The warmer climate and flourishing community are among some of the many reasons as to why Brits are at the top of the list of foreign property buyers in Spain. However, when we put all the benefits of moving to Spain aside, we have to significantly consider the all aspects regarding purchase of property in Spain. This begs the question, is Spanish property a viable investment?
To fully understand the viability of Spanish property. We have to ask ourselves the following;
How is Spain’s Property Market, Currently?
Back in 2008, it’s quite unfortunate that Spain’s property prices crashed. However, later in 2014, the property market in Spain began recovering. This is all due to the strong economic growth in Spain. As a matter of fact, back in 2018, there were over 500,000 properties sold in Spain. Moreover, financial experts predict that house prices are expected to rise by mid-2019. In areas such as Barcelona and Madrid, the price of rental houses is expected to double.
Can Brits Buy Property In Spain?
One good thing about buying property in Spain is that British residents can swiftly purchase property without much complications. There are a few requirements and to make matters even better, Spain encourages foreign investment in their country. This therefore makes it super easy for you to buy property in Spain. You will however be required to get a Spanish NIE tax identification number.
How Do You Find Property in Spain?
Reputable property agencies are the best way for you to find property in Spain. This is because an agent can direct you to property which has minimal risk regarding its purchase. But, be careful when searching for property agencies. There are a few of them that might exploit you. Only seek the services of professional property agencies.
You can alternatively search the Spanish market for property that suits your needs. You can then proceed to looking it up on the Registry if it is clean. At times, some sellers intentionally sell property that has debts or unpaid taxes. And this can cause a lot of complications later on. You can then proceed to signing the deed and making payment.
How to Make The Payment?
When it comes to paying for Spanish property, you are presented with two options. You can either use banks or international money transfer specialists. I would highly recommend the latter since they are way cheaper than banks. This is because, international money transfer specialists use the mid-market exchange rates to convert the money. This is unlike banks which only add a markup on top of the fees they charge.
Are There New Properties On The Way?
To those who are still doubting Spain’s property recovery, you should also be aware that new properties are on the way. New homes are being built day after day. If you have recently visited the major towns or cities in Spain such as Costa Blanca and Costa Calida, then you can bear witness to this.
If you were unsure whether you should or shouldn’t invest in Spanish property, from the above, we can conclude that it is safe to proceed. Provided you follow the right procedure and fulfil the requirements, then you can own property in Spain.