• Thu. May 23rd, 2024

Looking to Buy Property in Spain? Here is Everything You Need to Know

Louise Villalobos

ByLouise Villalobos

Oct 27, 2023
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The real estate market in Spain has grown over the past few years. In 2018, the average price for houses was €205,000. Today, that figure has jumped to €250,000. According to data from the Spanish government, foreigners have purchased 15,000 – 20,000 homes in Spain every year since 2016. Are you looking to buy property in Spain? Read this article to learn more about the real estate market in Spain.

Should you Rent or Buy Property in Spain?

While it is recommendable to buy property in Spain, it’s important to do your due diligence before getting involved in the purchasing process. Factors you need to keep in mind when buying a Spanish house include scams and taxes.

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As foreign investors continue to show interest in investing, fraudsters have found a way to rob them through property scams. So, getting a reliable real estate agent to help you navigate the process of acquiring property in Spain is key.

Renting a house is a viable option if you do not intend to stay in Spain for long. Moreover, the considerably high capital gains tax imposed by the government offsets the benefits of purchasing property in the short term.

Can Foreigners Buy Houses in Spain?

As mentioned, foreigners are allowed to own property in Spain. The requirements for acquiring property in this European country are straightforward. Firstly, you will need a financial number. This can be obtained from any Spanish police station as long as you have a valid passport. If you are from another European nation, your financial number will be processed within a day, while it may take a few weeks if you are from outside Europe.

Moreover, Spain offers foreign house owners access to the Golden Visa program if they invest £500,000 or more in a Spanish property. Under this program, foreigners who meet the stated requirement are given a residency visa. Per the latest statistics, over 5,200 people have been issued residency visas since the Golden Visa scheme launched in 2014.

The Spanish Real Estate Market

As stated, the real estate market in Spain has seen some growth in recent years. When it comes to apartments, you will find the most expensive ones in cities like Barcelona na Madrid. Expect to spend roughly €2 million per unit if you want to buy a 3-bedroom apartment at the center of the two cities. As for houses, foreign investors prefer purchasing such property in Costa Blanca, the Canary Islands, and Marbella.

Costs of Acquiring Property in Spain

Costs associated with buying houses or apartments in Spain differ depending on the location of the property. Besides real estate agency fees, you will be required to pay legal fees, which range between 1% and 2%; land registration fee and title deed tax, which range between 1% and 3%; and property transfer tax, which vary from 6% to 10%.

How to Find Property in Spain

With several real estate agents and websites listing houses and apartments available for sale, it is now easy for foreigners to identify their ideal property. Some of the platforms listing Spanish property include thinkSPAIN, Kyero, Idealista.com, and Servihabitat.

If you wish to hire a real estate agent, Radix, WTG Spain, and Capolra are some of the registered agencies you can consider.

The Process of Acquiring Property in Spain

Explore Various Properties

The first step of buying a property involves exploring the options available and then selecting one you like. You can do this with the help of a real estate agent.

View Property and Make an Offer

Once you identify your preffered property, you can arrange plans to view it with the owner. After checking out the property, you can go ahead and make your first offer to initiate the negotiation process.

Hire a Lawyer

Once you reach an agreement with the property owner, it is advisable to get yourself a lawyer. This professional will help you complete the purchasing process by interpreting the terms of the deal before signing and notifying the title deed office to transfer ownership. Moreover, the lawyer will explain all the taxes related to your property purchase and how to pay them.

Make Payments and Move in

After signing an agreement with the property owner, complete the acquisition process by transferring funds to them. Once you receive the new title deed, you can move into your new home. And that’s how you own a Spanish Property!

Louise Villalobos

Louise Villalobos

Louise Villalobos is an adept writer, renowned for her compelling articles that illuminate and engage. Her prowess in breaking down intricate subjects provides readers with clarity and nuance. With a vast and varied portfolio, Louise has solidified her standing as a distinguished voice in contemporary journalism.