Upmarket Ibiza Real Estate
The success story for Spain in the past seven years. Ibiza is a world class brand that has gone from strength to strength with property buyers and holiday makers. Ibiza has developed an even more upmarket image at complete odds with its package holiday past, while its clubbing reputation is only one small part of the whole story.
Ibiza is a winner
Yes, the so-called White Isle is party nirvana for a youthful crowd, however it has grown up with the early clubbers from the 1980s. Now older couples and young families also come. They find a quiet nature in the still slightly hippyish north and sophisticated beach bars all around the coast. Combining laid-back style with a mighty amount of glamour, thanks to a high celebrity count, Ibiza is a winner.
New Ibiza Developments
The main city is Ibiza Town, ten minutes from the airport and home to many clubs, smart apartments and a large marina overlooked by Dalt Vila, the fortified Old Town high above the harbour. Recent buyers have been enthusiastic about new developments in and around Ibiza Town, including Cap Martinet.
Some of the island’s best beaches are in the southwest, among the glamorous beach clubs at Cala Jondal, and property prices are high. Prime southern areas with gleaming white detached cubist villas, hidden down unmade white roads lined with lemon trees, include es Cubells and Porroig.
Santa Eulalia, in the east, is family friendly, generally quieter with many good beaches and yet is close to where Nikki Beach chose to open their latest beach club.
Rural and charming Ibiza
Further north and inland, San Carlos has many fans for its annual music festival and its weekend market at Las Dalias. Rural and charming Santa Gertrudis, surrounded by farmland in the centre of Ibiza, has an artistic community and also a cosmopolitan one, thanks to a thriving international school.
The 3 key steps of the buying process:
Appoint a lawyer
Once you have agreed a price for the purchase of the property, you should appoint a lawyer straight away, with whom you can easily communicate, ideally before signing a reservation contract or paying a preliminary deposit for the property. With the lawyers in place and your agent advised of who you are using, the buying process can begin.
Initial reservation contract
The next step is the initial reservation contract; the ‘Contrato Privado de Compraventa’ or “Contrato de Arras”. This a legally binding contract signed by both parties, occasionally (but not essentially) in the presence of a notary.
It gives a full description of the property for sale, details of both parties involved, outlines the sale price, any extra conditions particular to the sale, the completion date and the deposit paid which, subject to the parties’ agreement, ranges between 10% and 30% of the agreed purchase price.As surveys and searches are frequently carried out prior to signing, the preliminary agreement can be made conditional on their outcome. Careful drafting of the deposit clause is important, as under Spanish law, if the seller does not ful l their obligation as laid down in the contract, they are liable to pay back the deposit in double, to the purchaser. Should the purchaser not ful l the contract, their deposit is non-refundable.
Completion, and signing of the final contract
The last step in the process is completion, and signing of the final contract, ‘Escritura de Compraventa’. This is signed in front of the notary by both the buyer and the seller, or someone with the power of attorney to sign on their behalf. The outstanding balance, plus all fees and taxes, are paid at this point.
Once signed, the escritura gives you official ownership. The property will then be registered under your name in the Land Registry, the ‘Registro de Propiedad’.
Buyers should request a copy of this registration for their files (this is done by your lawyer).
Text by Savills, Spain Department