Why buy property in Fuengirola?

Fuengirola is a top destination on the Costa del Sol for both residents and investors, as evidenced by an 11% increase in prices for new housing during 2023, according to data from the Ministry of Housing and Urban Agenda. This figure confirms the growing demand and aligns it with dynamic municipalities like Marbella, Estepona or the capital city of Malaga.

The city offers a fantastic lifestyle with beautiful weather all year round, stunning beaches and plenty of outdoor activities. The nightlife is vibrant, with lots of bars and clubs to enjoy. Fuengirola is also big on culture and sustainability, hosting events and initiatives to promote these values. From an investment standpoint, Fuengirola is attractive because it supports local businesses, modernises its infrastructure and invests in education. The real estate market offers a variety of options to suit different needs and budgets and there are plenty of neighbourhoods to choose from.

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A place brimming with life and leisure

Living in Fuengirola offers a dynamic atmosphere and an exceptional lifestyle. With its Mediterranean climate providing pleasant weather year-round, residents can fully enjoy the city’s stunning beaches and outdoor spaces. It has a wealth of sightseeing opportunities, including open-air zoos, a castle, parks,the famous flea market, water parks and numerous golf courses. Moreover, Fuengirola has a vibrant nightlife with a plethora of bars, nightclubs and casinos. Fuengirola’s culinary scene is diverse, blending international flavours with traditional Andalusian cuisine.

The city places a strong emphasis on culture, sustainability and accessibility through initiatives like the ‘Gourmet 5.0’ certification and the Marenostrum Fuengirola concert series, promoting these values to the community. Additionally, Fuengirola is committed to renewable energy and environmental efforts, striving for carbon neutrality. The city actively supports artistic growth and community involvement through events such as the annual ‘Arts’ exhibition, hiking and sports events and fostering multicultural and LGBTQ+ inclusion.

Investment opportunities in Fuengirola

Investing in Fuengirola presents a compelling opportunity due to several key factors. Firstly, the city’s commitment to fostering local entrepreneurship is evident through initiatives like the ‘Fuengirola Emprende’ Business Development Center, which provides a dedicated space for business ventures. Moreover, Fuengirola City Council’s focus on modernization and community development, supported by projects under the Edusi program, highlights the proactive approach towards city growth. Financial stability and investment are assured with the approved budget for 2024, totaling €103.7 million, demonstrating the city’s commitment to strategic projects while maintaining quality standards through frozen taxes and increased investment in public services. Infrastructure improvements and technological advancements further enhance the city’s appeal, promising modernised facilities and innovative solutions. Additionally, significant investment in educational centres reflects Fuengirola’s dedication to providing a conducive learning environment, underlining the importance of human capital development for future prosperity.

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Do you need a professional help for buy property in Fuengirola?

Fuengirola real estate market

The real estate market provides diverse options to suit different needs and budgets, with low crime rates ensuring a safe environment. Various neighbourhoods cater to different lifestyles, from the traditional charm of Los Boliches to the lively centre and the peacefulness of Torreblanca and Los Pacos

José María Oliva

Author: José María oliva

Spanish and English speaking – Solicitor

In May 2024, as reported by Idealista, the price per square metre for purchasing property in Fuengirola reached a historic peak at 3,337 euros. This consistent upward trajectory has been observed since 2015, with an annual increase of over 10%. Similarly, rental prices in Fuengirola have followed a similar trend, with the price per square metre reaching 13.4 euros, also its highest peak and experiencing a percentage increase greater than that observed for property purchase.

Types of properties available in Fuengirola

Fuengirola offers a diverse range of housing options, including apartments for rent, townhouses, villas and studios available for both rent and purchase. Additionally, there are opportunities for investment in business premises and strategic office locations within the city. Many of the apartments come equipped with modern amenities such as washing machines, air conditioning, dishwashers, microwaves and refrigerators. These apartments are typically well-furnished and offer excellent value, being priced lower compared to other areas in Costa Del Sol. They come in various sizes, ranging from one to three-bedroom houses and even luxurious villas, scattered across different neighbourhoods within the Fuengirola municipality.

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The buying process in Fuengirola

Tejada Solicitors prides itself on its meticulous approach to property transactions. Our dedicated team conducts thorough due diligence, ensuring that every legal aspect of the property buying process is carefully examined. After completing our research, we provide clients with a detailed legal report covering crucial aspects such as:

Verifying the property’s registration in the Property Registry under the seller’s name with the correct property description.

Ensuring the property is free from encumbrances, such as liens and mortgages, and fully complies with all tax obligations.

Confirming the absence of residing tenants in the house, ensuring a smooth transition of ownership.

Conducting a comprehensive examination of urban planning files and licenses, overseen by our expert architect (Property condition survey).

Reviewing the accurate registration and timely payments of all taxes and utilities in the previous year.

Ensuring no outstanding debts are associated with the property or the community of owners.

In Spain, property debts are transferred to the new owner during the sale. It’s essential to ensure that the property is clear of any debts, including mortgages. Any existing debts should be addressed in the contract terms and promptly resolved upon completion. Tejada Solicitors ensures the property is legally sound, free from encumbrances, and ready for sale to our clients.

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Do you need a professional help for buy property in Fuengirola?

Legal aspects and considerations

Are you contemplating the purchase of property in Fuengirola? If so, there are certain prerequisites you need to fulfil, including possessing a valid passport, obtaining the NIE number (Foreigner Identification Number), and having a Spanish bank account.

Having an NIE is indispensable for property acquisition in Spain. Even if you’re not a tax resident, owning property in our country requires an NIE.

Upon finalizing the property transaction, having a Spanish bank account becomes imperative. This account facilitates setting up direct debits for utilities and taxes post-purchase. We recommend opening the account a month before signing the purchase deed to process contract changes, and bill debits seamlessly.

At Tejada Solicitors, we offer assistance in obtaining the NIE and setting up a Spanish bank account. A simple Power of Attorney is all that’s required for us to act on your behalf, streamlining the property acquisition process.

Understanding the comprehensive costs associated with property transactions is pivotal. Ensure your property lawyer provides detailed information on expenses and taxes, both current and future. Here’s a breakdown of typical costs and taxes involved:

  • VAT (IVA) or Stamp Duty in Spain is 7% for existing properties, 10% for new properties, and an additional 1.2% for documented legal acts.
  • Notary fees.
  • Land Registry fees.
  • Legal fees for property acquisition. Feel free to inquire about our rates without any obligation.

Upon completion, our services extend to facilitating the transfer of utility contracts and ensuring property-related tax payments, all managed seamlessly through your Spanish bank account.

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Do you need a professional help for buy property in Fuengirola?

Finding the right property in Fuengirola

When considering the right property within Fuengirola, several factors such as location, type of property, neighbourhood, infrastructure and distance to services are crucial. Fuengirola is divided into ten distinct areas with Centro, Los Boliches and Parque Miramar being the top neighbourhoods due to their excellent communication, tourist attractions and commercial and service offerings. Centro is the vibrant heart of Fuengirola, boasting excellent transport links, a rich social life and proximity to the promenade, marina and beaches, with notable projects like Edificio España providing luxury living options. Miramar and Sohail Castle offer strategic locations with panoramic views, direct beach access and new housing developments like Elysea Suites, complemented by large green areas and cultural attractions. Los Boliches is a lively historic port area with picturesque houses, renowned beaches and modern amenities, including new housing developments and excellent transport connectivity.

Fuengirola caters to various preferences and needs, making it a prime investment destination on the Costa del Sol.

Tejada, top property consultants in Fuengirola

At Tejada Solicitors, we understand the complexities of urban planning in Spain. Therefore, we always recommend hiring the services of a lawyer and architect specializing in real estate law.

Pre-purchase checks on the urban situation of the property you wish to acquire are crucial in the buying process and should be carried out before signing the reservation contract. It should never be rushed; it must clearly outline the sales conditions and be refundable.

At Tejada Solicitors, our real estate law experts meticulously review all property documentation to ensure its complete legality, allowing you to acquire it without any encumbrances.

During the property buying process in Spain, you may also need an architect to assess the physical condition of the property and identify any potential issues. In some cases, these issues may be serious enough to reconsider the purchase. Therefore, we advise all our clients to obtain a property report before signing the reservation contract

Additionally, we suggest consulting with a local real estate agent to help you find a property that suits your needs and financial plan.

The tax aspect of the purchase process is also crucial. If you intend to establish residence in Spain, study and plan the tax implications of your move to Spain and how the sale or exploitation of your assets abroad may affect your finances, keeping in mind that double taxation agreements come into play in these cases.

For a safe and risk-free investment, it is essential to seek the support of professionals, including real estate agencies, lawyers, tax advisors, and architects, who will guide you through the entire purchasing process.

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FAQ’s

Property prices in Fuengirola vary widely based on the size and type of the property. One-bedroom properties range from €100,000 to €1,000,000. Two-bedroom properties are priced between €130,000 and €2,300,000, while three-bedroom properties range from €150,000 to €3,000,000. Larger homes with four or five bedrooms can exceed €5,000,000. The average property price in Fuengirola is over €500,000, but it ultimately depends on the specific size and individual preferences.

Yes, foreigners can easily buy property in Fuengirola. The process is relatively straightforward and is facilitated by a well-established legal framework.

The centre of Fuengirola, Los Boliches or Miramar and Sohail Castle areas are the most sought after for purchasing property both as an investment or a home. With a range of 10 distinct areas forming Fuengirola, you can find the area that best suits your needs

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