Top important questions about buying real estate in Spain

As a rule, foreign property buyers face the same questions when looking for Spanish apartments. How much do they cost and what papers do I need? Let's find it out.

Madrid - Spain City landscape

Spain is a tidbit for tourists as well as for those wishing to purchase real estate abroad. The mild climate, developed infrastructure and a wide range of financial opportunities make the purchase of housing in this country an extremely profitable investment. Flats for sale with a balcony in Spain appear to be not only a comfortable place to live in but a good investment project. However, buying real estate abroad may be a complicated process if you do not follow the basic rules and requirements. In this article, we will answer several popular questions connected with Spanish property. 

What to start with? 

Most foreign buyers think that purchase of real estate starts with selection of the desired housing unit. However, it is not completely true. The first step is to identify the goal. The aim of the purchase will determine your future actions and narrow the circle of search. There may be quite a lot of options. Here are just some of them:

  • For permanent residence. 

If you plan to relocate to Spain with your family or alone, you should choose housing appropriate for family living. The main emphasis is placed on the size of homes, the area where it is located, analyzed transport links, infrastructure, the availability of nearby colleges, universities, medical centers, etc.

  • For vacations. 

Looking for a place for vacations, take into account the destination you would like to visit each time you come to Spain. Resorts with good beaches located on the Mediterranean coast of Spain or islands are attractive, their proximity to international airports, closed residential complexes that guarantee the safety and security of your property, etc.

  • For rental properties. 

Choosing the option for leasing and getting passive income, consider the portrait of an average tenant. Spain welcomes many expats coming with families, so an apartment of medium size will be in high demand. Tourists also prefer to rent medium size apartments with balconies located near necessary infrastructure or in resort locations. It is a rare case when foreigners rent huge houses of inveterate designs. Young people choose modern variants with necessary amenities. 

How much money do I need? 

It is an important question and it is advisable to think about this topic beforehand. Spanish real estate is affordable but it is not cheap. To buy property a foreigner needs to prepare a sum of money to cover the cost of the housing, taxes, the services of a lawyer, translator, and a real estate agent, maintenance costs and possible additional expenses. 

Purchase of real estate abroad requires investment. However, a foreign buyer can go to the website Spain-Real.Estate and monitor the market. There are cases when the property is sold at a highly alluring price. Moreover, you can take out a mortgage and get a comfortable payment plan.  

What documents are needed? 

The potential buyer of Spanish property must have a valid passport and visa, as well as NIE (foreigner identification number). This is a list of basic documents required. However, it may vary depending on the type of payment or other aspects. 

A purchase may be performed by a third person with a power of attorney. A sales transaction with a power of attorney can be made by a real estate agency or any other trusted person. A power of attorney can be executed at a Spanish notary's office and at the Spanish consulate in your country. If the document is executed at a foreign notary, it must be translated into Spanish and have an apostille.

The outcomes 

Today, the purchase of real estate abroad features no difficulties. The government of Spain provides many opportunities for foreigners to buy property either for their own capital or on a mortgage. Both variants are straightforward and easy. 

It is important to say that the real estate market in Spain is in a period of active development and growth. Therefore, there is a good chance to buy an inexpensive apartment in Spain now, and then sell it at a much higher value. In addition, rental housing in Spain is very popular among expats and tourists. This allows not only to return the investment, but also to make good money.

Emma Saunders

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