Buying Properties in Marbella.
Marbella is a city located in the southern region of Spain, in the province of Malaga, on the Costa del Sol. It is a popular resort destination known for its luxurious lifestyle, beautiful beaches, vibrant nightlife great real estate investments.
m2 in the Spanish Real Estate Market
When searching for the perfect property, there are several vital factors to consider alongside location and breathtaking views. One of these essential aspects is the property’s size. Understanding the total area of a property is crucial for making decisions related to accommodating your family, designing the interior space, purchasing furniture, and assessing the property’s value.
However, it’s important to note that foreign buyers may encounter differences in the way square meters are calculated in Spanish properties compared to their home countries. These discrepancies can lead to unexpected surprises after the purchase is made. To ensure potential buyers are well-informed, this article will delve into the various methods of measuring areas in Spanish properties and provide sources where you can find this information.
The physical surface of a property represents its actual, tangible space. In real estate appraisals, this area is determined through on-site measurements conducted by appraisers. When it comes to measuring areas, there are three primary concepts used: Built Area (Superficie Construida), Useful Area (Superficie Útil), and Built Area with Common Elements (Superficie Construida con Elementos Comunes). It’s important to be aware of the definitions used in the Spanish property market because these areas may include or exclude different elements compared to similar concepts in other countries.
Built Area (Superficie Construida)
This term encompasses the total square meters within the property’s perimeter. When sharing a wall with a neighbor, the perimeter is measured from the middle of the shared wall and includes non-passable areas like ventilation ducts, partition walls, walls, drains, and pipes. However, if the dwelling has a basement, loft, or a room with a height of less than one and a half meters, it’s not counted in the built area. For open terraces and balconies (those not enclosed on at least three sides), 50% of their area is included unless they constitute 15% or more of the total area, in which case they are calculated separately.
Useful Area (Superficie Útil)
The useful area refers to the space that you can actually walk on inside the dwelling, excluding areas occupied by partition walls, pillars, and similar elements. Built-in wardrobes are part of the useful area, but spaces where the room’s height is less than one and a half meters are not included.
Dissecting Built Area with Common Elements.
In the realm of apartment complexes and urban developments, this particular calculation often unveils a notably distinct result when compared to the useful and built areas. What sets it apart? Well, it incorporates not only the individual dwelling spaces but also factors in corridors and communal areas. This is done while considering the participation coefficient assigned to each dwelling in these common elements, as indicated in the Cadastral Registry and title deeds. Generally, the Cadastre holds this data and distinguishes the portions of square meters attributed to the individual dwellings and those allocated to shared common areas.
Exploring Registered Surface
The registered surface of a property corresponds to the area documented in the Land Registry. The Land Registry is an essential legal entity under the Ministry of Justice, serving as a repository for property rights, ownership records, and encumbrances related to real estate. Spain hosts numerous Land Registries, each aligned with a specific territorial jurisdiction based on the volume of properties recorded within their domain.
With the 2015 reform of Article 10.5 of the Mortgage Law, the principle of the legitimacy of registered information (Article 18 in the Mortgage Law) has been adopted in matters concerning location and geographical delineation. This entails that, as long as accuracy remains unchallenged, the description of the property in the title deed is considered genuine.
The property’s registered surface, as reflected in the Land Registry, originates from the data provided by property owners rather than direct verification of physical dimensions. It’s crucial to note that this registration is voluntary, leading to situations where the data may not precisely match the physical reality. Changes to the property that were not registered, declarations of new construction, or horizontal property divisions that weren’t executed can all contribute to this discrepancy. It’s important to emphasize that the Land Registry does not validate the surface measurements contained therein.
The information in the registry is entirely reliant on property owner submissions, and there is no standardized method for measuring the area in question. Understanding the variations in how surface areas are calculated is vital because the information within the Land Registry can greatly differ from one property to another. Sometimes it mentions the built area, other times the useful area, and occasionally both are combined. These differences in measurement methods lead to distinct area values for the same property, underscoring the significance of identifying whether the extract from the Land Registry refers to the built or useful area when making a property purchase decision.
Delving into the Cadastral surface
The cadastral surface of a property pertains to the area recorded in the Cadastral Registry. This administrative registry operates under the Ministry of Finance and Public Administration and is responsible for registering all real estate within Spanish territory. Inscriptions in the Cadastral Registry are mandatory and free of charge, serving tax purposes by forming the basis for the municipal property tax (IBI), the reference value for property transfer tax (ITP), stamp duty (AJD), and inheritance and donation tax (ISD).
This registry is designed to mirror the physical reality of properties, necessitating continuous updates through various registration channels. The surface area in this registry is derived from multiple measurement methods, including aerial photography, inspections, declarations, and communications. It often reflects the built area, estimated from aerial photos, as the Cadastre frequently lacks access to the property’s interior.
Navigating Discrepancies Between the Land Registry and the Cadastre
Differences in the data between two primary sources, the Cadastre, and the Land Registry, often arise due to inaccuracies in representing the physical reality of a property. Recognizing these disparities, the Spanish legislature took action in 2015 to address this issue. Their primary objective was to establish coherence between the Cadastre and the Land Registry. Since the Reformed Mortgage Law came into effect, the Cadastral cartography has been adopted as the foundational blueprint for registering properties in the Land Registry.
To ensure accurate property registration in the Land Registry, a small margin of error in the declared surface area concerning the Cadastre is permitted. If this margin is exceeded, the Registry may suspend the registration until the discrepancy is resolved.
In cases where substantial differences are discovered between the registered surface and the cadastral surface, it is advisable to conduct a property measurement, especially when considering the purchase of a plot or a building. Upon identifying the source of the error through a thorough measurement, corrections must be made to the registered surface. This process typically entails providing dimensional drawings or commissioning a topographic survey.
The title deed and the Land Registry inscription present an opportunity to unify and rectify any existing differences, beginning with cadastral compliance. To clarify the legal importance of the various official sources of surface area data, the order is as follows:
- Extracts from the Land Registry
- Title deed
- Data in the Cadastral Registry
Investing in Off-Plan Properties in Marbella.
Are you considering purchasing a property in Spain or on the Costa del Sol? Have you considered the option of buying an off-plan property? While it may initially appear unusual to invest in a property that hasn’t been constructed yet, there are numerous advantages and rewards associated with this form of home ownership, especially in the vibrant region of Costa del Sol!
We are selling off-plan properties in Uno Beach Residences.
Advantages of purchasing off-plan properties and explain why buying a home in Spain can be an intelligent investment choice. When you choose to invest in an off-plan property through us, your financial security is always our top priority.
Purchasing Off-Plan Properties in Marbella.
Opting to invest in off-plan properties presents a wise choice for multiple reasons. It offers the advantage of lower costs, greater control over personalization options, significant growth potential, the possibility of generating high rental income, and numerous other benefits. However, it is crucial to exercise due diligence and thorough research before purchasing. This includes verifying the reputation of the development and ensuring that the investment aligns with your long-term goals. By conducting a proper analysis, you can make an informed decision that maximizes the potential returns and meets your investment objectives.
First pick of the best properties
Purchasing off-plan properties often grants you the advantage of securing the first selection among the available options, which holds significant benefits, especially in rapidly selling developments. This allows you to choose the most desirable location within the story, enjoy the best views, or select a property with substantial potential for capital appreciation or rental income. Having the first pick ensures that you can make optimal decisions to maximize your investment’s value and potential returns.
Capital growth potential
Investing in off-plan properties presents substantial potential for capital growth, particularly when purchasing in emerging areas of the Costa del Sol. In such locations, prices are expected to rise considerably once the development is completed and as the neighbourhood gains popularity. By opting for an off-plan purchase, you position yourself to take advantage of this growth and potentially achieve a substantial return on your investment.
Unlike purchasing an existing home that requires renovations, buying an off-plan property offers you the chance to personalize your new home according to your preferences. You will likely be able to choose finishes, colors, layout, and other details, allowing you to start creating your dream home from the beginning. Although customization is still possible with an existing property, the costs associated with the renovation can be higher, so it’s worth considering the trade-offs involved.
Buying an off-plan property offers the advantage of cost reduction compared to purchasing a completed property. During the early stages of development, developers often provide discounts and incentives to those who make early purchases, allowing you to secure a great deal. Furthermore, choosing an off-plan investment helps you avoid the premium of acquiring a finished property ready for immediate occupancy or rental purposes.
Potential for high rental income
Off-plan properties can also yield significant rental income, mainly in high-demand rental areas like Marbella, Estepona, Mijas, and Fuengirola. New properties tend to command higher rental rates than older properties, which can increase the buyer’s rental income. By investing in off-plan property, you have the potential to capitalize on this demand and generate a higher rental income.
Reduced maintenance costs
New properties tend to incur lower maintenance costs than older ones, as they are less prone to requiring frequent repairs or renovations. Moreover, numerous developers provide warranties for their properties, ensuring coverage for potential issues during the initial stages of ownership. Additionally, many off-plan properties are designed to be highly energy-efficient, resulting in long-term cost savings and a more convenient ownership experience.
Off-plan properties frequently come with flexible payment plans, providing increased financing convenience. This feature is especially beneficial for investors who may not have immediate access to the required funds upfront. With the availability of payment plans, you can distribute the property’s cost over an extended period, thereby making the investment more affordable and manageable.
When it comes to purchasing a property in Marbella, many buyers opt for resale properties, which are properties that have previously been owned by one or more individuals. Surveys indicate that 10% of buyers prefer these types of properties over new builds.
Purchasing a resale property opens up a world of delightful advantages. Firstly, depending on the specific market dynamics, these properties often come with a pleasantly affordable price tag, making them a sound investment opportunity; moreover, their location within established neighborhoods adds an extra layer of appeal. Furthermore, with a resale property, you may find yourself surrounded by essential amenities conveniently situated nearby, as they tend to be nestled in areas closer to the vibrant heart of the city or the enchanting sea. And the icing on the cake? Unlike new builds burdened by the AJD tax, you would only be responsible for the ITP (Impuesto sobre Transmisiones Patrimoniales) tax, which currently stands at a linear 7% in Andalusia.
Purchasing a resale property has some potential drawbacks as well. One such concern is the labor-intensive nature of renovating the property; unlike new builds, where the developer handles the entire process, a resale property demands your involvement in sourcing skilled workmen capable of executing the desired renovations, and this requires considerable time and effort. Additionally, if the property was not diligently maintained by its previous owner or harbors pre-existing issues, you may find yourself shouldering the responsibility of repairing damages and resolving problems, which can translate into substantial costs.
LuxuryForSale.Properties Real Estate.
Welcome to LuxuryForSale.Properties, your trusted partner for over four decades in facilitating and managing the sale of off-plan properties along the beautiful Costa del Sol. With our extensive experience, you can rest assured that you are in reliable and capable hands. Our commitment to excellence extends to our selection of partners, as we only collaborate with renowned global brands and reputable companies.
At LuxuryForSale.Properties, our commitment is to safeguard our clients’ best interests. Whether you’re a prospective property buyer seeking to make a purchase or a property owner aiming to ensure proper registration, we’re here to help. We would be delighted to assist you in verifying that all aspects concerning the property’s surface area are in order before proceeding with a purchase or sale. Don’t hesitate to book your first free consultancy with us, and always remember to consult with your lawyer!
At LuxuryForSale.Properties, we have established partnerships with esteemed and well-established firms and professionals. These collaborations guarantee the safety of your investment and offer you the opportunity to take advantage of our comprehensive rental programs. Should you decide to rent out your property while you’re away, you can benefit from our expertise in managing rentals effectively.
To learn more about our services or to discover an ideal off-plan property on the stunning Costa del Sol, don’t hesitate to reach out to our approachable and knowledgeable team today. We’re here to assist you every step of the way.