Is it worth buying a property in Spain?

It is absolutely worth buying real estate in Spain for foreigners. Buying property in Spain can provide for high investment returns, and allow investors to get residency in one of the best countries in Europe.

What are the pitfalls of buying property in Spain?

Some of the common pitfalls of buying a property in Spain include deposit, purchase tax, issues with off-plan properties and properties being built illegally. During your research into buying a property in Spain you will have come across many stories of purchases in Spain gone wrong.

Is it still a good idea to buy property in Spain?

At the moment, buying Spanish property is a good investment. So, is it wise to buy property in Spain after Brexit? Well, at the beginning of this year 2019, the average property price in Spain has risen up to 6%, making it even a better choice in terms of buying a reselling the property.

Is it a good time to buy property in Spain 2020?

Spanish house prices rose 1.68% during Q3 2020 (2.2% inflation-adjusted). In the previous year, property prices in Spain in 2019 posted a 4.68% rise according to the Instituto Nacional de Estadistica. On a quarterly basis, house prices increased 1.15% in Q3 2020 (1.67% inflation-adjusted).

Are property prices in Spain dropping?

2020 saw Spanish property prices rise by 1.6%, having seen a decline in 2019. Following some surprisingly positive moments for Spanish property in 2020, foreign demand for 2021 also appears to be on the rise despite COVID-19 and post-Brexit concerns.

Don't buy Real Estate/Property in Spain as an Investment

How much below asking price should I offer in Spain 2021?

Property owners who sold their homes on a Spanish website accepted 14 percent below the initial asking price, according to research specialist Beatriz Toribio. That translates into an average saving of €33,400 on the average price of the sales surveyed. More than four out of every five sellers lowered their price.

Why are Brits buying property in Spain?

Before Brexit, as EU citizens, UK nationals benefited from freedom of movement, meaning that they had the freedom to live and work in any country within the European Union, including Spain. Many Brits took advantage of that freedom of movement in order to start a new life in Spain, or to retire to Spain.

Will house prices drop in Spain in 2022?

No prices are not falling anymore in Spain. Real estate prices are rising since 2014 and remain far from the top: current average price per square meter in Spain is €1662 (end September 2021).

How long can I stay in Spain if I own a property?

At present you can only spend up to 90 days in Spain, then you must leave the country. You will then not be able to return to the Schengen Area until 180 days have passed since your date of entry into Spain (or elsewhere in the Schengen Area).

What will happen to holiday homes in Spain after Brexit?

Can I buy a house in Spain after Brexit? Foreigners can buy a property in Spain regardless of their nationality. British buyers should not face added difficulties buying a house in Spain after the UK leaves the EU. Spanish law regarding the purchase of property does not differentiate between EU and non-EU citizens.

Can I live in Spain permanently after Brexit?

Can I still move to Spain now that the Brexit transition period has ended? Yes, you can still apply for residency in Spain like other non-EU nationals. There may be preferential rules introduced for UK nationals. We will need to wait and see what is decided.

How much tax do I pay on a Spanish property?

Expect to pay between 8% and 11.5% in taxes on a property purchase in Spain.

Are Spanish property prices rising?

Spain's property prices have been steadily increasing year on year since the European credit crash in 2008 and the market is recovering strongly since the pandemic.

Is there property tax in Spain?

Buying property tax: How much is buying property tax in Spain? Purchasing a property in Spain involves the payment of different taxes, ranging between 8% and 11.5%, whether the property is newly built, generally sold by banks or construction companies, or the property has already been owned by another person, a resale.

What you need to know when buying property in Spain?

Do I need a Spanish bank account to buy a property in Spain?

Spanish laws require buyers to open a bank account in one of the Spanish banks, and transfer the funds there to pay to the vendor directly from the Spanish bank account.

Is it cheaper to live in Spain or UK?

Spain has always been well known for generally having much lower living costs than the UK. According to Numbeo, the overall average cost of living in Spain is 18.2% cheaper than in the UK as a whole. One major area contributes to this fact, as rent is on average 33.19% lower in Spain than Britain.

Can I buy a house in Spain and live there permanently?

Yes, you can get residency in Spain after buying a house, and that is thanks to the golden visa scheme. Since 2013, non-EU citizens who purchase a property in the Spanish territory can get a 2-year residence permit (that can be renewed) as long as the property investment is at least € 500.000.

What happens if you stay over 90 days in Spain?

If you leave Spain, you may be registered as having overstayed the 90-day period by Spanish immigration. This could make it difficult for you to return and/or mean you have to pay a fine. In the worst-case scenario, you could face deportation and/or a ban from the Schengen area.

Is there a housing crisis in Spain?

Housing affordability and the lack of rental housing are two of the most serious problems that the housing market in Spain is facing. Construction and mortgage levels did not recover even as the market started to recover after the financial crisis.

Is it the right time to buy in Spain?

Estate agents argue lower prices due to the Covid-19 pandemic mean now is a good time to invest in prime Spanish property, but the Bank of Spain cautions that the housing market recovery could be some time coming.

Where is the best place for Brits to live in Spain?

After all, Alicante is the most popular place among Brits. But it's not just the English, citizens from Canada, Germany, Sweden, South Africa, etc., also choose Alicante as their new home.

How long can UK citizens stay in Spain?

UK citizens in Spain will be able to remain for a period of 3 months at a time, staying longer than this will require a visa. To spend more than 90 days in Spain in a period of 6 months Brits will need to acquire a Spanish Schengen visa. This can be obtained from a Spanish embassy or consulate in UK.

How long does it take to buy a house in Spain?

3 to 4 weeks: for straightforward purchases, i.e. properties with no debts, all paperwork in order and financing already in place. 4 to 8 weeks: for slightly more complex purchases where, for example, an architect's certificate is required or the buyer needs to obtain a mortgage.

Will property prices fall in Spain after Brexit?

Has Brexit led to a fall in Spanish property prices? The simple answer is no. Overall, Spanish property prices have risen since Brexit. Some coastal areas have seen a decline in demand from British buyers.