New Developments Costa del Sol
New build properties have made a massive comeback over the past few years on the Costa del Sol, arguably seeing key ready properties leading the way. Although savvy property investors are still taking advantage of off-plan properties to reap the rewards of lower prices (providing better returns) and excellent staged repayment plans available directly through the developer.
Unlike resale properties built ten to fifteen years ago - new developments in Spain are using new building techniques widely used throughout Northern European countries which are now more energy efficient, constructed with better quality building materials as well as better designs which utilise living space. If you decide to purchase off plan you also have the added bonus of being able to put that personal touch on your new home, with a number of different options available through your developer such as styling and layout to fit your personal taste and requirements.
Bank guarantees and insurance provided to your constructor cover your investment whilst you are in the construction stage of your new home, most new developments are then covered by the builders guarantee usually offered up to ten years which give you that peace of mind that your investment is fully protected where as resale properties unfortunately do not offer such safeguards.
Modern designs, quality materials, energy efficient, cost effective, excellent investments, great repayment options - these are reasons for investing in the new development market on the Costa del Sol.
List of new developments located on the Costa del Sol. Key ready properties and off plan investments.
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Frequently Asked Questions about New Developments ...
How long does the process of an off plan property take to be built in Spain?
The process of building an off-plan property in Spain can vary, but on average it can take anywhere from 12-24 months from the time of purchase to completion. However, the exact timeline can depend on a number of factors, such as the size and complexity of the property, the availability of building materials and labor, and any unexpected delays or complications that may arise during the construction process. Additionally, the specific regulations and permitting requirements in the area where the property is being built can also play a role in determining the length of the construction process.
Where are the best new developments on the Costa del Sol?
The Costa del Sol, located in the Andalusia region of southern Spain, is a popular destination for real estate development due to its warm climate, beautiful beaches, and lively nightlife. Some of the best new developments on the Costa del Sol include:
The Golden Mile in Marbella: This area is known for its luxury properties, high-end restaurants and beach clubs, and is a popular spot for celebrities and the wealthy.
Nueva Andalucia: This area is located just a few minutes from the center of Marbella and is known for its upscale golf resorts and gated communities.
Estepona: This picturesque town is located just west of Marbella and is known for its charming old town, beautiful beaches, and excellent restaurants.
Elviria: This is a residential area located east of Marbella, known for its family-friendly atmosphere and excellent golf courses.
La Cala de Mijas: This is a coastal town located between Marbella and Fuengirola, known for its beautiful beaches and charming local shops and restaurants.
It's important to note that real estate market is always fluctuating, so the best development could change over time. It's also important to check the reputation and track records of the developer before making any purchase.
What is the buying process for an off plan property in Spain?
The buying process for an off-plan property in Spain typically involves several steps:
Reservation Agreement: Once you have found an off-plan property that you are interested in, you will typically be required to make a reservation deposit, which is usually around €3,000-€5,000. This deposit will secure your reservation on the property and will be deducted from the final purchase price.
Purchase Agreement: Once you have made your reservation deposit, you will be required to sign a purchase agreement. This agreement will outline the terms and conditions of the sale, including the final purchase price, payment schedule, and completion date.
Due Diligence: Before you sign the purchase agreement, it's important to conduct due diligence on the property and the developer. This includes checking the developer's reputation and track record, as well as ensuring that all necessary permits and licenses are in place for the construction of the property.
Payment Schedule: After you have signed the purchase agreement, you will be required to make payments according to a pre-agreed schedule. This can include a deposit, a series of installments, and a final payment upon completion of the construction.
Completion: Once the construction of the property is complete, you will be required to sign the title deeds, which will officially transfer the ownership of the property to you.
It's important to have legal representation during the process, such as a solicitor, who will be able to guide and assist you through the buying process, check all the legal documents, and ensure that all the requirements are met.