Spain is the hottest destination for investors who are interested in purchasing a new home. The European country has a lot to offer. From beautiful beaches to friendly locals, buying a property Spain opens many doors for you. However, if you are a newcomer, the process of getting a property might seem rather complicated at first. But, there is nothing to worry about as this guide will help you buy a property in Spain.
The Spanish Property Market
Ever since the global financial crisis took a toll on Spain, the country has struggled to recover. It led to the value of house prices dropping by 30 percent. A decade later, there are positive signs of recovery. Homeownership levels in Spain are some of the highest in Europe. About 80 percent of residents tend to own their own home.
Can Foreigners Buy A Property In Spain?
One of the most important questions that need to be answered is whether foreigners are allowed to buy a property in Spain or not. Since there are no restrictions on foreign investments in Spain, foreigners can buy a property. Foreigners can buy a piece of land, a residential property, or a commercial one. The truth is that the Spanish government encourages foreigners, both resident and non-resident to invest in the country. To get started, you would need to get a financial number from the police station. Make sure to bring your passport along. If you a Spanish or EU citizen, you should get it on the same day. However, non-EU residents and non-residents would need to wait a few weeks.
Buy a Property and Get a Visa
The Spanish government offers a golden visa program for investors. It is a type of investor visa. All you need to do is invest in a Spanish property worth over €500,000. You can either buy one property or many properties as long as the value exceeds €500,000, you would be automatically eligible for the residency visa. Keep in mind that it is not a work permit but it would enable you to continue living in Spain. It is perfect for holiday home buyers and retirees.
Where to Find Real Estate in Spain?
If you want to buy property in Spain, you can check out many of the real estate websites that cater to just about every nationality and language. There are plenty of British real estate sites that you can check out to see the listings. It is best to use a Spanish site for more variety of options.
Process of Buying Property in Spain
The buyer would first need to make an offer through their estate agent and if it gets accepted, the seller and buyer would sign the preliminary contract. Then, the buyer would be required to pay a deposit of at least 10 percent of the price. The buyer may seek a mortgage to finance their purchase. The contract of sale has to be signed in front of the notary where the full sale price would need to be paid along with the taxes and other costs.