So if you´re looking to invest in property in spain, there are a few things that you need to know.
This can be an incredibly exciting process, as many of the properties offer a lot more for your money than if you were to invest the same amount of money in the UK.
So let´s jump right in!
Yes, absolutely.
The Spanish economy thrives on the tourism industry, and with investors coming in from various other countries.
For this reason, Spain actually encourages buyers, both resident and non-resident to buy property in Spain
You will need to get a little bit of paperwork in place first, in particular, an NIE number which is basically a national identification number for foreigners, but we´ll go other that later
You´ll find the cheapest properties in Spain inland of the peninsula, in place such as Leon and Aragon.
However, investors generally look more towards the coastal areas in the Murcia and Valencia regions.
However, you can find cheap properties in Spain on the coast. For example, we offer some particularly cheap properties in Southern Spain, roughly 10 minutes from the coast starting from around 50,000€.
We have more than 1,500 properties to for sale in southern Spain as well as a large portfolio of long term and short term rental properties.
From an investors point of view, we often look at how the value of properties have gone up in a particular region.
However, something else to consider is a property´s rentability.
Given the high demand of rental properties in Spain, especially in coastal areas and popular golf resorts like La Torre Golf, the average property will generate more in income than the property costs to run.
This not only makes property in Spain a good long term investment, but can also provide an additional income.
The whole process of buying a property in Spain is relatively easy.
Of course, we recommend getting financing in place before you start your search, especially if you´re looking to get a mortgage on the property.
If you are looking to get a mortgage, we can put you in touch with a mortgage broker who will find you the best rates, and take you through the process from start to finish.
But when it comes to the process itself, due to the language barrier, we recommend instructing a solicitor, who will be able to do all the necessary conveyancing, open a bank account and even get your NIE number (. All you then need to do is make sure the money is in place at the right time.
As previously mentioned, we generally like to refer our clients to a mortgage broker, primarily as they´ll be able to speed up the entire process, and help you get all the necessary documentation together before submitting it to the bank.
As standard, the following documentation is required, but not restricted to;
The cost of living in Spain is much lower than that in the UK, so it is possibly to survive on a relatively low income.
Providing that you don´t have any major overheads just as mortgage payments, a retired couple could live quite happily on 2,000€ a month.
In Murcia for example, you can splash out at a high end restaurant an still get change for 100€!
Or if you plan on living as the Spanish do, you´ll struggle to turn a corner without finding a traditional tapas bar, offering a 3 course Menú del Día for 10€ per person.
Currently, a British national can live in Spain for up to 6 months without needing to apply for residency.
When purchasing a property in Spain, one thing which is very important to consider is how long you´re planning on spending in the country, and where you´ll pay your taxes.
Our friends at the Immigration Spain website have written a fantastic article on exactly what you´ll need to do to become a Spanish resident and whether or not you´ll have to be a resident full stop.
