Purchase of a home in Spain by a European Union citizen

Your own home in Spain? It is possible! For citizens of the European Union the process of purchasing and finding the right source of financing real estate usually goes without major difficulties. If you’ve always dreamed about it, then the time has come.

A huge number of foreign investors more and more often decide to buy real estate in this picturesque country. The most popular investment regions in Spain often include Alicante on the Costa Blanca. It is reported that in June 2017 as many as 3052 objects were sold there!

Buying a home in Spain - how to start?

Once you choose your dream home in Spain online, don't buy it blindly. You should fly to the place and see if things are as described in the offer. It may turn out that you will finally see not one, but 10 houses before you find the one and only. What is more, before making the final purchase decision, it is worth consulting a specialist. The best choice will be to contact a real estate agent in Spain, who knows the local real estate market well. A person with knowledge of Spanish properties will honestly lead you through the necessary formalities and point out the aspects of the offer, that you should pay special attention to. Moreover, there are many specialists in Spain who speak different languages, so future investors do not have to be afraid of obstacles, which results from the language barrier.

The conclusion of a preliminary contract and the pay a down payment for the purchase of real estate are traditional practices followed by most agencies in Spain. You need to prepare between 3,000 and 6,000 euros for payment advance. The down payment is a security for both you and the seller. He will not sell the house to anyone, and you will have time to take care of all formalities and documents. What's more, if for some reason the owner refuses to sell his property, he is obliged to return the customer twice the advance payment.

Required documents

To buy a house or apartment in Spain you will need:

• ID card or passport, as well as a copy of the identity document,
• NIE number (Número de Identidad de Extranjero) – a Foreigner’s Identification Number. This is the number given to citizens of other countries intending to purchase property in Spain. This number can be obtained at every police station in Spain. To do this, make an appointment through the online platform. You need to know, that sometimes you can wait up to 2 months for a visit – we provide assistance in organizing the meeting and substantive support of the specialist during meeting.
• Open account in a Spanish bank – our agents provide professional assistance to every client also at this stage. 

Check the condition of the property

Carefully check its technical condition before signing the notarial deed, if you plan to buy a real estate from the aftermarket. You can use the help of our specialist who will expertly rate the condition of walls, floors, furniture and finishing. All faults should be reported to the landlord as soon as possible with the time in which they will be repaired.

Finalization of real estate purchase in Spain

At the final stage of buying real estate, you should complete the necessary formalities. When finalizing the investment in Spain, you should sign a notarial deed. It is concluded with a notary and is drawn up in Spanish. A foreign citizen purchasing a property in Spain should and has the right to take a sworn translator with him, to be present during signing the notarial deed and explain any ambiguities. The process of preparing the notarial deed itself takes place at the time of the visit to the notary, just before signing the notarial deed. This is a generally accepted norm in Spain. You will not obtain the model of the notarial deed before signing it, because all the details are determined during its preparation. 

Why is it worth investing in real estate in Spain?

There are many arguments support this choice, but mainly it is an individual matter. Some buy a house in Spain for business purposes. Others are looking for a holiday place, or a place where they could escape from the cold, frosty winter or spend the summer there with their loved ones without worrying about the weather. More and more people decide to move to Spain permanently with the whole family. It is hardly surprising - the prospect of eternal vacation is really tempting.

Moreover, an important fact is also very favorable property prices and low travel costs. You should also consider the fact that the cost of maintaining a home in Spain, far outweighs the cost of maintaining a home in Spain may be much lower than in your country. Investment in Spain really pays off!

Do you need help finding an attractive property in Spain? Contact our specialist. We will tailor the right offer to your preferences and financial possibilities and guide you through the entire procedure of buying real estate in Spain. Future investors are also encouraged to read our investor's guide, where we describe the various stages of buying property in Spain.