How easy is it to buy a house in Spain?

Is it easy to buy a house in Spain?

As it is easy for foreigners to buy property in Spain, there are many websites and estate agents catering to almost every language and nationality. Many British real estate websites also list Spanish properties, with some online portals listing thousands of options.

Is it difficult to buy property in Spain?

There are no restrictions on buying property in Spain, whether it’s commercial, residential or land. In fact, Spain encourages investment by foreigners, both resident and non-resident.

What are the pitfalls of buying property in Spain?

Some of the common pitfalls of buying a property in Spain include deposit, purchase tax, issues with off-plan properties and properties being built illegally. During your research into buying a property in Spain you will have come across many stories of purchases in Spain gone wrong.

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How long does it take to buy a house in Spain?

In general, timescales are as follows: 3 to 4 weeks: for straightforward purchases, i.e. properties with no debts, all paperwork in order and financing already in place. 4 to 8 weeks: for slightly more complex purchases where, for example, an architect’s certificate is required or the buyer needs to obtain a mortgage.

Can you retire in Spain after Brexit?

The answer is simple: yes. It is still possible to retire to Spain after Brexit, even though the path has now changed (things are not that simple now that Brits are subject to the same immigration rules as non-EU citizens). … And that, of course, applies to those wishing to retire in the country too.

Can I just move to Spain from UK?

As of 2021, the UK is no longer a member of the European Union! … This allowed British citizens to move to Spain without visa restrictions or maximum stay periods. However, under post-Brexit rules, the rules for British citizens who want to live in Spain are much very similar as they are for non-European people.

How long can I stay in Spain if I own a property?

You will be allowed to spend up to 90 days in Spain, and then you must leave the country. You will not be able to return until 180 days have passed since your date of entry into Spain (or Schengen). However, you can divide the 90-day period into two (45 days each) and spend each of them in Spain during the 180 days.

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Do you pay council tax in Spain?

IBI is a local charge in Spain that is similar to council tax in the UK. … Depending upon where in Spain your property is located you can expect to pay this expense either once or twice per year. IBI is based upon the rateable value of your property and is paid to the local town hall.

Can I still buy property in Spain after Brexit?

Whether you are an EU citizen or not, you still have the right to buy property in Spain after Brexit. The costs of buying a property remain the same whatever your nationality and, broadly speaking, include purchase tax, a Notary’s fee, a property registry fee and your lawyer’s fees amongst other miscellaneous expenses.

Are house prices in Spain falling?

Spanish property price forecast for 2021

According to opinion given by the credit rating agency Fitch, the price of housing in Spain will fall by 4-6% over the next year, before stabilising in 2022.

How much deposit do I need for a Spanish mortgage?

For a Spanish mortgage, you will generally need a minimum deposit of 30% of the property’s purchase price, with borrowing rates currently starting around 2% (lower for premium clients). “The maximum mortgage for non-residents is 70% of the purchase price or valuation, usually depending on which is lower.

How many days can I stay in Spain as a non resident?

The 90-day rule

This rule simply states that you can live in Spain without residency for a maximum of 90 days. After those 3 months, you need to either obtain a residence permit, or leave the country. And that is because the shortest stay option is the tourist (or Schengen) visa, which lasts exactly for 90 days.

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Is it difficult to get a mortgage in Spain?

This makes a big difference, and while it is possible to get a mortgage in Spain as a non-resident, the process is more difficult. While some Spanish banks do not lend money to people living abroad, whether Spaniards or expats who are not registered as residents, many others will, but with added conditions.

How much can I borrow for a Spanish mortgage?

For residents of Spain, mortgages can go up to as much as 80% of the purchase price or valuation figure. However, for those purchasing a Spanish property from overseas, the maximum amount you can borrow is 70%. Non-residents will also have higher interest rates and shorter repayment terms.

Do I need a Spanish bank account to buy a property in Spain?

You will need a bank account in Spain to pay the utilities invoices and the fees of the Community of Property Owners. In the case that you obtain finance to buy the property, you will also need a bank account for the mortgage monthly repayments.