Legal Restrictions on Property Ownership and Sale by Foreign Nationals in Spain
- Foreign nationals can buy and own property in Spain.
- No restrictions on property ownership, except for some designated protected areas.
Average Property Prices in Spain
- Average property prices vary greatly depending on location, with coastal areas typically having higher prices.
- The average price per square meter in Spain is around 1,500-2,500 EUR.
Popular Locations to Buy Property in Spain
- Popular locations for property purchases in Spain include the Costa del Sol, the Costa Blanca, and the Balearic Islands.
- Madrid and Barcelona are also popular destinations for property investment.
New Upcoming Areas in Spain
- Valencia and Seville are emerging as new attractive locations for property purchases.
- The Costa Cálida is also becoming increasingly popular, particularly with Northern European buyers.
Trends in the Property Market in Spain
- The Spanish property market has recovered significantly since the financial crisis of 2008, and there is increasing demand for high-end properties.
- A growing number of foreign buyers are investing in holiday homes, particularly on the coast.
- There has also been an increase in rental properties, particularly in tourist destinations.
Is Buying Property a Good Investment in Spain?
- The Spanish property market is considered stable, with low interest rates and a growing economy, making it a good investment option.
- The demand for rental properties is also increasing, making property investment in tourist destinations particularly attractive.
Common Property Types in Spain
- The most common property types in Spain are apartments and villas, with townhouses also being popular.
- Detached homes are less common, but can be found in the countryside and in some coastal areas.
- Rural properties, including fincas and cortijos, are also available for purchase in Spain.
Typical House Buying Procedure in Spain
Finding a Property
The first step in buying a property in Spain is to find a property that you are interested in purchasing. You can use a real estate agent to help you find a property that meets your needs, or you can search for properties on your own.
Surveys and Inspections
Once you have found a property, it is recommended that you have a survey or inspection carried out to assess the condition of the property. This will help you determine if there are any issues with the property that may need to be addressed before you purchase it.
Making an Offer
If you are interested in purchasing a property, you will need to make an offer to the seller. This is usually done through your real estate agent, who will negotiate with the seller on your behalf.
In Spain, a notary is required to complete the purchase of a property. The notary will verify that the property is legally available for sale and that the transfer of ownership is properly documented.
The final step in buying a property in Spain is to exchange contracts with the seller. This is usually done through the notary, who will ensure that all of the necessary paperwork is in order.
To find a reputable lawyer in Spain when buying a property, you can ask for recommendations from friends, family, or other expats. You can also check online reviews or ask for recommendations from your real estate agent. Lawyers in Spain typically charge between €500 and €1500 for their services. They do not need to be a member of a particular professional organization.
Pitfalls and Problems
There are several problems expats often encounter when buying a property in Spain. These include:
-Lack of understanding of the legal system
-Difficulty navigating the bureaucracy
-Hidden costs and fees
Purchasing Property Through a Company
It is possible to purchase property through a company in Spain, but it is not necessary. This option may be desirable for some people as it provides additional legal protection and can make the property purchasing process easier.