House Hunting in … Spain

This seven-bedroom nation home sits on a hill outdoors San Antonio, a city on the west coast of Ibiza, considered one of Spain’s Balearic Islands in the Mediterranean Sea.

The 6,577-square-foot, white-stucco home was constructed in 1970 in conventional Spanish finca fashion round an older construction that dates to 1790 and is assumed to have been a monastery, stated Inge Van Knippenberg, an agent with Prestige Properties, which has the itemizing. The home was renovated in 2011, with new plumbing, electrical energy, photo voltaic panels, air-conditioning, under-floor heating and a water decalcification system.

The zero.72-acre property features a guesthouse with two bedrooms and a rest room, an orchard, a pond and a swimming pool.

Behind an electrical wooden gate, a gravel driveway results in a pergola-style carport and the principle home. A carved wooden door opens to a lobby and considered one of two staircases. Polished concrete flooring cowl a lot of the floor stage.

Through an archway, the central salon features a living-and-dining area. The eating space has a vaulted ceiling with thick Sabina wooden beams historically used on Ibiza to help roofs in outdated farmhouses. Another archway results in a small TV room.

Two en suite bedrooms are off the salon, together with a blue-tiled powder room and the kitchen. Wood doorways open to a big courtyard with a lily pond and several other seating and eating areas.

The kitchen has a wood-burning hearth, a middle island with a refined cement countertop, wooden drawers and a bar space. The giant pantry has a fridge, freezer and wine fridge, with a laundry room past.

A number of steps down from the kitchen is a den, which has double glass doorways that open to a patio. Another door results in a shaded out of doors space with built-in seating and an ornamental tile wall.

The master bedroom has a dressing space and a big rest room with two concrete vanities, a bathtub and three floor-to-ceiling glass arches; the middle arch is a door opening to a different shaded patio.

Three extra en suite bedrooms are upstairs, all with wooden floors. A single bed room with a hallway rest room is up one other flight of stairs from the kitchen. A second-floor terrace affords views of Ibiza Town, the island’s capital, to the south.

In the backyard, the 10-by-32-foot swimming pool has a stone-tile deck, shaded seating and eating areas, and lounges for sunbathing. There are additionally two out of doors showers.

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

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.”

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.

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.

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.

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