More and more foreign buyers are interested in purchasing a property in Spain. In this guide for foreign buyers, we will explain the fundamental aspects that they should know to carry out a safe and satisfactory purchase in the Spanish real estate market.
From the advantages of buying new homes to choosing the best areas to buy a home, this guide has all the information you need.
Why buy a home in Spain?
For foreigners, Spain represents an ideal destination because of its weather conditions, rich culture and quality of life. Buying a property here becomes not only an attractive investment, but also an opportunity to enjoy all the benefits of the Mediterranean lifestyle.
Basic steps for foreign buyers in Spain
To begin with, it is important to familiarize yourself with the essential steps in the buying process. The first is to obtain a Foreigner’s Identification Number (NIE), a mandatory requirement to carry out any transaction in Spain, including the payment of taxes or signing the title deed of the property. It is also essential to open a bank account in Spain, since most of the transactions and payments related to the purchase must be made from a national account.
Once you have decided on the type of property and location, the next step is to calculate your mortgage. In Spain, the process of obtaining a mortgage for foreigners may vary depending on the country of origin and the credit profile of the buyer. Local financial institutions offer multiple financing options, and it is recommended to review and compare the conditions offered to get the one that best suits your needs. Don’t forget that many developers and builders offer free advice on financing, which makes the process easier for buyers who are not familiar with the Spanish system.
Best areas to buy a house in Spain
Spain has a great diversity of attractive regions and cities for home buying, from tourist areas on the coast to cities with high economic and cultural activity. If you are looking to enjoy the beach and good weather, areas such as the Costa del Sol, Alicante and the Balearic Islands are excellent options.
In addition, it is advisable to study well the best areas to buy a house according to your preferences and needs. Coastal areas tend to be popular among foreigners because of their offer of services and the possibility of enjoying a relaxed environment.
Additional costs when buying a property
It is essential to consider the additional costs involved in buying a property in Spain, as they go beyond the sale price. To the initial budget it must be added the transfer taxes, notary fees, land registry and lawyer’s fees if you decide to have one. These expenses can represent between 10% and 15% of the purchase price, it is therefore advisable to carry out a detailed economic planning to avoid surprises.
For foreign buyers, it is also important to know the procedures related to residency, in case they wish to obtain it. There are different types of visas, such as the non-profit residency visa, which is available for those who make a significant investment in real estate. This last one is an excellent option for foreign buyers seeking to obtain a residence permit in Spain.
At Myramar we offer you the knowledge and experience necessary to carry out your purchase project in Spain. With a solid track record in the sector, we are dedicated to offer properties that meet your expectations, guaranteeing support and advice at every stage of the process. If you are ready to make your dream of buying a home in Spain a reality, contact us and we will help you make every step safely and efficiently.
952 666 330
departamento.inmobiliaria@myramar.com