Málaga. España.

May 17, 2008

FAQ – Frequently Asked Questions

Stuart T. (U.K.)
Question

I´d like to purchase a home in Montefrio (Granada), valued in 200,000€. I´m self employed in my country. Can I get a 120,000 € mortgage? What documentation do I need?

Answer
You may be approved for this mortgage. You need to present the following:

• Passport
• NIE (Foreigners Id)
• Legal domicile in Spain
• Letter of recommendation from your habitual banking institution, stating the date since you bank with them.
• Copies of annual tax presentations in the U.K.
• Certification of annual income by a CPA

The mortgage duration could go from 1-35 years.

Rafael Fernández (Málaga)
Question
How can you explain the present high demand of new property in the province of Malaga?

Answer
There are several factors that make construction a key industry in the province of Malaga.

First, Malaga is going through a very favourable economic situation, and everything shows that it will continue to do so in the mid and long term.

Other factors are: low interest rates on mortgages, employment growth (it´s very easy for young couples to be both employed), and finally the fact that Malaga offers the most diverse choice in Real Estate in Spain.

Isabel Gallardo (Torrox)
Question
Do you think construction will continue to play a principal role in the long-term?

Answer
Malaga is a region characterized for receiving investments on the real estate business. Moreover, the migratory statistics made by the EU forecast that 2,000,000 citizens of the Union will choose the province of Malaga as their main or secondary place of residence in the next decade.

Other factors that contribute to the consolidation of the real estate market are the improvements in roads and highways, train stations and the airport, as well as a larger choice of leisure and cultural activities (such as the recent inauguration of Picasso Museum).