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Guide to Buying Property in Ibiza

Posted by Sunuti on March 12, 2018
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Have you have decided that a life in the sun is for you, or maybe you have some very fond memories of Ibiza holidays and are considering a holiday bolt hole on this beautiful island? Whatever your circumstances buying property in Ibiza can be a minefield even for seasoned property pros as there is a lot to consider with a huge choice of styles, locations, and prices. But do not fear, we have put together some helpful hints and answers to frequently asked question to assist you with the process of buying your very own piece of Ibiza real estate so that you do not end up feeling bewildered and exhausted.

Decide what it is exactly that you want 

It is vital that the first step of your journey in considering Ibiza property for sale is deciding exactly what your needs are, and which type/s of Ibiza property will best suit your particular lifestyle. So you need to consider factors such as:

The size of your household

Are you buying the Ibiza property for yourself, your family or as part of a business plan or as an investment.

Is this to be a permanent residence, holiday home, or will you be marketing it as a holiday rental?

Do you prefer a lively location or peace and quiet?

What are your hobbies and recreational activities?

Are you looking for an Ibiza apartment for sale, a house for sale Ibiza, prestige properties in Ibiza, or cheap villas Ibiza – the choice is yours!

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The Ibiza real estate market is very varied with many different styles of living from small apartments, to high tech penthouses, large villas in Ibiza, to quaint countryside fincas. For this reason you need to carefully consider exactly how you wish to spend your time in your Ibiza property. For example, buying one of the apartments in Ibiza Town may be very appealing, but how will you feel when you are sharing your space with the many thousands of tourists who visit in the summer months? Conversely a rurally coated large villa in Ibiza sounds heavenly, but will you be happy so far away from shops, bars and restaurants? Bear in mind much of the countryside in Ibiza is very rural and isolated. Taxis in Ibiza are not cheap and most, if not all, the shops, apart from small convenience stores, are concentrated around Ibiza Town, San Antonio, and the other towns, which means that having a car on the island is a must.  Talking to people who live in the areas and types of Ibiza property you are considering is strongly recommended as this is a great way to get more information on lifestyles, the ups and downs etc., to help you make your decision on your dream Ibiza property.

Consider the climate 

When you take a holiday in Ibiza during the summer months it is such beautiful warm weather that it is very difficult to believe that many Ibiza properties suffer with damp, and this is a massive problem. Damp in Ibiza real estate is due to the fact that the sea air is full of moisture. During winter evenings when properties naturally cool down, the moisture then settles as condensation.  If you own an Ibiza holiday villa or Ibiza holiday apartment and you leave your property closed up for months, you will inevitably return to find wall-to-wall mould. This problem is worse in older homes and those with poor ventilation and particularly pronounced in locations such as the valleys and ports.  Therefore you would be well advised to carefully consider this factor when looking at locations and types of Ibiza property.

Consider the area of Ibiza that you wish to buy property in? 

The island of Ibiza has so much variety and so does the Ibiza property scene. For this reason it’s very important that you know beforehand where you want to look for Ibiza property for sale and to eventually live. Ibiza can be easily divvied into five areas to make your search for your ideal Ibiza property easier:

Central Ibiza : in this area surrounding Ibiza Town you are closer to shops, bars, restaurants, the harbour and Dalt Villa- the old town and only about 15 minutes from the airport. There are mainly apartments in Ibiza town and Ibiza holiday villas in the surrounding towns. The price of Ibiza real estate in some parts of this area can be higher than elsewhere on the island.

North of Ibiza: the north of Ibiza is about 40-60 min drive from the airport and the area is called San Joan. It is sparsely populated, very upcoming and relatively lower priced. The north is known for its green forests, quieter family orientated beaches, tranquillity, beautiful landscapes, hills, mountains and breath-taking sunsets. In this area are places such as Portinax, Benirras, San Miguel and Na Xamena.

West of Ibiza : the West of Ibiza lies about 25-45min from the airport in the area of San Antonio. It is this region that is well known for Ibiza’s super clubs such as Amnesia and Privilege and naturally this area attracts a much younger crowd looking for the nightlife for which the island first became famous. However, this area who has a lot to offer non-clubbers. It is home to many stunning white beaches, green farmland, the tranquillity of rolling hills and green forests excellent facilities and amenities. You will find beautiful villas and fincas here and the prices can be relatively lower. Some well-known places in this area are San Rafael, Cala Salada, San Mateo and Santa Ignes.

Middle and north-east: the Middle and North-East part of Ibiza is the area known as Saint Eularia which is about 25 to 50 minutes away from the airport. This area contains much farmland, open fields, green forests, and hills. Here it is quieter and sparsely populated with large plots of land, villas, and old/modern fincas.  This area is increasing in popularity due to its rural pleasant surroundings, central position, tranquillity and relatively lower prices. Some well-known places in this area are: Santa Gertrudis, San Lorenzo, Roca Llisa, Cala Llonga, Siesta, San Carlos, Cala Llena, Cala Nova and San Vincente.

South and the South-west: the South and the South-west of Ibiza is about 10 to 30 minutes’ drive from the airport in the area of San José. There are many popular beaches and beach clubs in this area making it highly sought after and more densely populated than other parts of Ibiza. Thus there is a high demand for, and scarcity of properties, which has consequently pushed the prices upwards in this area. This area is known for its Ibiza luxury real estate with many prestige properties Ibiza in the area of San Jose. Well known places in this area are: Km5, Cala Jondal, Es Porroig, Es Cubells, Vista Alegre, Sant Augustin, Cala Conta, Cala Tarida, Calo den Real, Cala Vadella and Cala Carbo.

When is the best period to buy Ibiza property

During the holiday season (April to mid-October) you will find that much of the available Ibiza real estate is being temporarily rented, and so it can be difficult to view some Ibiza properties. Therefore, if you are planning to visit Ibiza during this time of year please be aware that you may not be able to see all the Ibiza villas for sale, Ibiza apartments for sale, Ibiza mansions for sale that are on your wish list. We strongly recommend that the best period for viewings of Ibiza property for sale is October to mid-December and mid-January to the end of June.

I have found Ibiza properties I wish to view what is the process? 

It is paramount that once you have a short list of Ibiza real estate agents that you view the Ibiza properties for sale that you are interested in. Like any property search this will help you to find what you want and determine any problems or things you need to avoid. For example, you will only find out what the location and your neighbours are like and the real condition of the property by viewing as an estate agents description is unlikely to include these details or any negative aspects such as problems with damp, being overlooked by neighbours etc., and the only way you can do this is by visiting the Ibiza properties for sale on your list.

Choose an Ibiza estate agent who can efficiently organise viewings for you as multiple viewings can be a lot to take in on one trip. Keep a clear record of each property’s attributes so that everything is straight in your mind.

Any appointments that you make to view Ibiza apartments for sale, Ibiza villas for sale or other Ibiza accommodation, must be made should be made through a reputable Ibiza estate agency. Mornings or late evenings during the week are the best times to book viewing trips to Ibiza real estate for sale, as most agencies in Spain still honour the Siesta around lunch time – but all of this can be arranged directly with the estate agents.

Some Ibiza estate agencies might wish to check you out before taking you to any Ibiza property for sale viewings to ensure that you are serious buyers. They may also ask you to sign a document called a ‘Nota de Encargo’ which is a non-complete form on specific properties to protect that estate agency from you using another agency to buy a property that you have already viewed through them. Ensure that commissions and loyalties are agreed up-front to avoid any confusion.

What should I consider if I want to build or renovate a house in Ibiza? 

Building your own home in Ibiza can be a massive challenge and you need to consider this carefully before taking on such a project. Restoration or renovation of an old Ibiza property house in Ibiza is not something to be underestimated and it is vital that you obtain accurate estimates from several expert local builders that have a good reputation and have proved themselves to be trustworthy with other people who have undertaken such projects.

If you decide to purchase land without a building license, then you would require the services of an architect to obtain a license. This can take around two years or even longer so you may be best looking for land that already has been granted a license to build.

Once a license is granted you generally have one to one and a half years to start building. Please ensure that you have a very good team of architects and builders for the building process and if you are not resident in Ibiza during the building process it is advisable to employ an independent project manager to oversee the work.

What happens after I have an agreement to buy my chosen Ibiza real estate

Once your offer has been accepted by the owner of the Ibiza property for sale, it is important that the private contract which is referred to as the Arras contract is drafted by the lawyers. This can take between one to four weeks before it is approved and signed by both parties. In the meantime, the owner of the Ibiza property for sale is still entitled to do business with other interested parties, which means that in some cases an owner may not respect the agreement and can change his mind at the last minute. Our advice is that after you find your perfect Ibiza property that you act fast! As long as the private contract isn’t signed by both parties and the deposit hasn’t been paid, the sale isn’t secured.

Another possibility is a reservation contract. For a relatively small amount of between EUR 2,500–10,000 the Ibiza property that you have chosen can be taken off the market. This will give the buyer and the seller more of a commitment to a sale during the draft and finishing of the private contract. It is important that the buyer is aware that if the private contract isn’t going to be drafted and signed that the reservation amount could be lost. We highly recommend getting a reservation document signed prior to the Arras contract. In today’s Ibiza real estate market properties are sold quickly and it would be a shame to miss out on your dream home due to a simple commitment.

Should a construction survey take place before I buy an Ibiza property?  

We recommend that you have a building inspection before the completion of the deeds on your chosen Ibiza villas for sale, Ibiza apartments for sale, Ibiza house. In principle, most properties that are completed in Ibiza have had a construction inspection from the municipality, but it doesn’t hurt to have an updated inspection to avoid any unpleasant surprises.

Do I need a Spanish bank account and an NIE number to buy Ibiza property?

Yes, you do need to open a Spanish bank account in order to purchase Ibiza property for sale. For this, you will need your NIE number which is a Spanish identity card for foreigners who are non-residents in Spain and will also be your Spanish tax number. Your lawyer, gestor or the Spanish embassy in your home country can arrange this for you. Without the NIE it’s not possible for a non-resident to open a bank account or to buy a house in Spain.

Can I apply for a mortgage to buy an Ibiza property for sale? 

You can apply for a mortgage at a Spanish bank if you want to buy an Ibiza property for sale. If you are self-employed, the lender will require evidence of your annual income for the past year and the bank statements from the previous 6 months. If you qualify for a mortgage then the maximum loan that the lender offers is up to 60%-70% of the assessed value of the house. The duration varies from 20-30 years. Banks offer flexible interest rates between based on the Euribor.

What is the role of the notary if I want to buy a house for sale Ibiza?

The completion and the transfer of the Ibiza property for sale that you have chosen will take place at the notary and is recorded in a notarial deed. The notary checks whether there are any claims on the property and whether the seller is the actual owner. The due diligence needs to be done by your lawyer.

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