Gecko Towers
In progressing my professional life, Consulting to a firm of highly experienced bi-lingual firm of Abogados (lawyers), I am lucky to meet some really interesting people both existing clients, new clients and client referrers.
One particular theme has started to emerge in conversation with local Marbella-based Estate Agents, who will add our law firm‘s details to their panel of preferred lawyers for their property-buying clients.
The core of these discussions has focussed on just how educated the new breed of property buyers are. In some instances, they have information and intelligence of such depth that it make them really well-informed clients. Anyone who is involved in the Costa del Sol property market and the process of buying property in the region, will tell you that having a client with detailed knowledge makes everyone’s professional lives way more productive.
Much has been written about the historical stereo-type of the first time “innocent abroad” overseas property-buyer. The myth suggested that on passing the body scanner at the airport check-in they left half of their usual intelligence and the remainder of their common-sense was last seen on the baggage carousel at Malaga airport!
Today’s Costa del Sol property-buyer is much more savvy. Why? Because they have done their, often very detailed, research. How? Because the internet is a huge reference resource and there is little that cannot be unearthed if the right questions are asked.
I don’t just mean they know the location of where they want to buy, but they have really done their homework. They know the Urbanisation they want to buy-in and they virtually know the precise apartment number, town-house configuration or villa street address! They can be very specific which helps primarily with property search. They know which floor is of interest, which configuration and orientation they prefer.
While it may be somewhat unconventional, all involved in this market have experienced a recent Covid-19 inspired phenomena called “Buying by Face-Time”. Given the level of granular knowledge that clients are gaining it doesn’t seem so odd that they are comfortable to spend many hundreds of thousands of Euros without visiting. Many will have previously visited so will be familiar with the region and an Estate Agent with a smart phone can complete the circle by delivering a virtual tour. This is often combined with the use of an well shot and edited video tour using drones.
Such informed clients also understand the nature of the somewhat complicated town planning arrangements in Marbella. They are familiar with prevailing property prices, or at least price ranges. This implies a keen understanding of the price per square meter (m2) as that is the usual barometer used to assess the property’s current value.
A detailed understanding of this simple concept will assist you greatly in your negotiations surrounding the property’s price. You will have a keen understanding of likely value and where the sales price being requested is either reasonable or not.
I have always found it rather strange but it is usual in Spain to weigh a piece of jewelry to give it a price as though the fabrication, design or intricacy are of little value and only the weight of gold used is relevant. To some extent the same can be said for Costa del Sol property. Whilst the view, precise location and proximity to local amenities is vitally important for the future enjoyment of the property, for the Tasador (a Bank of Spain affiliated valuer) who values the property for, say, mortgage loan purposes, these are less important than the precise internal and external square meterage.
It seems much of the property-buyers research extends to the practicalities of Community Fees, local utility costs and IBI (local rates). In addition, the selection of their professional advisors, including their trusted Abogado, has become an increasingly informed decision.
With all these boxes ticked it seems the Estate Agent job may be becoming even more focussed as clients may not require extensive ‘touring’ showing them different locations. This doesn’t mean that their job is becoming any ‘easier’. As new developments emerge in a variety of locations along the coast, the process of choice may become more a little more complicated.
If, however, the property buyer is very specific as to their preferred Urbanisation, in for example Elvira or Nueva Andalucia, then the job of the Estate Agent is to have micro-detailed local knowledge to know that Mr and Mrs Smith in that wonderful three bedroom/two bathroom penthouse are keen to sell the property that they, their family and friends have all loved for the last ten years. So, there is no substitute for local knowledge which a professional Estate Agents will have in abundance.
While the buyer’s detailed research may not be surprising, after all it is similar to the Zoopla initiated research that is likely to be done in their home market, it is refreshing to see that reference websites, such as this blog, may actually be contributing to a groundswell of property-buyer interest in our market through intelligence, knowledge and information.
This is all positive but I do want to air a note of caution.
Most of the research conducted by an English speaking client will inevitably be conducted in English and online. This may give an impression that on the ground in Spain the level of English employed in the process of buying a property has become more usual. I cannot stress enough that this is not always the case. You still need to rely on a trusted Abogado to guide you through the myriad of confusing and perhaps conflicting processes involved in acquiring a property. You need to be able to challenge information received and question why something is expected.
It is true that many of the Spanish Banks have introduced some English into their mortgage forms, which is excellent but its not the norm for all documents.
At the risk of stating the obvious, this is Andalucia, where Spanish Law will prevail. There will be moments when you’ll encounter, at a primal level, some form of ‘culture shock’. This is not the UK nor is it your Northern European home, so while much commentary will be readily available in English there are risks.
There are a lot of research materials online and there is always a chance that some are incorrect, possibly applicable to one of Spain’s other Autonomous Regions (loosely “counties” that are to some great extent independent of Central Government control) not Andalucia or otherwise out of date. Additionally, as commentators we may inadvertently repeat old advice. So please avoid relying slavishly and solely on what you may have read. Focus on what your Abogado is telling you. He/she should be questioned where you need clarification and you should receive complete and satisfactory answers.
Please do not assume as a lay person that you have acquired sufficient information to progress your purchase of a property in the Marbella region without the detailed involvement, advice and services of a local, qualified and bi-lingual Abogado!
Should you be interested in discussing the Legal process involved in buying a property in Marbella, we would be delighted to assist you. Our team of bi-lingual, highly experienced and wholly independent team of Abogados are ready to help you.
Please call me, Mark FR Wilkins, during usual business hours on +34 600 343 917.
Please note that our posts are for general interest. They are no substitute for proper legal advice tailored to your specific circumstances as provided by a qualified Abogado who is experienced in the application of the Spanish Law.
Nothing contained in this article should be seen or taken as the writer or the publisher providing legal or financial advice.
© Mark FR Wilkins 2021 All rights reserved.
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