Malaga

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Real Estate Agencies

Sections

1. Finance

Typical Costs and Fees

When working with real estate agencies in Malaga, you should be aware of the following costs:

  • Agency Fees: Real estate agencies typically charge a commission for their services. For rentals, this is usually equivalent to one month's rent. For property purchases, the commission is often between 3% and 5% of the property's sale price, paid by the seller (though this can vary).

  • Deposit for Rentals: By law, landlords require a security deposit equivalent to one or two months' rent. This deposit is refundable at the end of the lease, provided there is no damage to the property.

  • Taxes and Legal Fees for Purchases:

    • Property Transfer Tax (ITP): For resale properties, this is typically 7% to 10% of the purchase price.
    • VAT (IVA): For new properties, VAT is 10%, plus a 1.5% stamp duty.
    • Notary and Registration Fees: These can range from 1% to 2% of the purchase price.
    • Lawyer Fees: Hiring a lawyer is highly recommended for property purchases. Fees are usually 1% to 1.5% of the purchase price.
    • Mortgage Costs: If you’re financing the purchase, expect additional costs for mortgage arrangement fees (around 1% of the loan amount) and property valuation (approximately €300–€500).

Financial Considerations for Expats

  • Bank Account: To rent or buy property, you’ll need a Spanish bank account to handle payments and utilities.
  • NIE Number: The Número de Identidad de Extranjero (NIE) is a tax identification number required for any financial transaction in Spain, including renting or buying property.
  • Budgeting for Utilities: Monthly utility costs (electricity, water, internet) for a typical apartment in Malaga range from €100 to €200.

2. Local Services

Types of Services Offered by Real Estate Agencies

Real estate agencies in Malaga provide a range of services, including:

  • Property Rentals: Short-term and long-term rental options for apartments, houses, and commercial spaces.
  • Property Sales: Assistance with buying and selling residential and commercial properties.
  • Property Management: Services for landlords, including tenant screening, rent collection, and maintenance.
  • Relocation Assistance: Some agencies offer tailored services for expats, such as helping with paperwork, finding schools, and setting up utilities.
  • Legal and Financial Advice: Many agencies work with lawyers and financial advisors to guide you through the legal and tax implications of renting or buying property.

How to Find Reputable Agencies

  • Online Portals: Websites like Idealista, Fotocasa, and Kyero list properties and often include agency contact details.
  • Local Recommendations: Ask for recommendations from locals, expat communities, or colleagues.
  • Certifications: Look for agencies that are members of professional organizations like the Colegio Oficial de Agentes de la Propiedad Inmobiliaria (COAPI), which ensures ethical practices.
  • Reviews: Check Google reviews, expat forums, and social media for feedback on agencies.

Popular Real Estate Agencies in Malaga

  1. Gilmar Real Estate: Specializes in luxury properties and offers comprehensive services for buyers and renters.
  2. Engel & Völkers: A global agency with a strong presence in Malaga, known for high-end properties and professional service.
  3. Inmobiliaria Toré: A local agency with a wide range of properties and personalized service.
  4. Your Property in Spain: Focuses on helping expats find homes and navigate the legal process.
  5. Home International: Offers multilingual services and specializes in assisting international clients.

3. Procedures for Renting or Buying Property

Renting a Property

  1. Search for Properties: Use online platforms or visit agencies to find suitable options.
  2. Viewings: Schedule property viewings with the agency.
  3. Submit Documentation: Provide proof of income, employment contract, NIE, and bank account details.
  4. Sign the Lease: Review the rental contract carefully. Ensure it includes details about the rent, deposit, duration, and maintenance responsibilities.
  5. Pay Initial Costs: Typically, you’ll pay the first month’s rent, the security deposit, and the agency fee upfront.

Buying a Property

  1. Define Your Budget: Include taxes, fees, and potential renovation costs.
  2. Hire a Lawyer: A lawyer will ensure the property has no debts or legal issues and will guide you through the process.
  3. Property Search: Work with an agency to find properties that meet your criteria.
  4. Make an Offer: Negotiate the price through the agency.
  5. Sign a Reservation Agreement: This secures the property while legal checks are conducted. A deposit (usually €3,000–€6,000) is required.
  6. Sign the Purchase Contract: After legal checks, sign the contract and pay 10% of the purchase price as a down payment.
  7. Complete the Sale: Finalize the purchase at a notary’s office, where the remaining balance is paid, and the property is registered in your name.

4. Local Considerations and Tips

Cultural Practices

  • Punctuality: While Spain is known for its relaxed lifestyle, punctuality is appreciated in professional settings like property viewings.
  • Negotiation: It’s common to negotiate rental prices or purchase offers, especially for long-term leases or older properties.
  • Siesta Hours: Many agencies close for a few hours in the afternoon (typically 2–5 PM), so plan your visits accordingly.

Legal Requirements

  • Rental Contracts: Spanish law heavily favors tenants, so landlords are required to provide clear contracts. Long-term leases (5–7 years) are common.
  • Energy Certificate: Sellers and landlords must provide an Energy Performance Certificate (EPC) for the property.
  • Residency Status: Non-EU citizens may need to provide additional documentation, such as a visa or proof of residency.

Tips for Expats

  • Language Barrier: While many agencies cater to English-speaking clients, learning basic Spanish phrases can be helpful.
  • Utilities and Internet: Setting up utilities can take time. Some agencies assist with this process.
  • Seasonal Demand: Malaga’s rental market is competitive, especially during summer. Start your search early to secure the best options.

By working with a reputable real estate agency and understanding the local market, you can navigate Malaga’s property landscape with confidence. Whether you’re renting or buying, taking the time to research and plan will ensure a smooth transition to your new home in this beautiful city.