Buying a House in Spain from Another Country
Introduction
Spain stands out as a paradise for those looking to invest, retire, or acquire a second home from another country. How to Buy a House in Spain as a Foreigner? According to a report by the international consultancy Knight Frank, Spain is among the top five European countries for real estate investment, following the United Kingdom, Germany, France, Switzerland, Luxembourg, and the Netherlands.
Reasons to Invest in Property in Spain as a Foreigner
Housing Prices
The attractive price per square meter compared to other European capitals is one of the main attractions for foreign investors. Data from the British consultancy CIA indicates that the price per square meter in London is significantly higher than in the Spanish capital.
Profitability and Facilities for Foreigners
Non-resident foreigners tend to purchase properties at higher prices than domestic buyers. Additionally, the profitability of the Spanish real estate market, which stood at 6.4% in the third quarter of 2023 according to a Fotocasa study, is an additional incentive for foreign investors.
Climate, Beaches, and Quality of Life
Spain’s geographical location, with its temperate climate, extensive beaches, and more than 300 days of sunshine per year, offers an exceptional quality of life, making it an attractive destination for settling, renting a second residence, or retiring.
Step-by-Step Guide to Buying a House in Spain as a Foreigner
1. Obtain the NIE (Foreigner Identification Number)
To carry out any real estate transaction in Spain, it is necessary to obtain the NIE, a personal and non-transferable identification number for foreigners. In the case of Spanish citizens residing abroad, the National Identity Document is sufficient.
2. Open a Bank Account in Spain (Recommended)
Although not mandatory, opening a bank account in Spain will facilitate the payment of taxes and expenses associated with the purchase of the property, as well as the management of monthly payments in case of rental.
3. Visit the Property in Person or Use Virtual Tour
It is recommended to visit the property in person, if possible. Otherwise, tools such as Fotocasa’s Express Visit allow guided virtual tours from anywhere in the world. Alternatively, you can ask someone trustworthy residing in the area to visit on behalf of the buyer.
4. Verify the Property Documentation
It is crucial to know the ownership and legal status of the property to avoid possible scams. The Property Registry is where information about the property can be obtained.
5. Grant a Notarial Power of Attorney
Before the sale, it is advisable to sign an earnest money contract to secure the reservation of the property. If the buyer cannot be present, they can grant a notarial power of attorney to a lawyer or consul to represent them.
6. Sign the Property Purchase Agreement
The signing before a notary is the final step to formalize the purchase and register the property in the Property Registry. The buyer can sign personally or through a notarial power of attorney.
7. Financing for Non-Residents
If financing is required, Spanish banks offer specific mortgages for non-residents, as foreign entities are unlikely to provide financing for property purchases in Spain.
In summary, to buy a property in Spain from another country, these basic steps must be followed: obtain an NIE, consider opening a bank account in Spain, visit the property, verify the documentation, grant a notarial power of attorney, sign the corresponding contracts, and, if necessary, seek local financing.
8. Opt for Specialized Services from La Casa Das Haus
For direct investors seeking a hassle-free experience backed by experts, La Casa Das Haus Real Estate Spain offers a comprehensive solution. With 28 years of experience in the Spanish real estate market, we specialize in all stages of the buying process. From finding the ideal property to complete management of paperwork and legal processes, our team provides personalized and professional advice
. Our deep market knowledge and customer-focused approach ensure a satisfying and secure experience in property acquisition in Spain. With “La Casa Das Haus Real Estate Spain,” you can trust in a secure and successful investment.
