Owning a home in Spain

Homeownership rates in Spain are high, with approximately 80% of the population owning their own home, with many doing so without the use of a mortgage.

Spain suffered greatly during the global financial crisis and the subsequent property market decline.

Costs in Spain have been steadily rising since around 2016, and while the COVID-19 flare-up will impact on the market in 2020, official figures show that normal costs developed during the second quarter of the year. Year on year, transaction costs increased by 2.1 percent, with new-form costs increasing by 4.2 percent and recycled homes increasing by 1.8 percent.

Naturally, the number of home sales has decreased significantly. According to government statistics, international buyers buy between 18,000 and 25,000 homes in Spain each quarter of the year. In any case, by the second quarter of 2020, that figure had dropped below 10,000.

The full financial consequences of COVID-19 on the Spanish property market have yet to be determined. Property experts anticipate that house values will fall by 5-10% for the time being.

Would expats be able to buy real estate in Spain?

Buy a house in Spain may be more difficult than in the past, but Spain is a very appealing country for first-time buyers, which limits the opportunities for common homebuying mistakes.

The requirements for purchasing a property in Spain as an expat are generally straightforward. Prior to making a purchase, you’ll need a monetary number, which you can obtain by visiting a police station with your identification. This is usually completed around the same time for Spanish or EU residents, but it may take up to a month for others.

Spain also has a Golden Visa program for foreign land owners. Under the plan, if you invest more than £500,000 in Spanish real estate, you will be granted a residency visa. Brilliant Visas are primarily for retirees and occasion home buyers, but they are especially popular with financial backers from outside the European Union.

During the first half of 2019, Spain granted 848 Golden Visas, with Chinese (272) and Russian (187) financial backers accounting for the majority of successful candidates. In total, 4,941 people have received a Golden Visa since the program’s inception in 2013.

The Spanish real estate market and property prices

Because the full impact of COVID-19 on Spanish property prices has yet to be fully realised, it is possible to provide an overall picture of what is happening in the market.

The Global Property Guide’s pre-pandemic analysis revealed normal property costs per square metre in 14 of Spain’s 17 independent areas.

According to the figures, normal house prices in major urban areas increased by 5% to €1,649 per square metre in the second quarter of 2019, while properties on the Balearic and Canary Islands increased by 11% to €1,604 per square metre.

San Sebastian, Barcelona, and Madrid are the most expensive places to buy in Spain. The price per square metre increased from €3,000 to €3,600 in each of the three regions.

Madrid was the most expensive place in Spain to buy land, with prices starting at €338 per square metre. The best five were the Canary Islands (€245), Catalonia (€184), Andalucia (€171), and Valencia (€158). Castilla y Leon is the least expensive region to buy in, with average land prices of €66 per square metre.

Real Estate in Spain

Spain, home to sun, ocean, seashores, and tapas – and a long-standing #1 with Brits – remains the most well-known abroad objections for both holidaymakers and financial backers alike! The allure of the fantasy manor in Spain is still as strong as ever, with more Brits purchasing property in Spain to regularly occasion there or move for all time.

Costa Blanca Real Estate

Property in Costa Blanca is the absolute most popular property in Spain, as it is one of the most well-known objections for Brits, whether it is for a mid-year occasion or an objective briefly home, property in Costa Blanca is the best option for some. A well-known Costa for vacationers looking for lovely seashores, sun-kissed manors in Costa Blanca, and exceptional food; the Costa Blanca stretches from the towns of Denia in the north to Torrevieja in the south and has created an all-around travel industry.

Property for sale

Property is becoming increasingly popular as golf properties in Costa del Sol and golf resorts in Costa del Sol have become popular choices for both investors and vacationers. Because of the growing number of great fairways and resorts, the Costa del Sol has recently become known as the ‘Costa del Golf,’ with a significant portion of them centered around Marbella.

Costa Tropical Real Estate

Assuming that your ideal overseas property is in Spain, travel south and invest in property on The Costa Tropical. The’secret shoreline’ of the Costa Tropical is defined by the Sierra Nevada public park, bordered by beautiful oceans, and situated between Almeria’s desert-like coast to the east and the flourishing sea shores of the Costa del Sol to the west.

Canary Islands Real Estate

Also how to get a Spanish NIE number in the uk? The Canary Islands, which are all volcanic in origin, are much closer to Africa’s coast than to the centre of the continent. Because of its location in the mid-Atlantic, Spain and those who buy property on the Canary Islands benefit from the islands’ surprisingly gentle environment. Water sports, windsurfing, cruising, fishing, tennis, golf, and other activities are popular at the main traveler resorts. The locals invest heavily in their legends and customs, and the fair celebrations are popular throughout Spain.

Property for sale in the Balearic Islands

The Balearic Islands, which include Minorca, Majorca, and Ibiza, are among the most well-known event destinations in Europe, and their incredible environment, seashores, and natural beauty attract visitors and financial backers from all over the world. Property in Majorca is appealing to financial backers because it is the largest and most commercially successful island on the island. It has been a popular event destination since around 1952, when bundle events were most easily accessible on the island.