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Property in the Balearic Islands


This small island the nearest of the Balearics to the coast of mainland Spain was unknown and untouched by tourism until the 1960's when it suddenly appeared in Europe's holiday brochures along with Benidorn on Costa Blanca and Torremolinos on Costa Del Sol. There is however still a curious, indefinable magic about Ibiza (Eivissa) and the island has not entirely lost its character.

The countryside particularly in the north is a rural patchwork of almonds, olives, figs and wooded hills. Ibiza still retains the air of 1950's Spanish provincial life, and has not suffered too badly from the instant arrival of package tours, the use as a hippie hideout and glamour hot spot.

Everybody has extolled the wonder of Frank Gehry's futuristic Guggenheim Museum . Puppy, however, a floral guardian to the titanium giant, has proven to be just as popular a sight as the museum itself. Standing 12 metres high, Jeff Koon's sculpture was originally intended as an incidental extra at the museum's opening ceremony. He has become a permanent fixture in the city though, and photographic companion to thousands, if not millions, of visitors. No trip to Bilbao is complete without a visit to the city's favourite mascot.


Ibiza's reputation for an extraordinary nightlife is largely justified with the main action taking place in 2 areas the Calle de la Virgin in the old harbour district with its bars, fashion boutiques, restaurants and nightlife out of town at Ku, Pacha, Amnesia and Es Paradis with the last of these closing at 7.00 am. One recommendation when viewing property in these areas is to come back at night to see what knock on effects might be suffered.

Bilbao's nightlife comes in many guises. Caché Latino (C Ripa 3) is, as the name suggests, a late opening bar that beats to the rhythms of Latin music in the heart of the city's centre. Distrito 9 (Alameda Recalde 18) refers to itself as Bilbao's temple for House Music, while Holiday (Avenida Madariaga 18) is pure disco for the twenty-somethings that have the urge to dance away the night until the early hours of the morning. Taking disco back to the day, Twiggy (Alameda Urquijo 35) revels in in the kitsch funk of the 70's, complete with glitter ball, flared trousers and ill-advised dancing. The good music and laidback atmosphere combine to make this a great night out in the centre of town.

Places to visit

Bilbao has something for everyone, whether you like to spend your holiday in shopping malls and markets, strolling from bar to bar or searching for cultural novelties. Visitors can find a market in one of Bilbao's neighbouring villages most days of the week but some of the most popular are held on Sundays in the city centre. At the metro staton of Bolueta visitors can hunt for bargain clothes, music, shoes and a huge range of other goods. Witness the wheeling and dealing of stamp, coin and card enthusiasts in the Plaza Nueva in the centre of the Old Quarters or stroll along the river bank at the Arenal and admire the exotic flower and plant stalls.

Menorca Property    Ibiza Property     Mallorca Property 

Buying Property in Spain

Buying a Spanish property will normally be contained in a private contract with a deposit of around 10% payable which is binding by law. It is possible to agree a contract where either party may change their minds at a financial cost. The private contract should contain details of the agreed deposit payment, purchase price and details for payment of the outstanding balance of the agreed buying price plus any additional extras and your intended completion. A Notary will prepare the official contracts and make sure it complies with Spanish regulations. If there is common ownership a Community of Owners must be established through which community charges can be shared. If your property is contained in an apartment block then the law will relate to the Horizontal Division and this should be clarified, especially in new developments. Any property sale or purchase in Spain should be registered in the Land Registry and its important to make sure any relevant taxes are paid before this is done.

Please note:
It is common practice for the sale and purchase price to be understated by Spanish sellers, enabling them to reduce their tax liability and reducing your stamp duty fees. However, you could be liable for Capital Gains tax on additional profit once the true price is declared and non residents will normally be expected to deposit 5% of the sale proceeds with local tax offices until any agreements are reached, and could have liability by both seller and buyer if the profits or in excess of set limits around Pt2,000,000.


You would expect to pay a total of around 10% of the purchase price for realestate in Spain. This could include Stamp duty, charged at 7% of the official selling price (4.5% for the Canaries), and 0.5% for contract documents Land Registry is charged against a rateable table held by local authorities. There will also be a tax on the increase of the land your property lies on since it was last sold and should be paid by the vendor. Notary fees will also be included in the total costs.

Property Tax

All your Spanish property taxes will be based on the official price registered, not on selling prices and you would expect to pay under 1% annually, plus additional service taxes set by the local authority. Wealth tax charges apply for residents after 17m ptas of net assets; if you donít apply for residency you could be charged tax for all your net assets. Rate varies from fractions of a percent to over 2% depending on net assets. Click Here for more info.


Spanish lenders will allow you to borrow against Spanish property and can usually be arranged in most major currencies normally over terms of up to 15 years, with exception of 25 years at up to 80% of the buying price.

Bilbao Airport is located about 10km from the city. www.aena.es.
Bus: A bus runs to the city every 30 minutes and the 20-minute journey costs around € 1. The bus runs between 6.40am and 23.05pm. This might also be a good time to invest in a creditrans which is a multi priced (€ 5, € 10 or € 15) travel ticket that can be used on buses, metros, some trains and the new city centre trams and offers discount fares.
Taxi: A taxi will cost about € 14 and is easy to find outside Arrivals.

For more information on Ibiza Property and to arrange your viewing visit:

Ibiza Property Viewing Arrangements

Ibiza Property Search:

Ibiza Property Search

Costa Del Sol Property Guide    Costa Calida Property Guide    Costa Blanca Property Guide    Costa Dorada Property Guide

Costa Del Azahar Property Guide    Costa Almeria Property    Costa De La Luz Property Guide   Costa Brava Property Guide

Balearic Island Property Guide    Canary Island Property Guide


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