If you are looking for more information about if is it a good time to buy a property in Spain, here you are in the right article. Because we can all agree that Spain is a very expensive country to live in, obviously, but it depends on the place where we want to buy a property: the price can vary by a lot. We are experts on Barcelona, and you can sure you that is not the same if you are looking for living in Pedralbes or living in Sarrià (2 great neighborhoods to live in Barcelona), than if you are looking for living in Poblenou or living in Gracia. The costs of living in Barcelona vs USA are different, that’s true, but it depends on where do you want to live, because according to that, we can concrete the cost of buying a property in Spain.
Today in BCN Advisors, we want to give you our point of view and some advices in order to you be safe and sure on your decision, so, if you’re ready ¡keep on reading!
Is it the right time to invest in property?
Are you looking for buying a property in Spain as an American, and you don’t know either to go to live in Barcelona or Madrid? Or mayebe you are hesitating if it’s a good investment to buy a property in Spain or not?
It’s a well-known fact that, due to the recent crisis from Covid-19 and other causes, the prices of flats and properties have increased a lot and it has become a usual question if investing right now is a good thing to do. It is very likely that if you have clicked on this article, the idea of investing in this cause is for sure in your mind.
We will guide you through some of the most important steps to take to decide whether this is the right investment or not, but keep in mind that the right steps to take are not always the same. Here you have more information about all what we do related to real estate investments in Barcelona.
Do I need something to buy a property as a foreigner?
The only requirement is having an NIE, which is the number of identification for foreigners. You’ll have your very own one, and you’ll be able to do many things in the country. It is not hard to get at all, but you’ll have to be very patient because it does take a long time to get.
Another thing you should take into consideration, although it is not mandatory, is having your bank account. This, as I’ve said, is not something you must have, but it will for sure make this whole process easier.
How do I buy a property?
As I’ve mentioned at the very beginning of this article, not everyone is going to follow the same steps when buying a property, but there are some things we all need to know.
Taxes and budget
Knowing which things we will need to pay for is very important, here’s a list:
- If you’re moving properties, you need to pay a “property transfer tax” that consists of 6 to 10%, in other cases, if this is the first property, you’ll pay 10%.
- Notary costs, a title deed tax, and also the registration of the land fee, which will vary from 1 to 2,5%.
- Last but not least other legal fees that go from 1 to 2% including IVA or VAT.
As we’ve mentioned earlier, you need your NIE, get it as soon as possible if you’re sure that you’ll invest in a property because it’s quite a long process.
Costs of buying a house
The property market in the country of Spain has changed a lot in the last few years. Since the drop of 2008 to 2014 it has recovered a lot, so, as for right now, it is a very good idea to invest in a property. In our luxury real estate agency in Barcelona, you will can find the best apartments for sale in Barcelona: either you are looking for penthouses in Barcelona, or you want something bigger and it fits you better other types of property for sale in Barcelona.
One of the things we must have in mind is that Spain is a whole country with different cities and places, which means that the prices will vary a lot.
Which are the most expensive places when buying a property in Spain?
As we all expected, the most expensive places to get a property in are the capital of the country, Madrid, and the touristic city of Barcelona.
Which are the least expensive places when buying a property in Spain?
As for the least expensive places, we have some areas where we should explore to find good prices. The areas are the south of the country, Andalusia, and also Valencia and its small villages.
Frequently asked questions about buying properties in Spain
¿Will I have to pay directly to the seller?
This might surprise people from other countries where this process is formally done in a notary or other terms, whilst in Spain, this is done more instantly.
Now you know way more about investing in a property in Spain. We’ve given you lots of information in today’s article and now it’s all left for you to decide; ¿Are you going to take the big step of investing in a property? On BCN Advisors will be pleased to hear about it!