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Property prices and bidding

Here in Spain there are no formal bidding rounds. Since there are often several agents who are selling the same properties, the “first-come-first-served” principle applies — the one who first puts down an offer that is accepted by the seller, gets the property.

RESALE
One can always enter a slightly lower bid and there is often room for negotiation.

NEW BUILD
There are fixed prices set by the developer. Here there are starting prices that may change over time and are influenced by factors such as size of property and plot, internal location in the project and sun conditions-to name a few. There is also a difference between what is included in the price and this varies from developer to developer – and can also change over time.

If you buy at the right time, you may be lucky to include a special offer, such as furniture or whitegoods.

A good agent with knowledge of the property market will tailor the property search for you – and only present those properties with the best value that meet your requirements. You will then get the updated and correct prices that include everything – so you know exactly what the total will be.

For example, it is important to remember that one must always add 10% on the property price that is tax – both on new buildings and resale homes – and about 3% to cover purchase costs.