Javea is one of those few destinations which truly can offer something to suit everyone. Whether you are looking for a compact apartment in the town centre, or a palatial villa perched amid the surrounding hills, you’ll never be short of options! Despite the region being highly desirable prices may not be quite as jaw-dropping as one may expect. Bargains can be found throughout the region but do remember that there can be a long list of supplementary expenses when purchasing Spanish real estate. In this article, we’ll take a look at the key factors to consider when weighing up Javea for a new primary or secondary residence and outline those taxes and levies which may be due.
Choosing A Suitable District
Many Brits who decide to purchase Javea property do so after having holidayed in the region numerous times. Yet we all know that there is a big difference between visiting for a fortnight and being an around the year resident. For this reason, it is always a sensible step to take out a six-month let first – ideally in the kind of property you are thinking about purchasing.
Apartments are almost entirely found in the Port, Old Town, and Beach (Arenal) areas. Villas tend to be further out and usually found in the hillside surrounding the above areas, although they are dotted throughout the region. Areas to consider would also include the tranquil community near the Cabo La Nao lighthouse, the busier but more affordable developments around Toscamar, or the traditional neighbourhoods of Cap Marti and Absubia.
Remember that there is little in the way of public transport so you will likely need a vehicle if residing outside of the town. Also factor in the climate as the Javea climate can vary enormously depending simply on exposure to the sun. It may be fun to live in a scorching sun-trap for a holiday, but day in and day out? Also, some hillside residences – especially those closer to the coast – can be surprisingly windy. These are examples of why renting/testing is always sensible as you simply won’t know truly if you like it until you’ve experienced it.
Estimated Property Prices
Looking purely at list prices (we’ll come to true cost shortly) you’ll find a one-bed apartment in Javea that ought to be in top quality condition for between€175,000 -€200,000. Two beds are around€50,000 more, three beds€275,000+. Not many apartments will have more bedrooms than this. Villas are naturally going to be more expensive and vary considerably depending on location, amenities (pool, grounds etc) and age/provenance. A realistic figure for a 3-bedroom villa with surrounding grounds and pool would be€400,000+.
Just as with buying property in the UK location makes a considerable difference to the base price. Just allowing for a sea view may add six figures onto the final sum. Is that something worthwhile when you may be just two minutes around the corner from some of the most beautiful coastlines of Spain?
Agent or Private Purchase?
Something you’ll notice when looking for property in Javea is that there are a good number of private sellers advertising their property for sale. While these can present good savings – especially if the vendor is willing to negotiate – be sure to understand the complexities of the Spanish property system. You will need legal expertise, the services of a property surveyor, notary registration and Spanish banking services.
There are entire books written on the complexities which is why most British property investors opt to use local estate agent services. Not only do they understand the local market, but they also are experienced in the various legal pitfalls that are dotted throughout the property system. Even better, usually they will be in a position to offer packages/discounts on approved local legal and financial services.
The Additional Costs of Buying Javea Property
While there certainly is a very well-developed UK-friendly property scene around Javea, it can/will still come as a surprise how many ancillary costs are involved. Notary fees, Land Registry, Professional services, Deeds administration, stamp duty (10% sale value or 10% rateable value multiplied by 3.7 – whichever is higher), and even ‘local levies’ will be due. There will also be NIE registration fees, utility charges, insurance premiums, and no doubt a couple of other surprises to account for!
Needless to say, these can mount up so anticipate needing to add between 10-15% on top of the base sale price to secure your Javea home. Also, be aware that land value – should you be able to build your own villa – is subject to VAT at a rather steep 21%. Mortgaged purchasers will incur additional banking charges and survey costs, while cash buyers ought to shop around thoroughly for the most reasonable exchange rates (this can save many thousands of Euro and is a solid reason for using professional property agents).
It may sound like a byzantine system, but the fact is that while purchasing a home in Javea may be an expensive process, it can represent excellent value down the line. The region has never been more popular, and prices are forecast to rise over the coming decade and have remained generally stable (bucking the national trend). But finding that ideal property is the first step and it does make a huge difference to dip a toe by renting for a few months before plunging in. The longer you are looking the better the deals that will come to market. Registering with local agencies who understand the market and maintain professional networks can make all the difference in finding that dream property.