Buying in Torre de la Horadada: a complete guide for foreigners

Buying in Torre de la Horadada raises specific questions that general Orihuela Costa guides don't always answer, because the historic fishing-village core, tourist developments and a location straddling the Alicante-Murcia border all coexist here. Bennecke has been handling foreign purchases in this area since 1988, and this guide covers what you need to know before taking the step.

What type of buyer fits Torre de la Horadada

Not every international buyer profile is looking for the same thing here. The area mostly attracts those who value an authentic atmosphere over the more crowded developments elsewhere on the coast.

• British and Belgian buyers seeking permanent residence with real village life.
• Second homes for families who prioritise the marina and boating.
• Investors seeking holiday rental income, helped by proximity to Murcia-Corvera airport.
• Retirees from Northern Europe who value having their own healthcare services without relying on Torrevieja.

Steps in the buying process

The legal process is the same as elsewhere in Spain, but it's worth following it in order to avoid surprises, especially in the old town where some properties have more complex registry histories.

1. Obtain the NIE (foreigner identification number), essential for any transaction.
2. Open a Spanish bank account to manage payments and direct debits.
3. Request an up-to-date nota simple from the Land Registry to check for charges.
4. Sign a contrato de arras with a deposit, usually 10% of the price.
5. Hire an independent gestor or lawyer to review documentation before signing.
6. Sign the public deed before a notary and pay the corresponding taxes.

Costs associated with buying

Besides the property price, budget an extra 10% to 13% in taxes and fees, depending on whether it's a new or resale property.

Particularities of buying in the historic centre

Properties in the original fishing core are older and, in some cases, have extensions or renovations not always documented correctly. Before buying here it's worth paying special attention to the habitation certificate, the energy certificate and any discrepancy between registered and actual surface area, more common in this type of construction than in modern developments.

Financing for non-residents

Spanish banks typically finance between 60% and 70% of the appraised value for non-resident buyers, compared with the usual 80% for residents. It's worth getting mortgage pre-approval before signing the contrato de arras, since the period between deposit and completion is usually 6 to 8 weeks, a tight timeframe to arrange a mortgage from scratch if it hasn't already started.

Next step

If you're considering buying in Torre de la Horadada, Bennecke accompanies you from the first viewing through to completion, with over 5,000 transactions managed since 1988. Write to us at info@bennecke.com or call +34 965 714 362.