Mirador Estepona Hills - how to buy real estate on the Costa del Sol?

In conversation with Catherine Gonzalez: Mayte Valverde Carvajal - Director of Sales at Mirador Estepona Hills.

My name is Catherine Gonzalez, my guest is Mayte, sales director at Mirador Hills. Today we're going to talk about this unique place, why Poles buy here, what problems sellers have with unprofessionals, why Poles (not only because we'll also be talking about foreigners in a general sense) may need their own lawyers and advisors in order to make the sales process smooth and stress-free.

Catherine Gonzalez: Mayte, why do Poles buy here?

Mayte Valverde Carvajal: We have many investor clients from Poland here at Mirador Estepona Hills. In general, the Costa del Sol is very attractive for all kinds of investors. Now the Polish market has grown a lot since April 2022. We certainly have a community here that we call the "Polish team." Poles love Mirador Estepona Hills because they are very family-oriented, sociable, like to go out and do sports - just like Spaniards.

KG: You could say it's a small Poland.  

MVC: Yes, it's definitely a "little Poland." In fact, now that we are working on the third phase of the project and have completed the first phase, we plan to fly a Polish flag on one of the buildings. Half jokingly, half seriously - it is true, however, that we have many Polish investors. These are clients who love being here at Mirador because of the high quality of life, all the amenities we offer - the sports center, security. It's a place where children can play freely while parents play paddle ball in the sports center or relax by the pools.

KG: And the views from the third stage?  

MVC: Poles, like clients from other countries, want a good climate, beautiful sea views and spacious apartments with large terraces and gardens. These requirements we tried to realize in the Mirador project. Customers love this project, they are delighted with it.

KG: Mayte, you were in Poland. Tell us about it.

MVC: Yes, I was. Due to the large number of Polish investors, we decided to go to Poland for a real estate fair in order to attract new clients. We attended three times, including once in October, and I have to admit that I fell in love with Poland and the Poles. We were in Warsaw for EXPO, and it was my first visit to Poland. My daughter had previously been on an exchange trip to the north of Poland, and that was also a fantastic experience. Polish customers are mostly businessmen who know very well what they are buying and investing in. They have knowledge of the Costa del Sol region but are also very active in the investment market in Poland, especially in Warsaw. So they already have a lot of experience in international investments.  

These are usually more business meetings. I love Polish food, especially bread, which is fantastic! I tasted many traditional dishes, such as sour soup. I liked Poland very much in terms of the innovation and development that has taken place there in recent years. Poland has undergone incredible development since the fall of communism, which deserves recognition.  

This was my first visit to Poland, and I also visited areas in the south of Poland and the Tri-City of Gdansk, Gdynia and Sopot; it's a bit like the Golden Triangle on the Costa del Sol - Marbella, Estepona, Benahavís. And an interesting fact: I first played golf not here but in Poland, at Sierra Golf! That was my adventure in Poland and I can't wait to go back there.  

KG: Going back to the challenges foreigners face when buying property here - why work with professionals and intermediaries?  

MVC: Costa del Sol is a very international market. We have about 70% foreign customers here AND 30% domestic. When markets in other countries are unstable, for example, we have an influx of investors from different places like the Swedish market, which has invested heavily here for a decade. We are seeing the development of markets that did not exist before. As a result, new real estate companies have sprung up in response to customer demand from these markets.

Real estate agents are essential to overcome language barriers and meet the needs of international clients. However, not all agents are professionals. Some may not be properly and fully qualified. They don't know the market and come to Spain only to make sales - they don't have a permanent office and their company is registered in their country of origin. We are trying to sort out this market together so that certain standards of cooperation are met.

It is important that the agent has a trade name, experience in real estate and is legally registered in Spain. These requirements are designed to avoid unprofessional practices that were common in the past.Now we have much stricter controls in the real estate sector to make sure that a professional accompanies the client throughout the process, making the transaction successful and safe.

KG: Yes, because this is not a one-day transaction, the whole buying process often takes two years. So why does a foreigner need the support of a professional? What is your experience - you once told me that there was almost a collapse of the sale due to the lack of such a person.  

MVC: Indeed, each participant in the transaction has his or her own responsibilities and tasks in order for the sale to proceed safely. First of all, we have a client who doesn't speak our language, doesn't speak Spanish, and doesn't know the documents or procedures involved in sale and purchase transactions in Spain. Some developers require a 20% down payment, and in our case it's 30% of the purchase price, which is a large amount. We are talking about 200-300 thousand euros, such an amount must be insured by a suitable insurer and the client must know that the developer does not carry the risk.

There are a number of documents that must be properly translated by a certified translator. A lawyer and an advisor must be involved in the process. The client needs someone to explain the entire purchase process and the necessary steps to follow. It is also important for the advisor to inform the client about the taxes he will have to pay when signing the title deed in two years, what percentages he must pay depending on the individual arrangements with the developer.  

We are fortunate at Mirador Estepona Hills to work with professionals who help clients find their dream homes for years to come or make wise investments. It is important to have trusted partners for a safe and successful purchase.  

KG: Thank you for our conversation.  

‍