Understanding the Spanish property market is a prerequisite to successfully landing good deals when hunting for property. The Spanish market has its own peculiar quirks and nuances. Property prices are at a 10-year low and there is a glut of properties being sold so as a buyer you are in luck. Some of the factors that a property buyer has to look out for when searching for property to buy include: avoiding property scams and fluctuations in the Spanish property market.

The Current Spanish Property Market

The current Spanish property market is very different from the way it was about 5 years ago. Spain was badly hit by the global economic meltdown of 2008 and consequently property prices plummeted badly. Spanish property prices are about 30% off their pre-crisis level with some regions doing even worse than that. As such, the blanket low prices can be a boon to new arrivals since properties are much more affordable.

More than 80% of Spanish people own their own homes with 50% of the population owning property outright with no mortgages. Many sellers are looking to recoup their investment and trying to negotiate good deals can sometimes result in long-drawn haggling. However, with so many properties to choose from, you should have no trouble at all finding the property of your choice.

Should you buy or rent in Spain?

Spanish people prefer buying property as opposed to renting but with so many properties to choose from, your choices are wider. Prices for properties in desirable locations such as city centre properties are quite similar to what you would find in other large European countries such as Germany, Ireland or Belgium. With the Swiss Bank predicting that prices might continue falling in many locations and might bottom-out or even rise in prime locations, now might be a good time to go shopping.

The transaction costs of selling and buying properties in Spain are moderate - around 11.5% of property value. Although Capital gain tax in Spain can be a bit steep, the prevailing low property prices more than make up for this cost item.

Can Foreigners buy property in Spain?

Absolutely. There are no restrictions whatsoever that hinder foreigners from buying property in Spain whether it’s residential or commercial. In fact, Spain actively encourages investments by both residential and non-residential foreigners. All you require when buying property in Spain is a financial number which you can acquire by visiting a police station with a passport. The number is issued within the day for Spanish and EU citizens and a few weeks for people from other regions.

Finding property to buy in Spain

You can find property for sale in Spain by visiting the numerous websites of individual real estate agencies of course. Much easier however is to make use of our international online portal ImmoVario, with thousands of property listings. With the right arrangements next it’s possible to buy a home and move right in before you´ll know!

So, just take the first step and start your search overhere on ImmoVario.