Buying property in Gijón: Everything you need to know

Buying property in Gijón, a vibrant coastal city in northern Spain, can be an exhilarating experience. Known for its rich cultural heritage, beautiful beaches, and dynamic culinary scene, Gijón offers a unique lifestyle for both locals and expatriates. Here’s everything you need to know about purchasing property in this enchanting city.

Understanding the Real Estate Market

The Gijón property market has seen considerable growth over recent years. With a diverse range of options from historic apartments downtown to modern developments near the beach, buyers can find homes that suit various preferences and budgets. It's crucial to stay informed about market trends, as prices can fluctuate based on demand and the overall economic situation in Spain.

Legal Considerations

When buying property in Gijón, you need to navigate some legal requirements:

• NIE Number: You must obtain a Foreigners’ Identification Number (Número de Identidad de Extranjero or NIE) to engage in any property transactions.
• Bank Account: Open a local bank account to facilitate payments, including the deposit and notary fees.
• Property Title Search: Conduct a thorough search to verify the property's legal status, ensuring no liens or debts are attached to it.

Financing Your Purchase

Many buyers in Gijón opt for mortgages to finance their property. Spanish banks often provide loans to non-residents, covering up to 70% of the property's value. It's advisable to compare offers from different banks to secure the best interest rates and terms. Additionally, consider consulting a financial advisor for personalized guidance on mortgage products available to foreign buyers.

Cost Breakdown

When budgeting for a property purchase in Gijón, consider the following costs:

• Purchase Price: The agreed price for the property.
• Notary Fees: Typically 0.1% - 0.3% of the property value.
• Property Transfer Tax: Usually between 6% - 10% depending on the property price.
• Legal Fees: Hiring a lawyer to assist with the purchase can cost around 1% - 2% of the purchase price.

Choosing the Right Neighborhood

Gijón boasts a variety of neighborhoods, each offering its own unique charm. Here are a few popular areas to consider:

• Centro: The heart of Gijón, featuring shopping, dining, and cultural attractions.
• San Lorenzo: Known for its stunning beach and lively atmosphere, ideal for those who enjoy seaside living.
• El Llano: A tranquil residential area, great for families and offering local amenities.

Hiring Professionals

Engaging local professionals can significantly simplify the buying process. Consider hiring:

• Real Estate Agents: Experts who understand the local market can help you find properties that meet your criteria.
• Lawyers: They will assist with the legalities of the transaction, ensuring your interests are protected.
• Surveyors: Conduct a property survey to identify any structural issues before committing to a purchase.

Final Steps in the Purchase Process

Once you’ve chosen a property, the next steps typically include:

• Signing a Deposit Contract: This will reserve the property and outline the terms of the sale.
• Due Diligence: Conducting any remaining legal checks and home inspections.
• Final Contract Signing: Meeting at the notary’s office to sign the final deed of sale (Escritura de Compraventa) and complete the transaction.

Conclusion

Buying property in Gijón can be a rewarding investment, whether you plan to live there year-round or use the property as a vacation home. By understanding the local market, legal requirements, and necessary costs, you can navigate your property purchase with confidence. Engage local experts to ensure a smooth process and enjoy the beauty of Gijón as you settle into your new home!