Buying Property in Spain
If you’re searching for a sunny home in a relaxing environment, be it for vacation, retirement or letting, you need look no further than Spain. The country’s appeal has changed somewhat over the years; since the euro it’s no longer known so much for it’s extremely low cost of living, although it undoubtedly remains cheaper than most European countries and retains it’s nearly incomparably high quality of life.
Spain, however, is still an extremely attractive place in which to buy a second home. This is due in no small part to the fact that many of its most endearing characteristics are practically timeless: its geography (including, but not limited to, its famous beaches), its sunny climate, its warm and inviting culture, its fascinating history.
Buying a Property in Spain is also attractive from an economic or long-term investment perspective. The country’s property market is just starting to cool down from a huge real estate boom that lasted over ten years and produced incredible returns on investment that are simply no longer available nowadays.
This means that purely investment-minded buyers with an eye for quick returns might not find Spain an interesting place to invest in, at least in the commercial market. Interesting investment opportunities in Spanish real estate still exist, but these have shifted to the business sector (especially as related to office buildings and the logistics industry).
But for the individual homebuyer, the change in Spain’s property market actually is good news because it puts one in a more equitable position on the bargaining table. Before, sellers were faced with nonstop demand and exercised much more control over the buying process.
Long-term, an investment in a Spanish home is promising because despite the fact that the property boom is coming to an end, the market is doing a good job of settling gradually and by all estimates is expected to level out and maintain a healthy profile.
For those interested in living seasonally or permanently in Spain, conditions have also been getting more favorable. Spanish law has been modified to make it easier for non-residents to buy, let and sell Spanish property and to conduct affairs in Spain with more ease than ever before.
One of the most important changes in this regard was the recent reduction in the amount to be paid in capital gains tax by foreigners from 35 to 18 percent. Now foreigners pay just as much as regular Spanish citizens. Spanish legislators have been redrafting these and similar laws in recognition of the growing influence and importance of foreigners on their economy.
A good place to begin the search for property in Spain is online. A simple google search will lead you to plenty of websites offering services or free information and buying guides – there’s certainly no shortage of information in this regard.
It’s always highly recommended to ask around and see if there’s anyone within your social network that’s already been through the experience of buying property in Spain. This will give you the benefit of gathering information and useful advice from someone that shares your cultural perspective.
Of course, once you’re in Spain, you always have the option of contracting the services of an estate agent. Plenty of reputable agents are to be found throughout Spain, and they can make the purchase experience much easier if you’re short on time or aren’t willing to put in the effort of hunting for a home on your own (although this can also be an enjoyable experience).
Consider taking some Spanish lessons if you’ll be living even partially in Spain – this will open you up to the culture and enable you to interact with your environment and enjoy it at a much deeper level than if you limit yourself to closed, non-Spanish speaking communities.
Spain, however, is still an extremely attractive place in which to buy a second home. This is due in no small part to the fact that many of its most endearing characteristics are practically timeless: its geography (including, but not limited to, its famous beaches), its sunny climate, its warm and inviting culture, its fascinating history.
Buying a Property in Spain is also attractive from an economic or long-term investment perspective. The country’s property market is just starting to cool down from a huge real estate boom that lasted over ten years and produced incredible returns on investment that are simply no longer available nowadays.
This means that purely investment-minded buyers with an eye for quick returns might not find Spain an interesting place to invest in, at least in the commercial market. Interesting investment opportunities in Spanish real estate still exist, but these have shifted to the business sector (especially as related to office buildings and the logistics industry).
But for the individual homebuyer, the change in Spain’s property market actually is good news because it puts one in a more equitable position on the bargaining table. Before, sellers were faced with nonstop demand and exercised much more control over the buying process.
Long-term, an investment in a Spanish home is promising because despite the fact that the property boom is coming to an end, the market is doing a good job of settling gradually and by all estimates is expected to level out and maintain a healthy profile.
For those interested in living seasonally or permanently in Spain, conditions have also been getting more favorable. Spanish law has been modified to make it easier for non-residents to buy, let and sell Spanish property and to conduct affairs in Spain with more ease than ever before.
One of the most important changes in this regard was the recent reduction in the amount to be paid in capital gains tax by foreigners from 35 to 18 percent. Now foreigners pay just as much as regular Spanish citizens. Spanish legislators have been redrafting these and similar laws in recognition of the growing influence and importance of foreigners on their economy.
A good place to begin the search for property in Spain is online. A simple google search will lead you to plenty of websites offering services or free information and buying guides – there’s certainly no shortage of information in this regard.
It’s always highly recommended to ask around and see if there’s anyone within your social network that’s already been through the experience of buying property in Spain. This will give you the benefit of gathering information and useful advice from someone that shares your cultural perspective.
Of course, once you’re in Spain, you always have the option of contracting the services of an estate agent. Plenty of reputable agents are to be found throughout Spain, and they can make the purchase experience much easier if you’re short on time or aren’t willing to put in the effort of hunting for a home on your own (although this can also be an enjoyable experience).
Consider taking some Spanish lessons if you’ll be living even partially in Spain – this will open you up to the culture and enable you to interact with your environment and enjoy it at a much deeper level than if you limit yourself to closed, non-Spanish speaking communities.
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