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Why invest in Spanish real estate: A guide to the real estate market in Spain
With a vast range of beautiful beaches, cultural attractions and good weather, it is no surprise that Spain is a popular destination for tourists. Spanish real estate is considered to be one of the best global investment opportunities. Many purchasers take advantage of providing holiday rental opportunities. Whether you are looking for a property with a sea view, or a property in a busy city - there is a range of attractive properties which will most likely provide an affordable option for you.
Find out the key benefits of investing in Spanish real estate, and how Giambrone & Partners can assist you.
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Find out more about the benefits of investing in Spanish real estate.
Read what is required to buy a Spanish property.
Find out the benefits of working with Giambrone & Partners.
We answer common queries on buying property in Spain.
The benefits of investing in Spanish real estate
Low-interest rates
Property in Spain is comparatively affordable – research has even shown that property in Barcelona can cost up to 75% less than in London. Low interest rates make buying Spanish property a successful investment. For example – in October 2021, the average interest rate for mortgages in Spain was 1.1%, slightly down from 1.2% a year earlier, according to the European Central Bank (ECB).
Potential financial returns related to rental
A factor that many people consider when investing in Spanish property is the potential for financial returns due to renting out the property, particularly if you are buying property in an area that is popular with tourists.
There is a high demand, during the summer months, for property in Spain from UK holidaymakers hoping to enjoy a break in Spain. Spain has much to offer for tourists – from a large array of sandy beaches to the climate and cuisine. There are consistent levels of tourism in Spain which has a positive impact on the real estate market. The extra income from renting out a second home Spain can be applied to pay off your mortgage, making your real estate investment cost-effective.
If you’d like to learn more about Spanish property prices and how to rent out a property, Giambrone & Partners can advise you today .
There are no restrictions applying to foreign purchasers of residential real estate in Spain
Regardless of whether your planned real estate purchase is commercial, residential or land, there are no limitations or restrictions imposed on foreign purchasers. In fact, Spain encourages investment by foreigners, for both resident and non-residents. There are various visa options to enable you to relocate to Spain, such as the Golden Visa, which requires an investment of €500,000 or over.
Enjoy a pleasant, sunny climate
One of the key factors that motivates people to buy property in Spain is the consistently warmer weather. Enjoying retirement in a sunny climate is also appealing to many foreigners, together with the relaxed lifestyle and culture in Spain.
Read our guide to getting a Spanish mortgage here.
There is a wide range of locations to choose from
The extensive variety of locations available when choosing the area in which you would like to buy, means you are not limited when it comes to buying Spanish real estate.
Sitting on Spain’s south-eastern coastline, palm tree boulevards and sunny breaches – Alicante is one of the most popular places to buy property abroad. The Andalusia province is another popular destination for foreign buyers, attracting growing levels of tourism over the years. Another popular area for buying property includes Valencia which offers both luxury property and more affordable options.
Buying property in Spain as a non-EU citizen
There are different procedures applied to non-EU citizens when buying Spanish real estate. A numero de-identification del extranjero (“NIE”) is required; this is an individual’s identifying number that must be added to all documents. Our expert lawyers can help you obtain this vital number. Another requirement our lawyers can also help you with is to open a bank account.
Find out more about buying a property in Spain and your options here.
Buying a property in Spain need not be complex with the right legal advisors by your side. Giambrone & Partners’ Spanish real estate lawyers in our offices in Spain have years of experience in assisting clients in buying property in Spain.
How can Giambrone help you?
As with any legal transaction, it is important to instruct am expert lawyer when buying a property in Spain and navigating the Spanish real estate market. An English/Spanish-speaking lawyer can help you understand legal documentation and can assist with explaining the difference between the UK and the Spanish property system. Giambrone’s Spanish real estate team can provide you with all the support you may require, whether you are moving from the United Kingdom or elsewhere.
Contact us today for assistance.
Frequently asked questions
Is it better to buy or rent in Spain?
For those looking to remain in Spain long-term, buying a property will feel more secure, and you can enjoy developing your own home.
How much are the legal and other costs required to buy a house in Spain?
Overall house prices will depend on the valuation of the house itself. It is advisable to allow 10-15% of the purchase price to be set aside for fees.
Do you need a Spanish bank account to buy a property?
It is prudent to open a Spanish bank account to purchase property in Spain.