For some, the dream of owning a property in Ibiza is just that – a dream. However, if you are one of the lucky ones for whom the dream can become a reality, you will need to familiarise yourself with the buying process to ensure you do not find yourself in difficulty. We are here to guide you through the process. Below, we answer the most common questions about buying a property on this stunning island.
1. What is the process for buying property in Ibiza?
The buying process typically begins with choosing a property and making an offer. Once the offer is accepted, a reservation contract is signed with a deposit to secure it. This is followed by a private purchase contract, then the signing of the deed at a notary’s office, where the remaining balance is paid. Our team is with you every step of the way to ensure a seamless experience.
2. Do I need a lawyer to buy property in Ibiza?
Yes, a local lawyer is helpful to ensure your interests are protected. They’ll perform due diligence, checking for any debts or legal issues on the property, and ensure all documents are in order. We work with trusted local lawyers to make the process smooth and secure.
3. What additional costs should I be prepared for?
Beyond the purchase price, buyers should budget for taxes, notary fees, and legal costs. Property Transfer Tax (between 6-10%), notary fees (about 1-2%), and legal fees are standard. We provide a clear cost breakdown upfront to help you plan accordingly.
4. Can non-residents buy property in Ibiza?
Yes, Spain welcomes foreign buyers, and there are no restrictions on foreign property ownership. Non-residents will need a NIE (Número de Identificación de Extranjero) to proceed with the purchase, which we can help you obtain, simplifying the process.
5. Is financing available for foreigners buying in Ibiza?
Absolutely. Many Spanish banks offer mortgages to non-residents, usually financing up to 70% of the property’s value. Our network of mortgage advisors can assist you in finding the best financing options to suit your needs.
6. How can Ibiza Hills Homes help me find the ideal property?
With an extensive local network and deep knowledge of Ibiza, our team offers a curated selection of properties tailored to your lifestyle and investment goals. Whether you’re seeking a peaceful retreat or a lively seaside home, we’ll help you find the perfect fit.
Buying property in Ibiza is an exciting venture, and with the right support, it can be a straightforward process. Ready to begin? Contact Ibiza Hills Homes and take the first step toward your Ibiza dream.