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Buying a home is a major decision that has a direct impact on our personal finances. With Easter just round the corner, many will be enjoying the fine weather, and some will be doing so from their beachfront apartment.
In this article, we’ll look at four key factors that influence the purchase of an apartment at Oropesa del Mar - Cabanes and provide valuable information to help you decide whether now is the right time to invest.
Factors influencing the purchase of a property
1. The property market in Spain
In recent years, the property market in Spain has experienced significant growth. According to Idealista’s price report, the price per square metre in the Valencian Community has risen by 14.4 per cent compared with the previous year and continues to trend upwards.
Those who delay investing in a property could end up paying a higher price compared to those who buy now.
2. Buying an apartment at Oropesa del Mar - Cabanes taking current financing into account
According to Datos Macro and Expansión, the Euribor closed February at 3.534 per cent, representing an increase on the previous month.
The Euribor directly affects variable-rate mortgages in Spain. For an average 20-year mortgage of 120,000 euros, this increase represents a rise of 214.7 euros in the monthly repayment, amounting to 2,576 euros per year.
However, thanks to our current purchase terms, the rise in interest rates need not be a problem. Contact us and we’ll explain how.
3. The mortgage term
The term of a mortgage determines how long it takes to pay off the loan. Currently, in Spain, terms are relatively long, which allows for lower monthly repayments. However, a longer term means paying more interest over the long term.
4. The value of the property
The value of a property depends on various factors such as location, build quality and market conditions.
According to Idealista, the gross return on holiday rentals in coastal areas of Spain has risen in recent years, standing at 7.5 per cent per annum in 2021.
In summary, buying an apartment at Oropesa del Mar or Cabanes at this time could be a sound investment. The property market remains buoyant and mortgage terms continue to be competitive.
Common costs associated with buying a property
As well as the price of the property, there are other costs to bear in mind.
Taxes on the purchase of a property
The Property Transfer Tax (ITP) in the Valencian Community is generally 10 per cent. There are reductions:
- 8% for social housing or a first home for people under 35.
- 4% for social housing, large families with an income of less than €45,000, and the main residence of people with disabilities.
Mortgage costs
These include account opening fees, valuation costs, agency fees and any bank charges.
Notary fees
These include the deed of sale, mortgage registration and the notary’s fees.
At Inseryal by Marina d’Or, our team advises each client on the necessary documentation and procedures prior to the visit to the notary’s office.
Registration fees
Property registration includes fees and administrative costs for registering the property in the buyer’s name.
How to save on purchase costs
Saving on mortgage costs
Comparing bank offers, negotiating terms and avoiding unnecessary fees can reduce costs.
Saving on notary fees
Working with trusted notaries and checking all documentation in advance helps to avoid unnecessary costs. Our team checks your documentation to prevent errors and additional costs.
Beyond the moment: the benefits of buying and investing in Oropesa del Mar
Buying an apartment in Oropesa del Mar isn’t just a matter of timing. It means choosing to wake up by the Mediterranean, with Europe’s largest seawater spa just a short walk away, Blue Flag beaches, water sports and a calendar of events that runs all year round.
For many buyers, it is also an investment that pays for itself: a seaside property appreciates in value and, when you’re not enjoying it yourself, generates income from holiday rentals in one of the most sought-after areas on the Castellón coast.
The range of properties on offer extends from new-build apartments to semi-detached or terraced villas in the Marina d'Or area, so every buyer can find the option that suits their way of enjoying the seaside.
These are the new-build developments in Oropesa del Mar that we currently have available.
Within Oropesa del Mar, Marina d'Or is the area with the most leisure facilities and services right on the beach. If you’re considering this area, here’s what you need to know What is there to do when living in Marina d'Or.