Property prices in Palomares - Page 2

Never watch ukTV  so what they say in the UK is up to them, the spoken word I agree could mean zero, but it's the same in the UK unless it's in writing  then use you head and check it out.

A Denuncia to the Lawyers Head office, I think it's in Madrid could certainly get them struck off for an unlawful act.

I was informed 10 yrs ago that there would be a glut of apartments and villas and the prices would drop, which they did, it was an estate agent who told me that, they are not all the same.

Agreed DeeHenry

Regards

Matt

As previously mentioned, only pay a deposit to your solicitor. No Matter what the estate agent says. 

If you/ your property are registered on the padron for 3 years then there's no tax to pay when you sell a property.

Never heard about the land tax on increased land prices maybe it's 'not happened' for a while

I think if your a pensioner you pay no tax either as neighbours extended their sale to save money for this reason

Keep your emotions in check and use your head when purchasing - agents want to sell so they have tactics they employ just like in the UK. As I understand it the law is more lax here regarding how much the agent needs to disclose, I've heard people say they don't have to tell the truth!

Hi everyone,

Thank you for all the responses, I am really gratefully for all the advise. 

This does clear up a few issues for me, so it seems unlikely for property to sell for more than the asking price. That is a refreshing change from the UK. I'm not going to lie, one of my big concerns is Brexit and what rule changes may happen after it. I'm not sure because of this if its a great time to buy in Spain. Saying that im still excited to come out and check out the area.      

Thanks for the heads up on the tax due when selling a place in Spain. I'm now doing some research on the cost of selling.  

I’d more research if I was you. Isn’t there an issue in Palomares with waste in the sea?

All good advice for and against. My only concern is the area. Have read reports on this forum of drunks and anti social behavior from all wakes of life. Buyer beware but good luck with your search. 

Not strictly true about not paying tax after 3 years.  No matter how long you have been on the padron, unless you are 65 or over AND you have been on padron for 3 years, you pay capital gains tax on any profit made on sale, less costs incurred in original purchase and on sale.

What's the issue with waste in the sea?

Hi, you mentioned Palomares so I assume your question may relate specifically to that area? Although I'm not a property expert I do own property in the Bedar area which we use as a holiday home. My advice would be that property prices in this part of Spain represent exceptional value at the moment. Property values crashed after the financial meltdown and struggle to recover to this day. This part of Spain was subjected to frantic development just prior to the financial crash resulting in huge development in the anticipation of a never-ending demand from mainly overseas investors. The result to this day is the availability of a significant number of properties, many never lived in. In addition to this, Spain struggles on to recover their own economy and unemployment is still a big issue, especially for the young. My advice would be to haggle on price. I have seen property sell for 40% of the original pre-crash asking prices.  When buying property, it is important to get the best legal advice. A small number of developments in this area have been shown not have the necessary permits. Land ownership issues occasionally hit the headlines too. Getting back to Palomares, it does have a unique history being the only place in Europe where live atomic bombs were dropped. In 1966 a B52 bomber from the USA that was operating as part of the nuclear deterrent exploded over the Mediterranean during a mid-air refueling accident. Three nuclear bombs fell on land in the Palomares area and plutonium was released. There was a huge clean-up operation carried out by the USA but there remains a large area still secured behind a fence. I don't know but this may also affect property prices in Palomares. I apologies if this all sounds negative but care has to be exercised. That said, this is a beautiful area to live with a unique climate and a laid back lifestyle. Please do not be put off and happy hunting.