Gids voor het kopen van huis in Spanje

Spain offers an irresistible blend of vibrant culture, sunny climate, and rich history, making it a prime destination for real estate investors and individuals looking to relocate. This guide aims to provide a comprehensive overview of the process, benefits, and considerations of buying property in Spain as a foreigner.

Country overview

Spain is a member of the European Union, being one of its 27 countries, and also part of the Eurozone nations.

It ranks as the fourth largest country in Europe and boasts some of the continent's most varied topography.

The country's diverse territories include:

  • the mainland;
  • the Balearic Islands in the Mediterranean Sea;
  • the Canary Islands in the Atlantic Ocean;
  • the autonomous cities of Ceuta and Melilla in Northern Africa.

Spain is divided into 17 autonomous communities and 50 provinces, further enriched by the unique status of Ceuta and Melilla as autonomous cities.

Home to more than 48 million people as of 2024, Spain's rich cultural and geographic diversity make it an intriguing destination for investors and explorers alike.

Why invest in Spain?

The appeal of Spain lies not only in its climate and lifestyle but also in its significant investment potential.

While the it is facing some challenges, including a slowdown in sales and pressures on the rental market, the real estate market in Spain is projected to see a stabilization in 2024, with investment volumes expected to rise, indicating a recovering confidence among investors and market participants.

The property market offers opportunities for capital appreciation, and the attractive rental yields make Spain a lucrative option for investors.

The country boasts over 4,900 kilometers of coastline (3,046 miles) and enjoys more than 2,500 hours of sunlight annually, alongside a generally mild climate throughout most of the year.

The exceptions are the Cantabrian coast and various mountainous areas, which receive less than 2,000 hours of sunshine and more rainfall compared to the rest of Spain.

Ranking as the third most visited country globally, following France and the US, Spain achieved a significant milestone in tourism in 2023, setting a new record by welcoming an estimated 85.1 million international tourists. This figure represents a 1.9% increase compared to the pre-pandemic peak in 2019. The surge in tourist numbers also led to a substantial rise in tourism revenue, with international visitors spending around €108.7 billion ($118 billion), marking an 18.2% increase from 2019. (source: Reuters)

Tourism plays a crucial role in the Spanish economy, contributing 16% to the GDP and influencing 5.6% of the construction industry.

Market trends (2024 update)

After a period of fluctuation, the Spanish property market is stabilizing in 2024, with certain regions showing strong signs of growth. This stabilization is a positive indicator for investors, suggesting a recovering confidence in the real estate sector.

The rental market is experiencing a shift, influenced by increased demand in urban and coastal areas. This trend is particularly relevant for investors looking at short-term vacation rentals or long-term leases in cities.

There's a growing demand for energy-efficient and sustainable properties, driven by both environmental concerns and potential savings on utility costs. Properties that meet these criteria are becoming increasingly attractive to buyers and renters alike.

You can easily track the latest trends and price evolutions on our dedicated page:

Can non-EU citizens easily purchase property in Spain?

Yes, non-EU citizens can easily purchase property in Spain.

The Spanish property market is open to investors from all over the world. There are no legal restrictions specific to non-EU citizens regarding property ownership in Spain.

However, the process involves several steps, including obtaining a foreigner identification number (NIE), opening a Spanish bank account, and navigating the Spanish legal system.

It's advisable to work with a reputable real estate agent and a lawyer who specializes in Spanish property law to ensure a smooth transaction.

The Golden Visa

The Golden Visa is a residency program aimed at non-EU investors, offering them and their families the right to live in Spain. To qualify, individuals must make an investment in Spain, such as purchasing real estate worth at least €500,000 ($544,000).

The Golden Visa offers several benefits:

  • Residency: It grants the investor, their spouse, and dependent children the right to live in Spain.
  • Travel: It allows for visa-free travel within the Schengen Zone.
  • Path to permanent residency and citizenship: After five years, investors can apply for permanent residency, and after ten years, they may apply for Spanish citizenship, subject to meeting certain conditions.

You can learn more about the Golden Visa on the official Spanish government's website.

Popular regions and areas

Spain's rich geographical diversity and cultural heritage mean that you can choose from a wide array of regions and property types, each offering its own unique appeal and lifestyle.

Popular regions for investment and living

  • Costa del Sol: Known for its beautiful beaches, golf courses, and luxurious lifestyle, the Costa del Sol is particularly popular among expats and retirees. Property types range from beachfront apartments to luxury villas.
  • Costa Blanca: Famous for its white sandy beaches and mild climate, the Costa Blanca attracts a significant number of Northern European residents. Options include everything from quaint townhouses in traditional villages to modern villas with sea views.
  • Barcelona: As one of Spain's most cosmopolitan cities, Barcelona offers a vibrant urban lifestyle with its rich culture, architecture, and dining scene. Property types vary from historic apartments in the Gothic Quarter to modern homes in newer developments.
  • Madrid: The capital city provides a dynamic living environment with its mix of cultural offerings, extensive parklands, and business opportunities. Housing options include city center apartments, suburban family homes, and luxurious estates.
  • The Balearic islands: Including Mallorca, Menorca, Ibiza, and Formentera, these islands are renowned for their stunning landscapes, clear waters, and vibrant nightlife. Properties range from traditional fincas to exclusive waterfront villas.
  • The Canary islands: Offering a unique blend of European and African cultures with a fantastic climate year-round, the Canary Islands are perfect for those looking to enjoy outdoor lifestyles. Available properties include beachfront condos, hillside villas, and rural homes.

Legal requirements for buying property in Spain

Purchasing property in Spain as a foreigner involves several legal steps and requirements to ensure a smooth and secure transaction.

Here's a more detailed overview:

Obtaining a NIE

NIE (Número de Identificación de Extranjero) is an identification number for foreigners and is essential for any significant financial transaction in Spain, including buying property, setting up utility services, and filing taxes.

You can apply for an NIE at the Spanish consulate in your home country or directly in Spain at a local police station. The application requires:

  • a valid passport;
  • a completed application form (Ex-15);
  • a reason for requesting the NIE (such as property purchase).

The process can take from a few days to several weeks.

Opening a Spanish bank account

Having a local bank account is necessary for managing payments related to the property purchase, including the deposit, purchase price, taxes, and ongoing utility payments.

Most banks will require:

  • your NIE;
  • passport;
  • proof of employment or income;
  • possibly a proof of address.

Legal checks on the property

The Land Registry (Registro de la Propiedad) is crucial to verify the property's legal status, ensuring it's free of debts, charges, or embargoes and that the seller holds the legal right to sell. This can be done by requesting a nota simple from the Land Registry.

Ensure the property complies with local zoning and urban planning laws. This is particularly important for new builds or rural properties, where there might be restrictions.

Property survey

Although not a legal requirement, it's highly recommended to conduct a property survey to check the physical condition of the property. This can uncover potential issues with the building's structure, utilities, or land.

Signing the preliminary contract

This preliminary agreement between buyer and seller (contrato de arras) secures the purchase and typically involves a deposit from the buyer (usually 10% of the purchase price). It specifies the sale's terms and conditions and commits both parties to the transaction.

If the buyer pulls out, they lose the deposit. If the seller pulls out, they must pay back double the deposit amount.

Completion

The final step is signing the deed of sale (escritura de compraventa) before a notary, transferring ownership. The buyer must pay the remaining purchase price and all associated taxes and fees at this time.

Both parties need to present their identification, the NIE, proof of payment of the deposit, and any mortgage details if applicable.

Registration and taxes

After the deed is signed, the new owner must register the property at the local Land Registry. This step is essential for legal protection.

Buyers are responsible for paying property transfer tax (ITP) for resale properties or VAT (IVA) for new properties, plus stamp duty, notary fees, and registry fees. The total cost can range from 8% to 12% of the purchase price, depending on the region.

Given the complexity of the process, it's advisable to hire a lawyer specialized in Spanish property law. They can handle legal checks, negotiations, and paperwork, ensuring that your rights are protected throughout the purchase.

Some valuable resources for official information include:

  • Spanish Ministry of Foreign Affairs: For information on NIE application procedures for foreigners.
  • Registro de la Propiedad (Land Registry): For checks on property legal status.
  • Agencia Tributaria (Spanish Tax Agency): For details on taxes related to property transactions.
  • Colegio de Registradores de España: Offers insights into the property registration process.

What financing options are available to foreigners?

Many Spanish banks like Santander, BBVA and CaixaBank offer mortgages to foreigners, although the terms and conditions may vary compared to those for residents.

Non-residents typically need to make a minimum deposit of 20%-30% of the total cost of the property and show evidence of regular income.

Non-residents can usually obtain a mortgage that covers 70% of the property’s purchase price, whereas residents may be eligible for up to 80% financing.

Finding the right real estate agent

The right real estate agent can provide valuable insights into the local market, assist in finding properties that meet your criteria, and navigate the negotiation process.

Here's how to ensure you pick the best professional for your needs:

  • Local expertise: Look for agents with a deep understanding of the area you're interested in. They should be knowledgeable about local property trends, prices, and the unique aspects of the community.
  • Language skills: If you're not fluent in Spanish, finding an agent who can communicate effectively in your language is essential. They'll act as your liaison with sellers, lawyers, and other parties involved in the process.
  • Experience and credentials: Check the agent's experience and qualifications. They should have a solid track record of assisting foreign buyers and be registered with a recognized real estate association in Spain.

You can utilize Properstar's agent search feature to find reputable local real estate agents. Our platform offers access to a wide network of professionals vetted for their expertise and reliability, making it easier to find someone who meets your specific needs.

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Buying to move to Spain vs buying as an investment

When purchasing property in Spain, your intentions — whether to relocate or invest — play a crucial role in your decision-making process. Each scenario comes with its own set of considerations, shaped by cultural and practical aspects of living or investing in Spain.

Buying to move to Spain

If you're planning to move to Spain, integrating into the local community and adapting to the Spanish way of life are paramount.

A basic understanding of Spanish is invaluable for daily interactions and administrative tasks. Even in areas popular with expats, speaking the local language can significantly enhance your living experience and help in building relationships with locals.

Embrace the local customs, traditions, and lifestyle to integrate seamlessly. This includes adapting to the Spanish dining times, siesta culture, and local festivities, which are integral to the Spanish way of life.

If relocating with family, research the local healthcare system and educational facilities. Spain offers excellent public healthcare and education, but understanding how to access these services and the options available is crucial.

Familiarize yourself with the local job market, business culture, and legal requirements if you plan to work or start a business. Networking and making local connections can be vital in navigating the Spanish business landscape.
Spanish culture

Buying as an investment

When purchasing property in Spain as an investment, the focus shifts towards market trends, rental yields, and legalities of property letting. Here's what to consider:

  • Market research: Understand the local real estate market dynamics, including areas with high rental demand, seasonal variations in rental rates, and long-term property appreciation trends. Coastal areas might be perfect for short-term holiday rentals, whereas city properties can offer steady long-term rental yields.
  • Legal requirements for rentals: Spain has specific regulations for short-term and long-term rentals, which can vary significantly by region. Familiarize yourself with these laws, including necessary licenses, tax implications, and standards your property must meet.
  • Property management: Consider whether you'll manage the property yourself or hire a property management company. For non-resident owners, a local property manager can handle day-to-day operations, maintenance, and tenant interactions, which is especially crucial for short-term rentals.
  • Financial planning: Calculate your expected return on investment, considering purchase costs, ongoing expenses (maintenance, community fees, taxes), and potential rental income. Being realistic about your financial expectations and understanding the tax implications of rental income in Spain are key to a successful investment.

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