What to expect from the property buying process in Marbella

The Golden Mile is one of the most sought-after areas for residential properties on the Costa del Sol.

A prime destination for luxurious Mediterranean holidays, the famous Mile  stretches along the coast of southern Spain, running 5-7.5km from Marbella to Puerto Banus.

A range of five-star resort hotels and exclusive clubs populate the coastline, which is why German singer Roy Boston coined the ‘Golden Mile nickname’ for its high-status glamour in the 1980s.

The sun-kissed villas, mansions, and beach houses along the Golden Mile are home to international royalty, aristocrats, celebrities and others looking for a prime location for a second home or real estate opportunity.

Though it’s a relatively small section of land, Marbella’s Golden Mile is one of the most fashionable and desirable real estate locations in all of Europe.

This guide will tell you everything you need to know about buying property on the Golden Mile in Marbella.

Where is the Golden Mile in Marbella?

The Golden Mile starts in Marbella town and extends to the west as far as Puerto Banus and up towards La Concha.

It used to exclusively refer to properties along the N-340 coastal road west of Marbella, but has since expanded towards the A7 and AP-7 motorways.

The Golden Mile is sometimes divided into the East End and West End, or the beach side to the south and the mountain side to the north.

Along the Golden Mile you’ll find the best Marbella has to offer in luxury hotels, apartment complexes and villas with gorgeous views, chic bars and nightclubs, high-end boutiques, and prestigious restaurants.

Most of the established buildings are concentrated on the beach side, but new development continues to spread to the mountain side.

These are some of the well-known urbanizations for buying properties for sale along Marbella’s Golden Mile:

  • Alhambra del Mar
  • Altos Reales
  • Casablanca
  • Cascada de Camojan
  • El Ancon
  • Imara
  • La Carolina
  • La Trinidad
  • Las Canas Beach
  • Los Picos
  • Los Verdiales
  • Meisho Hills
  • Monte Paraiso
  • Nagueles
  • Oasis
  • Playa Esmeralda
  • Puente Romano
  • Rio Verde
  • Rocio de Nagueles
  • Sierra Blanca

Whether you want an apartment within a secure enclosed community, an exclusive private estate , or a townhouse on the promenade, you’ll find a variety of properties for sale in this illustrious part of Marbella.

Why buy property in Marbella’s Golden Mile?

Here are ten reasons why Marbella’s Golden Mile is such an attractive area to invest in:

  • Close to Malaga Airport – around 50km or a half hour’s drive away.
  • Easy access – many attractions within walking distance, excellent connection to other areas
  • Warm weather – 320 days of sunshine a year, average temperature of 28°C in summer. 
  • At least 20 beaches – golden sand, the Mediterranean sea, and charming boardwalks.
  • Stunning views – take in the tranquil vista every day from the comfort of your seafront or mountainside home.
  • Luxury living – designer boutiques and Michelin-star restaurants.
  • Sports facilities – golf, tennis, horse riding, hiking, mountain biking, fishing, water sports.
  • Famous hotels – including the iconic Marbella Club and Puente Romano Hotel’s Plaza Village.
  • Rich culture – architecture, art and history museums, traditional Andalusian festivals.
  • Exclusive area in high demand – levels of interest from visitors and buyers is a positive indicator for investment.

There’s a strong appetite for renting and buying property in Marbella, so it’s worth investing whether it’s for your own holiday home or a buy-to-let.

What to expect from the property buying process in Marbella

Buying properties in Spain is slightly different to other European countries, as the process requires both a notary and a lawyer.

When you select a property and the seller accepts your offer, you secure it with a reservation contract before completing all the required legal paperwork and signing the deed in front of a notary.

Here’s an overview of the buying process for Spanish properties.

Opening a bank account

You’ll need to open an account with a bank in Spain to finance your property purchase and pay ongoing bills and fees.

It’s possible to open a non-resident account before you move to Spain, or a resident account if you have proof of an address in the country.

Finding a property

Before you start your property search, you have a few decisions to make.

  • Location: beachside or mountainside?
  • Property Type: e.g. apartment or villa?
  • Size: floor size and number of rooms?
  • Purchase: renting, buying, or buy-to-let?

When you have a clearer idea of what you’re looking for in Marbella’s Golden Mile, you should contact a qualified real estate agency based in Marbella.

Their expertise will help you find the perfect property even if you’re unfamiliar with the area and the language.

Choosing a lawyer

You’ll also need a lawyer based in Spain to check over the property and handle the paperwork for you, making enquiries on your behalf from the Land Registry to the Town Hall.

Your lawyer will also apply for an NIE number for you, which is needed to open a residential bank account and required by the notary for completing the sale.

Negotiating the purchase

Your agent will help you to negotiate with the seller to find a purchase price that works for both of you.

They’ll guide you in making a written offer covering the price, deposit, and completion date, plus technical requirements.

Your lawyer may get involved to check if the offer meets their legal criteria, especially if it’s a complex negotiation. 

Property reservation

Once you’ve agreed on a price with the seller, you should reserve the property to take it off the market while you and your lawyer complete the necessary due diligence.

This involves signing a reservation document or holding agreement and making a deposit to prove your intent to buy, usually around €6,000.

The deposit amount should be refundable if the seller doesn’t meet the conditions of the agreement or changes their mind about the offer.

Signing contract and deeds

When a final offer is accepted and your lawyer is satisfied with the legal conditions of the property and sale, a private purchase contract can be drawn up between you and the seller.

This legal document will cover all the details of the property, the cost, and dates for payment and completion.

Once both parties have signed the contract, you’ll usually have to pay 10-30% of the property price within 30-60 days.

The next step is to sign the Purchase Title Deed before a Spanish notary which is then passed to the tax office and the Land Registry.

You’ll get a Copia Simple (copy of the document) on the day and receive the official document within 6-8 weeks.

If you’re applying for a mortgage for the property, it’s best to do this before signing the deed, or on the same day at the latest.

Completion

The sale will be complete once your ownership has been registered and the purchase price has been paid in full.

For new builds, a payment plan is agreed  over the period of construction up to completion.

Your lawyer can then help you with changing the names on utility contracts and setting up bill payments, plus sorting out tax payments and residence permits as necessary.

They can also assist you with registering your property if you intend to rent it out according to Andalusian law. 

Looking for property in Marbella’s Golden Mile?

Contact Bromley Estates for expert guidance and after sales care when buying property in Marbella.

Whether you’re looking for contemporary new developments, luxury or reduced, apartments or villas, our inventory has something for everyone.

 

 

Pin It on Pinterest