We start today a series of posts to explain in deep all that concerns the process of buying property in Spain. We are aware that buying real estate is a very important decision to make, so we’ll explain step by step all the points you need to consider when buying property in Spain. Let’s start.
How is the property market?
Spain is an owners country. The 78.8% of Spaniards owns a house, according to statistical data from “Housing Conditions 2014” (Eurostat), and about the 30% of them have a mortgage. But because the property market crash in 2008 in Spain, many people are selling their properties, so it’s a really good moment to buy a property in Spain.
The global financial crisis caused a crash of the Spanish financial market, which was building many more houses than the ones that could be bought. Because of this, prices started to fall. Now the market is starting to recover itself, so the prices are at the support. If we sum this to the fact that the Euribor moves between values close to zero, and mortgages are typically a fixed percent plus Euribor, we are at the right time for buying property in Spain.
Buying property in Spain for foreigners
Spanish government encourages investment by foreigners and there is no restriction on buying property in Spain. You’ll need a financial number that can be acquired in single day if you’re an EU citizen (a few weeks for non-EU people). Also, buying property in Spain can grant you a investor’s visa right away that will allow you to live in the country. We’ll talk about this in further entries.
Finding the appropriate lawyer
In order to accomplish a buy of real state, is very important that you count on a reliable lawyer for assisting you in buying property in Spain. In Gonzalez Sastre Solicitors we are unbiased lawyers, and we can assist you through all the process, we also speak English so communication with the client is one of our strong points. Fell free to contact us if you have doubts. We’ll continue talking about this in the next chapter. See you there!