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Spain is one of Europe’s most attractive real estate markets for foreign buyers. The country offers excellent value, a straightforward buying process, and a wide range of options to suit every lifestyle and budget.
Spain has no restriction on foreigners owning property. Plus, this country has long been one of the world’s most sought-after property destinations thanks to its great weather, relatively low cost of living, and friendly atmosphere.
The country was hit particularly hard by the last recession and after a deep, dark downturn that kicked off in 2008, the market is finally bouncing back… and savvy property buyers have been watching closely for signs of a turnaround.
For instance, Spain has six times more coastline than Portugal. This makes it a more competitive market… with many more options for the property buyer.
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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It’s increasingly difficult to find anything affordable in the Algarve within steps of the sand. But in Spain, you can still find attractive coastal property for less than US$200,000.
Property markets in the Costa del Sol are hot. And a recent spike in foreigner buyers has led to a severe lack of inventory in this market.
And, Spain’s pariah status is gone and the country is awash with real estate bargains.
Now the official data on property sales show that the recovery is in progress… and buyers and investors are making their moves.
Unlike resort destinations like the Balearics (and other coastal and island locations), Spain’s big cities have diverse economies that are not reliant only on tourism.
Barcelona is a dream location, not just for the 1.6 million locals but clearly for the tourists and business visitors who flock there by the millions each year (over eight million in 2013). This is a strong short-term rental market and a great opportunity for buy-to-let investment.
Property in Madrid can appeal to tourists, expats, and locals, and this helps buttress investors in a market, which at this early stage still carries an element of risk.
However, in Madrid foreign buyers make up a far smaller proportion of the market. Real estate here is dependent on Spain’s locals. Meanig a full recovery and return to growth will come to Madrid more slowly than to the tourism hotspots, like Barcelona.
But when that growth does come, it will be less vulnerable to the ebb and flow of interest from fickle international buyers.
But, if you’re more interested in the resort towns, the Balearics are where to look. Majorca is the grand dame of the Balearics.
Despite being a hotspot for tourism for so many years, when you know where to look, you’ll find that the 1,405-square-mile island has managed to cling to much of its charm.
The island gets an impressive 8 million visitors a year, mostly during high season. While this renders some beaches extremely busy, it brings some key advantages. For one, the island’s infrastructure is superb.
The road network is excellent and the airport is large and extremely well connected, especially for an island of this size.
And while prices are inevitably pushed upwards by the number of visitors, they drop down to the range paid by Spaniards elsewhere in the country when you move towards the center of the island.
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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The Spanish coasts are one of the most popular destinations to buy property in Spain. Most importantly, Spain is a safe country and it encourages foreign
investment in property through its golden visa program.
Yes, Spain has no restrictions on foreign nationals purchasing property. Both residents and non-residents can freely buy residential, commercial, or land properties .
Buyers should anticipate additional costs amounting to approximately 10–15% of the property’s purchase price. These include:
Transfer Tax (ITP): 6–10% for resale properties.
VAT (IVA): 10% for new properties.
Notary and Land Registry Fees: Approximately 1–2%.
Legal Fees: Vary depending on the complexity of the transaction .
Yes, many Spanish banks offer mortgages to non-residents. Typically, banks finance up to 60–70% of the property’s value for non-residents. Interest rates and terms may vary, so it’s advisable to consult with multiple banks or financial advisors.
Property owners in Spain are subject to:
Property Tax (IBI): An annual tax ranging from 0.4% to 1.1% of the property’s cadastral value.
Non-Resident Income Tax: If the property is rented out, non-residents pay a flat rate of 24% on rental income.
Imputed Income Tax: Even if the property isn’t rented, non-residents may be taxed on a deemed rental income, typically 1–2% of the property’s cadastral value .
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