Buying a villa in Ibiza

Question 1

What does a villa in Ibiza cost?

Accepted Answer

Built floor area on houses runs near the 8,800 euro mark per square metre, but the real gap lies elsewhere. Apartments change hands nearly 2,000 euros below that, and the gap between the two markets widens year on year. On houses, a price per square metre says almost nothing anyway: two properties of identical size separate threefold according to their land. What builds value is the plot, its view, its orientation and how well it stands apart, then whether the house may be let. A property that answers those four points does not compare with its neighbour, even built the same year by the same architect.

Question 2

What costs come on top of the purchase price?

Accepted Answer

A progressive transfer duty, which becomes the largest item as soon as the price rises. The Balearic scale applies by band, from 8% on the first to 13% above 2 M€, with three steps in between. To that are added a stamp duty, raised for the dearest properties, then notary, registry and advice. On a property of several million, the whole comes to several hundred thousand euros and is provided for at the first costing. It also explains the holding periods seen on the island: at that level of entry cost, an acquisition is thought over ten years, not three.

Question 3

Can a villa you buy be put up for letting?

Accepted Answer

Only if it already holds the right, and that weighs heavily on its value. The right to let short-term attaches to the property, is not obtained on request, and the stock no longer grows: a new one opens only as another disappears. Two identical houses, one carrying that right and one not, are not worth the same and do not address the same buyers. Checking it is therefore part of the dossier, not a side question. It covers whether the title exists, whether it holds, and the technical conditions the house must keep meeting, its energy performance among them. Nothing is put forward here without that check having been made.

Question 4

Can you build or extend in Ibiza?

Accepted Answer

Little, and that is exactly what holds up the value of what already stands. A large share of the territory is protected, the municipalities keep a tight rein on what goes up in rural areas, and consent takes years rather than months. A bare plot is therefore not a project; it is a wager on a permission. The practical result is that an old house carrying the right to be reworked is often worth more than land. The work then bears on the existing shell, the siting staying as it was, which explains the number of deep renovations carried out on buildings from another century.

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