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House Hunting in … Spain

A Seven-Bedroom Finca on Ibiza$3.3 MILLION (2.98 MILLION EUROS)

This seven-bedroom country house sits on a hill outside San Antonio, a town on the west coast of Ibiza, one of Spain’s Balearic Islands in the Mediterranean Sea.

The 6,577-square-foot, white-stucco house was built in 1970 in traditional Spanish finca style around an older structure that dates to 1790 and is thought to have been a monastery, said Inge Van Knippenberg, an agent with Prestige Properties, which has the listing. The house was renovated in 2011, with new plumbing, electricity, solar panels, air-conditioning, under-floor heating and a water decalcification system.

The 0.72-acre property includes a guesthouse with two bedrooms and a bathroom, an orchard, a pond and a swimming pool.

Behind an electric wood gate, a gravel driveway leads to a pergola-style carport and the main house. A carved wood door opens to a foyer and one of two staircases. Polished concrete floors cover most of the ground level.

Through an archway, the central salon includes a living-and-dining space. The dining area has a vaulted ceiling with thick Sabina wood beams traditionally used on Ibiza to support roofs in old farmhouses. Another archway leads to a small TV room.

Two en suite bedrooms are off the salon, along with a blue-tiled powder room and the kitchen. Wood doors open to a large courtyard with a lily pond and several seating and dining areas.

ImageAbove, the den of this seven-bedroom, white stucco house has tall glass doors that open to a patio. Polished concrete floors cover most of the ground level. CreditSofia Gomez Fonzo for The New York TimesImageThe kitchen has a concrete-topped center island with wood drawers, a cooktop and a sink. It also has a wood-burning fireplace.CreditSofia Gomez Fonzo for The New York Times

The kitchen has a wood-burning fireplace, a center island with a polished cement countertop, wood drawers and a bar area. The large pantry has a refrigerator, freezer and wine refrigerator, with a laundry room beyond.

A few steps down from the kitchen is a den, which has double glass doors that open to a patio. Another door leads to a shaded outdoor area with built-in seating and a decorative tile wall.

The master suite has a dressing area and a large bathroom with two concrete vanities, a tub and three floor-to-ceiling glass arches; the center arch is a door opening to another shaded patio.

Three more en suite bedrooms are upstairs, all with wood floors. A single bedroom with a hallway bathroom is up another flight of stairs from the kitchen. A second-floor terrace offers views of Ibiza Town, the island’s capital, to the south.

In the garden, the 10-by-32-foot swimming pool has a stone-tile deck, shaded seating and dining areas, and lounges for sunbathing. There are also two outdoor showers.

Around the pool area are “loads of fruit trees — almond, peach, lemon, orange, tangerine,” Ms. Van Knippenberg said. “You can live there and just eat from the garden.”

ImageThe dining area in the main salon has a vaulted ceiling with local Sabina wood beams, traditionally used in Ibiza’s old farmhouses.CreditSofia Gomez Fonzo for The New York Times

The island of Ibiza, which sits between Spain’s eastern coast and the island of Majorca in the Mediterranean Sea, is known for its picturesque bays, green mountains, white beaches, boating, restaurants and nightclubs. This property is a five-minute drive from San Antonio, eight minutes from the village of San Rafael, and about 15 minutes from Ibiza Town, on the southeastern coast. Ibiza Airport is 20 minutes away.

Market Overview

During the past decade, Ibiza has been the Balearic Island “with the highest growth in prices,” although Majorca has “bigger properties” and “more luxury real estate,” said Victor Van Den Driessche, the sales director and a partner at Prestige Properties. He attributed that to Ibiza’s rising profile as a global hub for night life, which has resulted in more high-end shops and five-star restaurants, more direct flights from large European cities and the renovation of many villas.

The market starts at about 250,000 to 300,000 euros (or $280,000 to $335,000) for small apartments, 700,000 to 800,000 euros ($780,000 to $893,000) for houses and about 1 million euros ($1.1 million) for four- or five-bedroom villas with a pool, Mr. Van Den Driessche said. But the “heart” of the luxury market is 2 to 4 million euros ($2.2 million to $4.5 million), he said, with “very special properties” going for 10 to 20 million euros ($11.2 million to $22.3 million).

In Cala Vadella, a beach resort on the San Jose coast, prices at a new 24-unit luxury complex range from 380,000 to 775,000 euros ($424,000 to $865,000), said Mirjam de Boer, the marketing manager for VIVA Sotheby’s International Realty.

In the past year, prices have remained “very stable,” but in 2019 there have been fewer transactions, said Marcus von Busse, the project manager for Engel & Völkers on Ibiza. A number of factors, including Europe’s unstable economic outlook, have resulted in inventory that is “a bit lower than usual,” he said. “There are no bargains.”

ImageA shaded outdoor lounge overlooks the swimming pool.CreditSofia Gomez Fonzo for The New York Times

Sellers “are quite stuck on their price,” said Maxim Rettich, an owner of Ibiza Now Real Estate. At least until after the summer, “when the rentals are done,” he added, and “they are more eager to sell and more open to negotiate.”

In the country, “strict new regulations” limit what can be built, Mr. von Busse said. With increased tourism and a high season that stretches from mid-May to mid-September, he said, “there is a desire to protect nature and to limit the number of properties on the island.”

Many buyers are waiting for the results of the May 26 Balearic Islands regional election, in which all 59 seats in parliament are in play. At stake is whether the two-year-old moratorium on new building licenses and strict renting rules will be extended or lifted, Mr. Rettich said.

Who Buys on Ibiza

About 20 percent of buyers on Ibiza are from mainland Spain, agents said. The rest are from other European countries, including Germany, the Netherlands, Belgium, France and Italy, as well as England and Scandinavia. And agents are beginning to see buyers from the United States, Russia, China, India and the Middle East as well, Mr. Van Den Driessche said.

The vast majority of foreign buyers are seeking second homes, Mr. von Busse said.

The areas most popular with foreign buyers are in the south, where Ibiza Town offers many entertainment and travel options, and “where the sunset views are stunning,” Ms. de Boer said. Especially desirable are areas close to the center of Ibiza Town, like Talamanca, a beach resort; Cap Martinet, home to the island’s jet set; and Can Rimbau, a luxury enclave next to the village of Jesús.

ImageThe back of the finca has a covered alcove for a siesta in the shade.CreditSofia Gomez Fonzo for The New York TimesBuying Basics

A foreign identity number, or NIE, is required to buy property in Spain if you are not a citizen.

In the Balearic Islands, transfer taxes on resale properties are on a sliding scale, from 8 percent on a property sold for 400,000 euros ($446,000) to 11 percent on properties valued at more than 1 million euros ($1.1 million), Mr. Van Den Driessche said.

New houses and apartments are subject to a 10 percent value-added tax. There is also a stamp duty of 1.2 percent of the sale price.

Notary costs, paid by the buyer, usually do not exceed 2,000 euros ($2,230). Buyers are also advised to retain a lawyer for due diligence; the fee is about 1 percent of the sale price.

Mortgage are available to foreign buyers, and the property appraisal required to obtain a mortgage costs about 500 euros ($560); other costs associated with getting a mortgage total about 1 percent of the loan principal.

Foreign buyers who spend at least 500,000 euros ($560,000) on a home may obtain a Golden Visa that allows them and their families to live and work in Spain, Ms. de Boer said.

Websites

Ibiza tourism: ibiza.travel

Balearic Islands government: portsdebalears.com

Balearic Islands travel: willesbalears.travel

Languages and Currency

Catalan, Spanish; euro (1 euro = $1.12)

Taxes and Fees

The annual property taxes on this home are 1,200 euros ($1,340).

Contact

Inge Van Knippenberg, Prestige Properties, 011-34-971-19-04-55; ibizaprestige.com

For weekly email updates on residential real estate news, sign up here. Follow us on Twitter: @nytrealestate.

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