Costa del Sol may be called a jewel on the crown of the Spanish seaside. Andalusian “Sunny Beach” with beautiful beaches, luxurious hotels, lots of attractions and entertainment for all tastes is open to foreigners all the year round. Modern apartments and spacious villas for sale in Costa del Sol provide outstanding opportunities for investors as well as for permanent residents. However, as any object of extreme attention, property in the area is surrounded by myths and speculations. We have selected the most popular prejudices about the real estate in Costa del Sol and now we are going to destroy them successfully.
An overview of the region
Costa del Sol is the southernmost Mediterranean region of the country, located between the Costa Tropical and Campo de Gibraltar. The rich historical and cultural heritage of the coast of these places is associated with many peoples – the Phoenicians, the ancient Greeks and Romans, the Visigoths, the Arabs and others. In the middle of XX century on the Costa del Sol began a real tourist boom, and today these resorts are considered to be the most prestigious and expensive in Spain.
The Costa del Sol in Spain has luxurious beaches, sunny mild climate, fashionable hotels and excellent opportunities for recreation and entertainment.
Popular myths about real estate in Costa del Sol
- Purchase of real estate in Costa del Sol is the easiest way to get a residence permit
The opportunity to get a residence permit after investing money in Spanish real estate really exists. However, a residence permit will be given if the object is worth at least 500 thousand euro. Previously, there was an attempt to lower the bar to 160 thousand euro but it was not approved.
In Spain, it is much easier to get a residence permit on other terms than the purchase of housing. And, by the way, it is much easier to do than in most EU countries. For example: you will be able to prove that you have a fixed annual income, independent of your stay in Spain, and can safely get a residence permit without the right to work. There are other acceptable options for obtaining a residence permit.
- Barcelona and Madrid are the most beneficial cities for making investment
The above-mentioned cities are the most popular without doubt. Still, investing only in the advertised areas of Spain is not the only option to buy real estate.
Costa del Sol is famous for endless beaches, secluded coves, white villages that look like a mirage among the mountains, historic sites with centuries-old culture, afternoon shopping, evenings with a cocktail by the sea, pleasant temperatures all year round and happy, hospitable people who make you feel at home. This is what you will find in this area of Andalusia, where the mountains and the Mediterranean Sea form a truly idyllic landscape. This city is recognized by Spanish experts as the best city to live in Spain, and its real estate is a sound investment.
- If you want to save money, buy real estate in Costa del Sol without any third-party help
Prolific investors will not make this mistake but, still let`s discuss. Joining the sphere of real estate without deep knowledge, it is important to get a professional consultation. The most helpful option is to address a trusted real estate agency.
Not everything is simple in the procedure for buying real estate in Spain. For example, without a NIE (foreigner identification number) you will not be sold. A specialist must help you get it, as it is not so easy to do on your own. In addition, you must open an account in a Spanish bank, here some confusion may appear. A buyer must be able to negotiate good terms with the seller – this is actually quite difficult.
- It is necessary to buy real estate just in 10 meters near the sea
The acquisition of real estate in Spain on the seafront has not only its advantages, but also disadvantages. For example, locals do not want the windows of their apartments to overlook the sea, which splashes under the windows. On the one hand – a beautiful view if the weather is good and warm. But if it’s cold and strong sea winds with sand and salt spray – then it’s not so wonderful. The first line is great if you intend to spend the warm season in your apartment or to rent it to holidaymakers. But in winter it is not always comfortable to live in it.
For this reason, buyers can select a housing unit in any district of Costa del Sol. Right near the water, close to mountains, in the heart of the city – every location you want may be considered.
- When buying real estate in Costa del Sol, it is more beneficial to take on quick mortgage
Spanish people will feel some worries and misunderstanding if someone wants to take on a mortgage for a short period of time. In Europe, it makes sense to take out a mortgage for as long as possible. And when you suddenly begin to ask to change this term down, the bankers have doubts about the mental adequacy of the borrower. After all, the longer the period, the lower the monthly payments, and the annual bank interest of 3.9-4.5% is not as significant for foreigners compared to those in their homeland.
Besides, if you want to terminate the mortgage before the necessary date, you will have to pay a penalty of 1% of the remaining principal amount. Plus the notarization of early repayment of the mortgage will cost about 1000 €.
Conclusion
Whether the benefits of Costa del Sol outweigh the costs, it is up to a buyer to decide. However, ultra-luxury real estate in the comfortable Costa del Sol is worth considering for sure. Spain-Real.Estate is ready to introduce a collection of stunning villas and contemporary apartments to future house owners. Do not believe in myths, compare pros and cons, and make a step to your successful future.