Marbella, located on Spain’s Costa del Sol, is synonymous with luxurious living, beautiful beaches and a unique lifestyle. Whether you are looking for a holiday flat, an investment property or a permanent residence, buying a home in Marbella can be a very good decision.
To help you through the whole process smoothly, here are some detailed tips for a successful transaction.
Why buy a house in Marbella?
1. Privileged location
Marbella offers an unbeatable location with its proximity to the Mediterranean Sea, beautiful mountain views, very good communication and easy access and proximity to Malaga capital.
2. Luxury lifestyle
- Exclusive activities and facilities: Enjoy the best world-class golf courses to enjoy this activity in your leisure time, gourmet restaurants and first class health and wellness centres.
- Culture and gastronomy: Experience Andalusian culture with its historical monuments, variety of festivals and flamenco music. Not forgetting the gastronomy, which plays a very important role, being able to enjoy at all times very rich and typical Andalusian dishes, from a delicious salmorejo to some espetos. And remember that you can do all this while enjoying wonderful views overlooking the sea.
3. Investment potential
Property in Marbella has shown significant appreciation over the years. The area’s popularity as a tourist destination also offers excellent rental income opportunities.
Steps to buy a house in Marbella
1. Initial research and planning
Define your budget
- Purchase price: The most important aspect to consider is the price of the property.
- Additional costs: Include taxes, legal fees and possible renovation costs.
Identify your preferences
- Location: Beachfront, close to golf courses, mountain views or central areas.
- Property type: Villa, townhouse, flat or penthouse.
2. Legal representation
This point is one of the most important steps, as it is what will ensure that the operation is carried out efficiently and successfully.
Hiring a specialised real estate lawyer is essential to ensure a safe transaction in the purchase or sale of your property. At mael abogados we will guide you through the whole process:
- Legal advice: We will guide you through the legal aspects of the purchase, draw up the contracts and help you through every step of the process, from applying for the NIE to granting the power of attorney and opening the account in Spain.
- Assistance in the sale: In the event that you sell your property. We help you prepare the documents, negotiate the terms and manage all the legal aspects to close the deal.
- Legal checks: We verify that the property you are buying is duly registered in the Land Registry, that it is acquired free of encumbrances and that it has the necessary municipal permits.
- Granting of title deeds: We assist you in the granting of the title deeds, ensuring that all legal requirements are met and that your transaction is completed smoothly.
- After-sales service: We take care of the payment of taxes and the change of ownership of all bills, utilities and services relating to the property, as well as the direct debiting of the corresponding services.
We connect you with the best real estate agents on the Costa del Sol to provide you with the most comprehensive legal assistance, access to the most exclusive properties and make your residency in Spain an easy, worry-free and stress-free process. Our real estate lawyers in Marbella will guide you.
Understanding the legal process
1. Power of attorney
This is a public document, which is signed before a notary and which allows the lawyer or designated person to represent the buyer in Spain. It is a document that contains the necessary powers to be able to carry out all the formalities involved in the purchase process (signing the contract and title deed, applying for the NIE at the General Directorate of the Police, paying taxes, opening a bank account, etc.).
2. Obtain the NIE Number
The Foreigner Identification Number (NIE) is compulsory for all legal transactions in Spain. At mael abogados we can help you obtain the NIE number.
3. Opening a bank account
The purchase of a property brings with it the need to meet associated costs, such as electricity, water, community or local taxes. For this reason, it is advisable to open a bank account in Spain.
4. The reservation document
- Terms: This includes the conditions of the agreement between the seller and the buyer, i.e. the purchase price, details of the property and the parties and an estimate of the time required to close the transaction and deliver the property.
- Deposit: Logically, this is accompanied by the payment of a deposit as a condition for withdrawing the property from the market and as proof of the buyer’s seriousness, an amount that is usually deposited in the account of the buyer’s lawyer or in some cases of the real estate agency itself.
5. The private contract of sale
After verifying the documentation of the property and confirming that there are no legal impediments to the purchase, the next step is the signing of the private purchase contract.
In Spain, the most common legal form is the signing of a contract of arras penitenciales (“contrato de arras”), although there are other types of contracts that also bind the parties to fulfil their obligations.
This contract includes the identification of the parties, a full description of the property, the state of encumbrances, the causes of non-compliance and the deadline for signing the deed of sale, among other details. It is generally accompanied by the payment of 10% of the price, although this amount can be modified by agreement between the parties.
6. The public deed
This document, signed before a notary, formalises the transfer of ownership from the seller to the buyer in exchange for the agreed price, and includes the handing over of the keys. This is the most significant moment in the process, as it represents the handover of possession of the property and makes the buyer the legitimate owner.
Financial considerations and taxation
1. Taxes and fees
- Transfer tax (ITP): transfer tax (ITP) is generally between 6% and 10% in different regions, so it depends on where you buy your home to determine the amount applicable.
*In this case, if you buy a house in Marbella the ITP in Andalusia is 7% of the purchase price for real estate and 4% for furniture.
- Notary and Registry fees: Around 1-2% of the value of the property.
- Legal fees: Depending, but usually around 1% of the value of the property.
2. VAT/Stamp duty
Value-added tax (VAT) is a tax that applies to first transfers, i.e. new or developer-owned homes, and is currently set at a rate of 10%.
Along with VAT, your purchase of a new home will also incur the payment of stamp duty (AJD), which in the case of Andalusia is 1.2% of the purchase price, with the rate varying according to the autonomous community.
3. Financing options
If you need a mortgage:
- Spanish banks: Offer competitive mortgage rates for non-residents.
- International banks: Can provide financing, but often at higher interest rates.
4. Currency exchange
If you are an international shopper, consider using a foreign exchange service to get better rates and reduce the cost of transferring large sums of money.
Popular areas in Marbella
1. Milla de oro
Marbella’s Golden Mile is one of the most exclusive and prestigious areas of this Andalusian town, known for its luxury and beauty. This area stretches for approximately 5 kilometres, from the west of Marbella to Puerto Banús.
On the Golden Mile you will find stunning villas, luxury residences, and exclusive flats. Many of these properties offer incredible views of the Mediterranean Sea and are surrounded by stunning gardens.
2. Nueva Andalucía
Nueva Andalucía is located just north of Puerto Banús and known as the ‘Golf Valley’ for its prestigious golf courses such as Los Naranjos, Aloha and Las Brisas.
This residential area offers a wide variety of luxury properties, including villas, townhouses and flats with panoramic views.
It also boasts an excellent gastronomic offer, exclusive shops, and top quality services, including international schools such as Aloha College.
3. Puerto Banús
Puerto Banús is one of Marbella’s most luxurious and exclusive destinations, known for its impressive marina full of luxury yachts and its intense social life. Located to the southwest of Marbella, this area offers a wide range of high-end properties, including flats and penthouses with sea and harbour views.
Puerto Banús is famous for its world-renowned designer shops, gourmet restaurants, and lively nightlife with exclusive bars and nightclubs. It also boasts spectacular beaches and elite beach clubs, providing an atmosphere of luxury and glamour.
This area attracting celebrities and influencers from all over the world, making Puerto Banús an ideal place to live or holiday.
4. Sierra Blanca
Sierra Blanca is one of the most prestigious areas of Marbella, situated in the hills to the north of the town, offering breathtaking panoramic views of the Mediterranean Sea and La Concha Mountain.
This luxury residential area is mainly composed of majestic villas and elegant mansions, known for their high quality architecture and spacious grounds.
Sierra Blanca stands out for its tranquillity, privacy and security, with gated communities and 24-hour security. The proximity to Marbella and the Golden Mile provides easy access to a wide variety of services, fine dining restaurants and exclusive boutiques. In addition, top international schools, such as Swans International School, are within walking distance, making it an ideal location for families.
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