The real estate market in Spain is characterized by significant regional differences in prices and demand, due to geographical, economic and tourism factors, relocation.com.ua reports.
Regional differences and approximate prices:
Madrid and Barcelona: As the largest economic and cultural centers, these cities show high housing prices. The average cost per square meter in Madrid is about 3,344 €, and in Barcelona – 3,325 €.
Balearic Islands: Popular with tourists, islands such as Ibiza and Mallorca are characterized by high real estate prices. The average cost per square meter here reaches 3,325 €.
Costa del Sol (Andalusia): The Costa del Sol, including the cities of Malaga and Marbella, attracts both tourists and investors. The average cost per square meter here is about €2,500-6,000.
Valencia: This region offers more affordable housing prices. The average cost per square meter is about 1,295-2,385 €.
Murcia: One of the most affordable regions, where the average cost per square meter is around 1,920-2,010 €.
Restrictions for foreign buyers:
In Spain, there are no direct restrictions on the purchase of real estate by foreigners. However, there are certain requirements and procedures:
Foreigner’s Identification Number (NIE): To complete a transaction, you must obtain a NIE, which serves as a tax identification number.
Opening a bank account: It is recommended to open a bank account with a Spanish bank to conduct financial transactions related to the purchase.
Taxes and fees: Buyers are obliged to pay property transfer taxes, VAT (for new buildings) and stamp duty. Rates may vary depending on the region and type of property.
Mortgages: Foreigners can obtain mortgages from Spanish banks, but the terms and conditions may differ from those offered to residents. For example, the down payment for non-residents is often higher and amounts to about 30% of the cost of the property.
When planning to purchase real estate in Spain, it is recommended to seek professional legal counsel and advisors to ensure that all legal and financial aspects of the transaction are complied with.
