas for children?
The MPM team can recommend the most popular locations for long-term rental properties. |
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Can you help us rent our new Spanish property? |
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The MPM team will be happy to help with medium- and long-term lets or we can recommend reputable holiday lettings companies should you wish to only let the property on a short-term basis. |
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What kind of rental income can I expect from renting my two-bed apartment? |
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This really depends on the property - its location, quality of furnishings and facilities. It also depends on the time of year you would like to let it, and for how long. MPM can recommend companies who can help with letting your property and advise you about pricing. |
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Can I get a furniture package in Spain? |
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Yes, there are many companies that offer a huge range of furniture packages to suit all budgets and all types of properties. www.casaola.com can help with all aspects once you have bought your property from renovations, house doctor to furnishings. |
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What are the tax implications if I sell my Spanish property? |
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You could be liable for Capital Gains Tax. This really depends on your age, your residential status and the length of time you have owned the property. |
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What makes these deals 'exclusive'? |
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Exclusive means that besides MPM nobody has the right to list or sell these properties other than MPM. MPM has exclusivity contracts in place with the banks who own these properties and is the sole agent to represent these banks in the sale of their bank-owned properties. Anybody who attempts to go around MPM by either going to another agent or directly to the bank will be refused by the bank and directed to MPM for handling their transactions. |
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Does any other agent list the same exclusive properties? |
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No other listing has access to these properties, even when they claim they have or list them, the cannot close this transation for you. |
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Why does MPM have access to thes exclusive properties? |
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Years of negotiation and hard work with the top people of these banks and in the field has earned MPM the exclusivity rights with these banks. MPM is a respected name in the Marbella real estate market and banks have recognised this by assigning these contracts to MPM under exclusivity. |
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Are prices of exclusive properties negotiable? |
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The banks typically sell these properties at the outstanding mortgage values and have no flexibility to lower these values thus must sell at these prices. Banks have substancial penalties to pay in case they would sell below these values, which they therefore not do. In other words, prices are non-negotiable yet are far below the true market values and no comparable property can be bought even near the price you pay for these exclusive properties. |
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Is financing organised differently for exclusive properties? |
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In most cases the banks who own these properties provide financing as well which means you do not have to go shop elsewhere to try and secure financing (if you need financing). In several cases these banks even provide 100% financing where you only pay for closing costs. Either way, you do need to qualify for financing as you would for any other financial institution...normal conditions apply. |
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What makes renting in Spain different from elsewhere? |
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Renting property in Southern Spain, just like anywhere else in Europe, is relatively straightforward. However, you really need to BE EXTREMELY CAUTIOUS who you rent through as there are so many unregistered companies out there who are quick to take your money but not deliver what they have promised.
Unfortunately, the Spanish rental market is totally unregulated and as a result anybody with little or no experience can set themselves up as a rental agent, so be very, very careful, as selecting the wrong company or person to rent through can have disastrous consequences, not only FINANCIALLY but also legally.
Marbella Property Market on the other hand, we absolutely guarantee you total peace of mind by supplying an official and legally binding rental contract, signed by the landlord which, not only guarantees your rental term, but also PROTECTS YOU, in the case of any dispute during your tenancy.
So when you rent through Marbella Property Market you can rest assured that everything regarding your tenancy is totally transparent, legal and above board. |
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What Sort of Deposit Will I Need to Secure the Property? |
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When you have selected the property in Spain that you would like to rent and agreed the monthly rental sum, you will need to pay two months SECURITY DEPOSIT, which will be held in our secured escrow client account until the end of your rental term and the standard one months rental in advance.
The two month deposit sum is NON NEGOTIABLE and held to cover any damage or breakages that may occur during your tenancy. This also covers any outstanding utilities bills that may be due on your date of departure from the property.
Once all outstanding bills have been paid you will then be given the balance. So if you don't break anything, look after the property correctly and pay all your bills prior to departure, you will receive a FULL REFUND of your original deposit sum on your day of departure from the premises. |
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When I Find What I'm Looking For What's the Procedure? |
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When you've found the right property, the first step you have to take is to place a small HOLDING DEPOSIT on the property, which will be held in our client account until you sign the rental contract.
This deposit sum GUARANTEES two things, first that the property you've selected is removed from the open market and second that it's also reserved in your name and just so you are aware this sum will be deducted from your final deposit amount on signing of the rental contract.
Next a rental completion date for the RENTAL must be agreed, at which stage you will need to supply two references in the form of a letter from your employer or a bank statement and identification details, which can be either a passport or a residency card.
Then finally upon signing of the rental agreement you will then need to pay two months rental as a deposit plus one months rent in advance minus the holding deposit already paid. |
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How Quickly Can I View Something I've Seen On Your Website? |
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Just call us on numbers shown in our Contact Us section to arrange an immediate viewing, in some cases we will hold the key to the property in our office. However, be aware with some properties we will need to book appointments with owners so will need advance notice.
Normally we will be able to tell you about the property first hand and also at the same time DOUBLE CHECK that it meets all of your specific requirements…..i.e. Is the garden big enough? Does the landlord allow pets? Is the property suitable for children?
We can also usually suggest comparable ALTERNATIVES in a similar price range and location, which you may wish to view at the same time, just in case the first property that you selected does not meet your expectations.
If you would like to view what we have available at the moment in your area please go to our RENTAL SECTION. |
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When Can I Move In? |
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Well pretty much straight away if you wish. However, please remember that you will need to supply all of the information we spoke of earlier and also have the FUNDS IN PLACE for the reservation deposit and the one months rental advance. So as a little reminder you will need the following:
* Proof of Income
* Personal Reference
* Bank Account Details
* Identification - Passport or NIE
* Reservation Deposit of at least € 300
* Two Months Security Deposit
* One Months Rental in Advance
Then once all of the above have been supplied all you will need to do is sign the rental contract and collect the KEYS to the property.
And just so you are aware, if you are renting a furnished property we will also need to run through the INVENTORY with you and get you to sign off on all the contents of the property prior to handing over the keys. |
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Didn't find the answer to your question? Contact us here:
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