The British, and indeed buyers from many other countries, have been buying property in Spain for many many years, their reasons being to enjoy holidays in the more or less guaranteed sunshine or as investments. The Costa Blanca is often quoted as being first choice for British purchasers and is easy and relatively cheap to get to.
So in view of the current economic difficulties, is it still a wise move to consider buying property in Spain? It seems so in that Spain is still a very appealing destination to those of us in Europe and, according to the Wall Street Journal, very popular with American buyers. Many people buy a property in Spain to change their lifestyle, to enjoy a slower pace, a better climate and a different culture, rather than because they wish to make a fortune on a property, something which happens rarely these days.
The Banco de Espana published figures recently showing that foreign investment in Spanish property is on the upturn with figures reaching 4,748 million euros last year, the highest since 2008, so perhaps finally a step in the right direction and good news for those wishing to buy a property in Spain that still have some doubts.
With prices being currently very affordable, there is much to tempt the bargain hunter from overseas. The range of properties available is staggering, so whether you are looking for an old finca or bodega to renovate, an exclusive villa or an investment apartment or house, there is plenty to choose from. Prices for properties in the cities, eg Madrid and Barcelona, remain on the higher side but are still very popular. On the whole, prices are predicted to fall again this year but buyer interest is increasing.
If you have taken the time to research your chosen area and property and weigh up the pros and cons, then it’s wise to still carry on with caution and ensure you do everything correctly once you have decided to buy a property in Spain.
Once you’ve seen a property you’re interested in, your first step is to obtain your NIE Number as you cannot progress further without this. NIE in 1 Day is a company that specialises in assisting both non-residents and residents in obtaining this vital piece of paper, the NIE Certificate.
You should appoint yourself a lawyer straight away who can advise you and negotiate on your behalf. He or she will help you with your preliminary contract (compra-venta), paying your deposit, making any necessary checks on the property, at the Notary and afterwards, paying taxes and getting copies of your new deeds to the Land Registry. You should also be thinking of making a Spanish will at this point (see our article on the importance of a Spanish will)
Once all of this is done you are free to sit back and enjoy your new home.
Contact NIE in 1 day at www.niein1day.com or firstname.lastname@example.org