There’s something about Ibiza that you can’t shake off.
Maybe it’s the Mediterranean-styled houses looking over turquoise-colored beaches or the raging nightlife that grows wild with each hour.
Whatever the reason, it does a remarkable job of capturing the visitors’ attention. And because of this, they make the excellent decision of purchasing a property on White Island.
If you’ve also found yourself enchanted by the island’s beauty – or you’re simply looking for real estate investment opportunities – fate has brought you to the right place.
This blog will tell you everything you need to know about properties for sale in Ibiza. Whether you’re a foreigner or a local, reading this article will empower you to make the right decision for yourself and your family.
What’s the Current Real Estate Situation in Ibiza?
The real estate industry in Ibiza has always been associated with fast transactions. The sellers, brokers, and buyers waste no time installing and completing the process as soon as possible.
And following Covid-19, the process has been expedited.
So, to answer your question, the island’s current real estate market condition is strong. Private houses, as well as apartments, are being sold in rows every day.
Some do so to fulfill their dreams of owning a luxurious property, while others are doing it from a business point of view.
For instance, property owners profit significantly during summer by allowing tourists to rent their properties. And since the island welcomes more than 3 million visitors annually, you can do the math.
Being a Foreigner, Can I Purchase a Property in Ibiza?
The short answer is – yes, foreigners can buy properties in Ibiza, albeit under certain conditions.
For starters, you’ll require a Número de Identificación de Extranjero (NIE); a Tax Identification Number, as they call it in English. To get one, you have two options:
- Prior to your visit to Ibiza, visit the Spanish Embassy of your country.
- After arriving in Ibiza, go to the Local Commissioner of Ibiza.
Please note that you’ll be asked to fill out detailed forms, and it’ll take a few weeks to process the application, regardless of where you’re getting the Tax Identification Number from.
Another important document you must possess is a security permit. Since this rule was recently implemented after the UK left the EU, it’s possible that your travel agent might miss this.
However, this policy is only for individuals coming from the United Kingdom.
How Is the Golden Visa Related to Real Estate?
For those unfamiliar with The Golden Visa, it’s an immigrant investor program through which people can earn a resident permit in exchange for making a significant investment in a foreign country.
Ibiza also offers a Spanish Golden Visa. To obtain it, you’ll have to make a real estate investment worth €500,000.
The visa will remain valid as long as you maintain your investment. If you keep renewing it for five and ten years, you’ll receive permanent residency and citizenship, respectively.
How Do I Find Properties in Ibiza?
The simplest answer would be to find a real estate agent in Ibiza. They can help you find a property worth your hard-earned money. However, if you enlist the help of a broker, be prepared to pay a commission should your deal go through.
If you don’t want to involve a middle person, we’ve got another option – websites listing properties for sale.
Using those websites, you can directly approach the owners instead of involving third parties.
Things to Consider Before Purchasing a Property in Ibiza
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Location
The beauty of Ibiza can’t be emphasized enough. Everywhere you look, gorgeous scenery, delectable cuisines, and fun-filled activities will be awaiting your presence.
But you can’t buy a property on every nook and corner of the island; you’ll have to settle on just one. Although that decision is entirely yours, here’s a list of areas that mostly attract buyers:
- San Jose
- Santa Eularia
- Santa Gertrudis
- San Antonio
Some of these places have that old-school charm of beautiful English countryside villages, while others are bursting with modern vibes.
So, you should choose an area that meets your preferences. Speaking of, another factor that would require your attention is whether you want the property to be at the center or side of the city.
You get all the amenities in the center, like restaurants, schools, and offices. But that also means you’ll have to cope with the city noise.
On the other hand, you can live a quiet and peaceful life if you purchase a property away from the main area. Though markets won’t be that far, you’ll need to travel by vehicle to get to them.
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New Or Used Property
“Should I purchase a new or used property?”
This question always gets the best of those interested in buying a property. And this is a universal thing; it doesn’t only happen in Ibiza.
The answer to this question depends on many factors, such as your budget and preference. If you ask people, they’ll most likely suggest purchasing a new property simply because it’s new.
That may not always be possible.
It’s true that humans are attracted to shiny things, including newly built homes. And if you have the budget for it, you should go ahead.
But the average price per sq.m in Ibiza can be anywhere between €5,442 to €9,604, which may be out of your budget.
In that case, buying a recently-constructed property might not be the best option. That’s not worth losing your sleep over, though.
You can always look for used properties. And if you try hard enough, you’ll find some that, with a bit of a touch-up, will look as good as new.
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Size
- Are you buying a property just for yourself?
- Do you and your partner plan to move in together?
- How many children do you have?
Answering these questions has a lot to do with helping you purchase the appropriate-sized property.
For example, if it’s just you, there’s no need to purchase a palace. Similarly, buying a two-bedroom apartment would not be ideal if you have a big family.
Moreover, if you’re fond of gardening, you should look for a property with an open backyard or lawn.
Narrowing down these factors early on can set you up for the long term.
The Final Steps of Purchasing a Property
Now that you know the basics, it’s time to move toward the actual property-buying process. To get you started, here are some pointers:
- Search for properties in Ibiza, either yourself or enlist the help of an agent/agency.
- After finding a property you like, request to view it in person.
- Once you’ve performed an inspection and everything looks fine, review the terms offered by the seller and negotiate the price.
- Draw up and sign a contract in the presence of a real estate lawyer.
- Provide your Tax Identification Number.
- Pay the required amount to reserve the property.
- Complete other formalities and pay the remaining amount according to the contract.
- Move into your new house.
Ready to Purchase Your Dream House?
Now that you have enough information to purchase a property in Ibiza, you can move ahead confidently. The process can seem overwhelming at first, but then again, you’re buying a house, not an electronic device.
So, take time with your decision and happy buying!
