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Alicante. Buying Property For Rent

According to Spanish real estate agencies, more than 20% of the total housing stock in Spain is leased. In Alicante, this figure is even higher – 30% and will only grow due to the expansion of tourism, experts predict.

This is not surprising – the magnificent Mediterranean climate, numerous historical sights, magnificent promenades and the magical sea attract millions of tourists every year, who each time discover a bright and welcoming Spain in a new way.

The development of international student programs, as well as the lack of desire among modern youth to acquire their own square meters, contributes to an increase in the share of rental housing.

Taking into account the fact that Spain is one of the most popular tourist destinations in the world, short-term rental housing for the summer period guarantees a 5% return – in the summer months, almost 90% of the resort housing is booked here.

Long-term rental is relevant for both young families and students – the quality and accessibility of education annually attract more and more young people.

Renting a property will bring a guaranteed stable income only if you follow a number of simple recommendations.

Firstly, determine the location of the object you want to purchase. Of course, the most investment-attractive apartments are near the sea or famous attractions. In this case, you can only rely on short-term rent during the holiday season. By the way, a lot of housing during this period is rented out by the day – here the income is much higher, well, the risks, respectively, too.

Real estate is also in demand near universities and the necessary infrastructure – it can be leased for a long term, from two to five years.

An understanding of the most popular type of housing will not be superfluous. For example, students are most likely to rent small two-bedroom studio apartments. Large apartments with three or more bedrooms are easier to rent in rooms. Large houses and villas with a pool are in particular demand in the summer season.

The agency will help you find the right investment object. You can also do this yourself by contacting specialized Internet resources, as a rule, owning extensive databases of offers for any budget.

If you want to use the services of a realtor, it will not be difficult to find a Russian-speaking specialist – in Spain a lot of local real estate agencies hire Russian-speaking agents. In Moscow, you can meet them at real estate exhibitions.

The activities of realtors in the country are not licensed. Therefore, before starting cooperation, make sure that you are not dealing with a one-day company, but with a serious company that has been operating on the market for at least six months, has a network of representative offices and its own website.

In addition, different realtors offer different types of services – some are limited only by the selection of the object, others are ready to help negotiate with the seller, conclude agreements with utilities or lease the property. All these nuances are negotiated before starting cooperation.

Alicante. Buying Property For Rent
Apartment with incredible views of Torrevieja.

The next important point before renting your property will be to study the local legislation that governs the lease relationship. For example, in many regions a tourist license is required.

Before you let a tenant in housing, be sure to sign a contract with him. It is necessary to indicate in it all the essential terms of the lease, including the amount of the deposit and the conditions of termination.

Pay attention to the choice of future residents. If you intend to lease the property for a long-term lease, make sure that the tenant has a working contract, ask to confirm its solvency and receive recommendations from previous lessors.

When renting a tourist, ask the tenants for a copy of your passport and visa in order to confirm legal entry into the country. If you will be renting luxury real estate, ask the guest for a certificate of employment or a bank statement.

Before buying a property, as we already said in a recent publication, it would be worthwhile to live in the selected region for several days. So you can know firsthand about all the pros and cons of living in the area, and make an informed decision about the acquisition.

When you finally make your choice, you will find approximately the following purchase procedure:

Preparatory stage. At this stage, you need to get the NIE – foreigner identification number and open an account with a local bank.

The NIE may issue a Spanish consulate in the Russian Federation or the local immigration police department. To do this, you need to provide a passport, 2 photos, fill out a form and pay a state fee (10 €).

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