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Advice on property in Malaga area

Advice on property in Malaga area

Old Jul 13th 2013, 12:49 am
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Default Advice on property in Malaga area

Hi all, new to the forum and looking for some buying advice for in Malaga area.

We are looking to but a decent holiday apartment in a secure area, possibly some time this year and looking for pros and cons. Would preferably be in a gated community, shared pool not a problem.

We have identified Malaga as its easy access from most airports in the UK.

Myself and my wife plan on taking a trip out to Malaga sometime later this year, so any advice would be welcome and we could possibly meet any expats who could point us in the right direction.

Gracias!
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Old Jul 13th 2013, 2:06 am
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Default Re: Advice on property in Malaga area

As Concierge for the Spanish section of BE I would like to say hello and welcome.

BE is a very large expat website, so if you have problems finding your way around we have concierges who will try to direct you. The moderators for the Spanish forums are Mitzyboy and Fred James, moderators are there to ensure that the site runs smoothly within the rules of BE. Problems and complaints should always be addressed to a moderador who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are friendly and helpful with a wealth of knowledge of the issues of living in Spain. At the top of the page you will find a quirkily named thread called Free Beer which is full of important and useful information. Hope you enjoy your time participating in the forums.

Only residents can sign on the padron not people who only use their house in Spain for holidays.

Please let me know if you need any further help.

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Old Jul 13th 2013, 8:03 am
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Default Re: Advice on property in Malaga area

Originally Posted by Sween555
Hi all, new to the forum and looking for some buying advice for in Malaga area.

We are looking to but a decent holiday apartment in a secure area, possibly some time this year and looking for pros and cons. Would preferably be in a gated community, shared pool not a problem.

We have identified Malaga as its easy access from most airports in the UK.

Myself and my wife plan on taking a trip out to Malaga sometime later this year, so any advice would be welcome and we could possibly meet any expats who could point us in the right direction.

Gracias!
The pro is to rent, the con is to buy.
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Old Jul 13th 2013, 8:07 am
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Default Re: Advice on property in Malaga area

come out here a few times, look at what you have found on the internet, make your own decisions

I had an expat try to sell me his very nice house for €200k - when I had a printoff from a Spanish estate agent in my hand showing €135k.

caveat emptor

but good luck and welcome to the madhouse

kr
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Old Jul 13th 2013, 7:44 pm
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Smile Re: Advice on property in Malaga area

Originally Posted by Sween555
Hi all, new to the forum and looking for some buying advice for in Malaga area.

We are looking to but a decent holiday apartment in a secure area, possibly some time this year and looking for pros and cons. Would preferably be in a gated community, shared pool not a problem.

We have identified Malaga as its easy access from most airports in the UK.

Myself and my wife plan on taking a trip out to Malaga sometime later this year, so any advice would be welcome and we could possibly meet any expats who could point us in the right direction.

Gracias!
Some great bargains to be had along the coast from Fuengirola to Marbella. There is a website Kyero that might be worth checking out. Best of luck.
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Old Jul 13th 2013, 10:06 pm
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Default Re: Advice on property in Malaga area

Definitely rent first. Even though, in general, prices are much lower than in years gone by (still expensive to have a Marbella postcode) and there are a glut of repossessions available from the banks, the cost of buying is still high with fees and taxes so you need to be very sure of where and what you want. The Mijas area is really nice.
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Old Jul 14th 2013, 9:05 pm
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Default Re: Advice on property in Malaga area

Hi Sween555,
You might want to look at the properties on the La Caixa books.
We were recently contacted by our bank manager asking if we would be interested.
They currently have some very high spec appartments, gated, communal pool, parking etc, in the Riviera del Sol. (3 bedrooms approx 120k)
The properties have just been repossesed from the builder and brand new.
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Old Jul 14th 2013, 9:25 pm
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Default Re: Advice on property in Malaga area

Originally Posted by IamStu
Hi Sween555,
You might want to look at the properties on the La Caixa books.
We were recently contacted by our bank manager asking if we would be interested.
They currently have some very high spec appartments, gated, communal pool, parking etc, in the Riviera del Sol. (3 bedrooms approx 120k)
The properties have just been repossesed from the builder and brand new.
Did the bank manager also explain that if the "official value" exceeds 120k any purchaser is likely to be hit with a bill from Hacienda for the IVA (or transfer tax in the case of a previously owned property) for the difference between the price paid and the "official" value? There have been a couple of threads on the forum about this not too long ago.
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Old Jul 14th 2013, 9:30 pm
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Default Re: Advice on property in Malaga area

Originally Posted by Lynn R
Did the bank manager also explain that if the "official value" exceeds 120k any purchaser is likely to be hit with a bill from Hacienda for the IVA (or transfer tax in the case of a previously owned property) for the difference between the price paid and the "official" value? There have been a couple of threads on the forum about this not too long ago.
To be honest Lynne I´m not sure. We own our own property so the discussion was brief. That said, even with the "extra charges", the reductions in price are huge.
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Old Jul 14th 2013, 9:31 pm
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Default Re: Advice on property in Malaga area

Good point. Isn't it true for all properties in Spain that whatever price you actually buy it for is ignored by the authorities when it comes to paying the tax? They say how much THEY think it's worth and base the calculation on that. Always catching people out.

Originally Posted by Lynn R
Did the bank manager also explain that if the "official value" exceeds 120k any purchaser is likely to be hit with a bill from Hacienda for the IVA (or transfer tax in the case of a previously owned property) for the difference between the price paid and the "official" value? There have been a couple of threads on the forum about this not too long ago.
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Old Jul 14th 2013, 9:35 pm
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Default Re: Advice on property in Malaga area

Originally Posted by IamStu
To be honest Lynne I´m not sure. We own our own property so the discussion was brief. That said, even with the "extra charges", the reductions in price are huge.
The reductions in price are huge, because these properties were overpriced by maybe 200-300%

Bargains are only ever relative. Best thing would be to rent and get to know the areas. Riviera del sol has a bad reputation, it is where Irish mafia shoot each other, you dont know things like that until you get to know the different areas, read the press, talk to people etc

There are millions of unsold properties across Spain. The only certainty is that prices will be even lower next year, and then even lower the year after next
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Old Jul 14th 2013, 9:39 pm
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Default Re: Advice on property in Malaga area

Originally Posted by Lynn R
Did the bank manager also explain that if the "official value" exceeds 120k any purchaser is likely to be hit with a bill from Hacienda for the IVA (or transfer tax in the case of a previously owned property) for the difference between the price paid and the "official" value? There have been a couple of threads on the forum about this not too long ago.
thats a good point Lynn, something that should be explored more

Originally Posted by Patrick2976
Good point. Isn't it true for all properties in Spain that whatever price you actually buy it for is ignored by the authorities when it comes to paying the tax? They say how much THEY think it's worth and base the calculation on that. Always catching people out.
as there is a time lag on these things Patrick, how long is it before you get hit with the bill for the IVA ?
Can you have prior warning before signing on the dotted ??

having seen properties reduced from €500k to €250k (presumably a desperate attempt to liquidate and get out of the country) then if the Official Value was at the higher price that would be a hefty sum to find after the event, which to be honest many retirees (and others) may well not have in available funds.
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Old Jul 14th 2013, 9:54 pm
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Default Re: Advice on property in Malaga area

Well, I've known it be up to a year or more in at least two circumstances I can immediately think of.....

Originally Posted by Domino
thats a good point Lynn, something that should be explored more



as there is a time lag on these things Patrick, how long is it before you get hit with the bill for the IVA ?
Can you have prior warning before signing on the dotted ??

having seen properties reduced from €500k to €250k (presumably a desperate attempt to liquidate and get out of the country) then if the Official Value was at the higher price that would be a hefty sum to find after the event, which to be honest many retirees (and others) may well not have in available funds.
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Old Jul 14th 2013, 10:18 pm
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Default Re: Advice on property in Malaga area

Originally Posted by cricketman
The reductions in price are huge, because these properties were overpriced by maybe 200-300%

Bargains are only ever relative. Best thing would be to rent and get to know the areas. Riviera del sol has a bad reputation, it is where Irish mafia shoot each other, you dont know things like that until you get to know the different areas, read the press, talk to people etc

There are millions of unsold properties across Spain. The only certainty is that prices will be even lower next year, and then even lower the year after next
Agreed, property is only ever worth what one might be willing to pay. It doesn´t take a genious to understand that.
My original post was to advise of the situations with the properties banks hold as they have many and are priced lower than the current asking prices of privately owned properties.
As for your comments ref prices to reduce further year on year, that amounts to speculation at best.
Renting first, agreed, very sensible advise.
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Old Jul 14th 2013, 10:42 pm
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Default Re: Advice on property in Malaga area

Originally Posted by IamStu
As for your comments ref prices to reduce further year on year, that amounts to speculation at best.
Speculation based on the information that is out there. Most "experts" (ok what do they know?) are predicting a further 15% drop this year and 10% the year after, and no increases during the next 10 years. I agree

Come back next year to see if I was right
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