Five Tips on Selling property in Spain
Overseas vendors who own and are trying to sell property in Spain are being advised to learn the local conveyancing process as well as learning all the implications of selling from outside Spain to overseas cash rich buyers from Russia, China & beyond.
Sales of Spanish property to overseas buyers quadrupled between 2013 to 2014 and over 40% of these property sales were to buyers from Russia and China and in 2015 this pattern is continuing.
Our market is an international market a sale can come from any part of the world we have all types of buyer for all types of Spanish property from apartments to villas, Fincas to commercial properties and even plots of land.
More and more property in Spain is attracting cash rich overseas buyers as they see Spain as the gateway to Europe and many relocate there in search of the Golden Visa when they purchase a property or a number of properties to the value of 500,000 euro.
So here are a few tips to help you sell a property in Spain quickly.
1, Price is everything when you want to sell property in Spain Quickly
In Spain most private sellers are competing with bank repossessions. So be realistic with the price and price to sell. Most sales take 6 to 8 weeks to close from accepting an offer, but as with most our sales with the cash rich overseas buyers if your paperwork is already in order we can normally have a sale completed within 2 to 3 weeks. If you live in the UK you have 2 options you can fly out to be at the notary for completion or grant power of attorney to one of our legal team to close the sale for you.
2, Pick the right estate agent to sell your Spanish property.
Most of the best estate agents market outside Spain so shop around find agents that market overseas and make sure they add the commission to your asking price. Make sure they make their commission clear before entering into any agreement to sell. The most successful agents in Spain Market overseas and add the commission on top of the asking price. You need to be targeting markets like China, Russia, Germany & the UK.
3, Include all fixtures Fittings & Appliances in the sale
Buyers tend to go for properties they get more things included free in the sale quicker as it means they can move in quicker and enjoy the new property. It is also not usually worth the cost of transporting all your goods back to the UK. You need to ask yourself do you really want to put yourself through the hassle of paying transport fees for furniture all the way back to the UK. Tell the buyer you will throw everything in free at no extra cost this will help push your sale of your Spanish property over the line
4, Be careful not to lose money on the transfer of funds back to the UK
UK Sellers normally are not aware of the hidden costs that arise from transferring money from Spain back to a UK bank. There is a bankers draft charge of approx 200 euro. Then when you change the Euros to pounds and deposit them in the UK account you get hit again with a transfer fee of 1% of the transaction and a poor exchange rate. We on the other hand can offer very good rates and less fees to pay as we work with a fantastic currency exchange company and can offer swift and hassle free transfers to bring your money back to the UK.
5, Capital gains tax
If you sell at a loss there is no capital gains tax to pay the Spanish or UK government, but regardless of this as a non resident in Spain the notary will take a 3% holding tax, which you can reclaim using a tax expert in Spain.
We hope these tips were useful for you.
Is you have a property to sell in Spain contact us today as we have helped clients sell many properties in Spain over the last few years.
DNDLAW Solicitors
Donnelly Neary & Donnelly offer a full range of legal services including Conveyancing Tax Commercial Criminal Family Law Divorce Wills Probate Immigration Notary Public from offices in Newry Castlewellan Dublin Portadown serving all of County Down Armagh and Belfast
For more information visit our offices or telephone 028 30264611
Our website is www.dndlaw.com & www.notaryni.co.uk
Offices at
1 Downshire Road Newry County Down BT34 1ED
21 Deans Court Christchurch Dublin 8
31 Main Street Castlewellan County Down
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