Buying property in Murcia: do you need legal assistance?
Property investment has a very deep-rooted tradition in our country. The solidity of the Real Estate sector makes it one of the preferred bets for Spanish citizens or foreign investors in situations of economic instability.
Precisely because of this, buying a property in Murcia becomes a very favorable investment option at present. The reduced interest rates have been added to the health crisis, which brings economic support from different institutions and the need for many people to sell their property.
Why to buy a property in Murcia at this time?
The Region of Murcia stands out for its real estate sector. Along with Malaga and Seville, Murcia has been one of the cities where this form of investment has grown the most.
Certainly, part of this growth has been due to the increase in demand for second homes and tourist rentals. This has meant, during 2019, an increase in the value of real estate properties of almost 5% concerning 2018.
Of course, the tourism sector will take time to recover from the COVID-19 crisis. But the Region of Murcia continues to be one of the most affordable regions in Spain to live in.
This is a great opportunity to invest both in owning a property and in properties intended for renting, whether they are stationary or long term.
Moreover, this autonomous region has a privileged climate, a great cultural richness and some of the most prosperous areas of the country. But in addition to these geographical advantages, there are also those derived from the current situation.
Although the Euribor, which was at an all-time low, has made a significant comeback, the various Central Banks and important public and private institutions are encouraging investment.
Given the foreseeable economic crisis following the COVID-19, attempts are being made to jumpstart capital once again. Besides, many companies and individuals need liquidity and in Spain there is a culture of property ownership.
This means that the real estate supply, at least in the short term, will tend to increase at a faster rate than demand. This contraction in demand should lead to a fall in purchase prices, especially for second-hand properties.
Finally, professionals in the sector consider that the real estate market will recover quickly (except for sectors such as hotels, leisure and retail). In short, real estate investment is configured as a very interesting refuge value at this time.
How to invest in Real Estate in Murcia?
Although real estate investment in this region is presented as a good opportunity, the uncertainty of the moment makes it more than advisable to have the right advice before closing any transaction. That is why it is advisable to consult a Real Estate lawyer in Murcia beforehand.
The truth is that the Spanish real estate sector is coming from a considerably robust season. It is not expected, therefore, that urban development projects that have already been started will be paralyzed or reversed. However, it is advisable to carry out a prior study before purchasing a new property.
In the case of second-hand housing, it is also advisable to analyze the situation beforehand. Remember that, given the importance of a real estate transaction, it is essential to know all its fiscal and financial implications.
For example, the Spanish banking sector has not worked as well as the real estate sector in recent times. This means that before applying for financing you should study the conditions with the help of a specialist.
In the area of taxation, we must consider that the purchase of a new home is not treated in the same way as the purchase of a second-hand one. Neither does the habitual residence have the same consideration as the second home. If our objective when buying a property in Murcia is to exploit it later, whether it is a holiday or long-term rental, we could be interested in setting up some kind of company.
Another aspect in which a Real Estate lawyer can help us when buying a property in Murcia is the obtaining of the residence permit. Remember that the Spanish law facilitates this permission to the people who invest more than 500.000 euros in real estate, thanks to the Golden Visa.
How to get advice on investing in Murcia
In short, provided that we have the necessary resources, we are in a good position to buy property in Murcia. But we should not launch into it without the proper advice.
That is why we offer you the possibility of contacting property lawyers in Murcia through our form. Try it for free and without obligation.