Frequently Asked Questions
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1. Why do investors from Eastern Europe choose cities such as Alicante, Benidorm, and Valencia?
These areas offer a perfect balance between Mediterranean lifestyle, modern infrastructure, and economic stability. The real estate markets in Costa Blanca and Costa de Valencia continue to grow steadily, being considered some of the safest real estate investments in southern Europe.
2. Is it possible for an Eastern European citizen to buy a property in Spain?
Yes. Citizens from Eastern Europe can buy properties in Spain without restrictions. The only condition is obtaining the NIE number (Identification Number for Foreigners), an essential document for real estate transactions.
3. How long does the process of buying a home in Spain generally take?
On average, between 4 and 8 weeks, depending on the complexity of the transaction and the documentation involved. The Mihail Real Estate team manages the entire process so that the client does not waste time with administrative procedures.
4. What are the additional costs besides the property price?
In addition to the sale price, notarial fees, transfer tax (ITP or VAT, depending on the type of property), registration fees, and attorney fees must be considered. Generally, these represent between 10% and 13% of the total value.
5. Is physical presence in Spain required to buy a property?
Not necessarily. With the help of a notarial power of attorney, we can manage the entire process on behalf of the client — from obtaining the NIE to signing the deed of sale at the notary.
6. Can I buy a property in installments or with a mortgage in Spain?
Yes. Foreigners can obtain financing from Spanish banks, usually between 60% and 70% of the property’s value. Mihail Real Estate offers complete consulting for simulating and obtaining the most advantageous mortgage.
7. How much do Mihail Real Estate's services cost?
Our consulting and assistance services are transparent and personalized. In most cases, the commission is included in the property price, being borne by the seller, not the buyer.
8. What advantages does Mihail Real Estate offer compared to other agencies?
We offer a complete service: search, legal and financial advice, document management, after-sales, property management, and complementary services such as renovations, rental licenses, or refurbishments.
9. Can I buy a home to rent it out later?
Yes, and it is an excellent strategy. Properties in Alicante and Benidorm have high demand for tourist and long-term rentals. Our team handles obtaining licenses and complete rental management.
10. What taxes are paid after purchasing a property in Spain?
After the purchase, the owner pays the property tax (IBI) annually, community costs, and, in some cases, income tax for non-residents. These are moderate and manageable, lower than in many Central European countries.
11. Are properties sold furnished or unfurnished?
It depends on the type of property. Many apartments and villas are sold fully furnished. If refurbishment is required, we collaborate with local interior design and furniture transport companies for a complete solution.
12. Is it safe to buy a property in Spain?
Yes, the Spanish legal system is well regulated and protects the buyer’s rights. We collaborate with notaries and lawyers specialized in real estate law to guarantee a safe and transparent transaction.
13. Can I purchase a property together with another family member?
Yes, it is possible for several people to be listed as owners of the same property. The notarial deed will specify the ownership proportions for each party.
14. Can I visit properties remotely via a virtual tour?
Of course. Mihail Real Estate offers video tours and real-time virtual viewings for clients who cannot be physically present in Spain. Thus, the decision is made in complete safety and comfort.
15. What happens after the purchase?
After signing the deed, we help you with all post-sale formalities: registration with the city hall, changing utility contracts, property management, and any rental or maintenance services.
16. Are there also properties that are not posted on the website?
Yes. There are certain properties that are only available through telephone contact, so if you are interested in a particular property and cannot find it on the site, do not hesitate to contact us!
17. Are there additional taxes when purchasing properties?
Yes, there is an additional cost of approximately 10-13% of the property value. (VAT if the property is new or ITP if the property is not new)
18. Am I protected by law if I want to buy off-plan?
Buyers of off-plan properties are entitled to aval bancario (bank guarantee) or insurance policy (“seguro de caución”) to cover payments made if the developer does not complete the project.
19. What are the advantages of purchasing off-plan?
Purchasing a property off-plan offers advantageous prices, the possibility of customization, and financial security through bank guarantees provided by Spanish law.
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