Invest in Ibiza Property

View PDF | Print View
by: Toby Trumble
Total views: 52
Word Count: 505
Date: Sun, 27 Feb 2011 Time: 7:35 PM
0 comments

There is a vast range of properties for sale on the island. They range from relatively inexpensive studio apartments to farmhouses to luxury villas. Of course the properties overlooking the sparkling blue Mediterranean waters along the more than 200 kilometres of Ibiza's coast run in the higher end of the price range.

Since Ibiza is considered a part of Spain, Spanish real estate laws prevail. Typically a private contract is utilized when buying Spanish property with a 10% deposit required. A contract can be entered into that allows either party to back out for a price. Notaries are used for contract preparation in which the transaction details are spelled out including the purchase price of the property, amount of down payment, details on paying the balance, any extras and the intended date of closure. Property sales are then registered in the Land Registry office and the necessary taxes paid.
Spanish sellers have an interesting custom of understating the selling and purchase prices of their properties. This helps them reduce their tax liability and stamp duty fees. But buyers could still be required to pay the Capital Gains tax on the extra profit once the actual price is revealed. Those who are not Spanish residents are also expected to deposit 5% of the proceeds of the sale with the local tax office until closure is attained on the deal.

First of all, the monetary unit used in Ibiza is the euro, so the sample real estate prices will be shown in Euros. At the time this article was written, the euro equalled 1.3603 American dollars. The following samples have been culled from different agencies.

On the lowest end of the sales spectrum is a studio apartment listed at 65,000 Euros. There is a community swimming pool available in the summer and the property is about a five minute drive to the nearest beach.

Apartments with amenities such as separate bathrooms, kitchens and bedrooms often sell for 144,000 Euros. This price relates to apartments located in the holiday village of Pueblo Esparragos. There are 132 privately owned units built on a hillside overlooking the bay of Cala Llonga, this complex is described as being beautifully landscaped with its own community gardener and there are also two large swimming pools complete with separate children's pools, sun beds and a privately owned café/bar.

At the high end of property for sale in Ibiza, a modern luxury villa with nine bedrooms may sell for upwards of 6,000,000 Euros. This is a large sum of money but the opportunity to own a property which will bring endless days of relaxation to a busy lifestyle cannot have a price put upon it.

Investors who are interested in buying property on the beautiful Mediterranean island of Ibiza should have no trouble finding exactly the right fit. With over 80 beaches to choose from and temperatures ranging from 15 deg C in January to 30 deg C in July, what is there not to like about the property in Ibiza?

About the Author

For more information on property for sale in Ibiza check out Balearic Estates. Balearic Estates also have properties from the surrounding Islands avaliable including; Menorca, Formentera and Mallorca.