A guide to buying property in Spain

Property prices in Spain are rising particularly in the more desirable and established tourist hotspots, particularly sea and coastal resorts. There are some radically cheap properties on the market, but do not be tempted to rush in – the prices are not guaranteed to increase. Cheap properties are often cheap for a reason – the infrastructure and services may not be very good and there is no guarantee that these will improve in the near future. Remember that buying a cheap property will have extra expenses – you may need to renovate, there will be language difficulties and it may be difficult to rent out if it isn’t in a tourist hot spot.  Eco-tourism is a growing market in Spain, so this is possibly one of the things you might like to keep in mind when buying a property and marketing it.

Select the region you feel will best suit your needs. Try and book a holiday home there for a fortnight or more to get a feel for the place – both good and bad points. Befriend some of the locals and ask for their advice on the area.

The actual buying process

Preparation
When buying your property it is usually advisable to also try and buy the land that the property stands on. Ensure you know the procedures and legislation in Spanish law which will allows foreigners to buy land legally. Acquaint yourself with the Spanish property law details and their buying procedures.

Viewing
Viewing the property in Spain is strongly recommended. Organized 4/5 days trips are ideal as you can check out not only the house, but the surrounding area.

Deposits
When you are completely satisfied that the house is in order, you can place a deposit on your house. You will need a signed receipt for this deposit amount. The deposit should mean that the house is taken off from the market.

Until all the documentation has been drawn up and signed, you will not be able to finalize the property transaction. Whenever you need to sign documents, make sure you have a fluent translator present who can answer your questions and so that you know exactly what you are signing and you have a total understanding of every stage of the house buying process.

If you like to see a list of properties for sale in Spain, please click here
If you are considering buying a book on buying property in Spain, we suggest one of the two following books:

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  1. From Spanish Property Investors Struggling | Spanish Real Estate News | Overseas Property Guides | Buying Foreign Property | Apr 29, 2009

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