How to properly buy an apartment in Spain: tips and up-to-date information

Buying foreignreal estate is a significant step, and if you are encountering this topic for the first time, you may face considerable challenges: how to choose the optimal city for living and investment? How to properly arrange a mortgage? How to find the right apartment? And finally, how to correctly carry out the entire purchasing process? We will try to answer these questions and share relevant information about the real estate market situation in Spain.

Key aspects

In this article, we will explore several key aspects:

• trends in the real estate market and apartment price levels,
• the most interesting regions for investment,
• The nuances of mortgage lending in Spain for foreign citizens and much more that will help you in making a decision.

Current situation in the market

Today, the Spanish real estate market is showing growth. In 2022, interest significantly increased among both locals and foreigners. Spain has established itself as one of the attractive countries for real estate investments due to a high level of purchases. Compared to the previous year, the number of real estate transactions rose by 60%. According to data from the third quarter of 2021, foreigners completed around 27,000 property acquisition deals. The most active in this regard were citizens of the United Kingdom, Germany, and France, while for Poles, Spain is considered a priority investment destination.

Price categories

The price categories for apartments in Spain are quite diverse. For example, the cost of a one-bedroom apartment (around 50 square meters) in central areas can reach about$170,000...while in the suburbs this price can be around...$100,000In addition, the total utility expenses, including electricity, heating, water, and garbage collection, amount to approximately€122, internet is added to them, the cost of which fluctuates around€36Renting a one-bedroom apartment in the center will cost$750, while in the suburbs — in$600.

Average income

As for income, the average salary in Spain is€1,680per month after taxes are paid. Interesting information: starting in 2023, the Spanish government is introducing a temporary wealth tax that will affect citizens with assets over€3 million.

Popular regions for investment

Now let's talk about popular regions where investors most often direct their funds. Madrid stands out as one of the top ten cities for remote work and ranks fifth among the most favored cities for expats. It's also worth mentioning Valencia, which in 2022 emerged as a leading place for living and working. According to international company PwC in collaboration with the Institute of Urban Land, Madrid made it to the list of the best cities in Europe for real estate investments in 2023.

Regions with high investments

When talking about preferred regions, one cannot overlook Alicante and the Costa Blanca, which attract foreign investors with their climate and high living standards. Additionally, the areas of Andalusia andMurcia are also among the top choices for buyers. These regions are becoming increasingly popular for purchasing and renting property due to a wide range of offerings, developed infrastructure, and proximity to the coast. Thus, buying real estate in Spain can indeed be a successful investment if you approach the choice of region thoughtfully and are cautious in your decisions.

Conclusion

Get ready for the fact that the process may take time and require attention, but with the right approach and moderate persistence, you will be able to find the perfect property that will not only be a cozy place to live but also a profitable financial investment for the future.

Overview of the Valencian Community

The autonomous community of Valencia, located on the eastern coast of Spain, includes three provinces: Valencia, Castellón, and Alicante. Valencia, the administrative center of the region, is famous for its favorable sunny climate and extensive beaches that stretch for 518 kilometers along the Mediterranean Sea.

Every year, this region attracts millions of tourists eager to enjoy the warm weather and picturesque nature, which contributes to the growing interest in real estate. Investors are increasingly considering the possibility of purchasing properties for rental, whether they are apartments or houses.

Housing availability in Valencia

For example, in Gandia, it is possible to buy a three-bedroom apartment for43,000 euros...while in Valencia a similar property may cost around...59,000 eurosThere is also the option to purchase a house with three bedrooms inLlyriafor83,000 eurosthat makes the real estate market accessible to many buyers.

Development of the province of Alicante

Alicante, part of the famous Costa Blanca, is one of the most sought-after areas for real estate investment. Known as the "City of Lights," Alicante attracts the attention of not only locals but also foreign buyers, which confirms its popularity in the market.

Located in the eastern part of the Iberian Peninsula, the city is surrounded by the picturesque Benacantil and Tossal mountains, as well as the San Julián and Grossa ridges. The white sandy beaches, palm-lined boulevards, and mild climate create perfect conditions for relaxation and living.

The cultural wealth of Alicante

The combination of traditional and modern culture makes Alicante particularly interesting for clients with diverse tastes. More than 43% of all real estate transactions in this region are concentrated in the province of Alicante, highlighting its significance for both local and Russian buyers.

Investing in Costa Blanca

Costa Blanca is widely popular among investors due to the variety of opportunities for real estate development.

Natural resources of Andalusia

Andalusia is a region known not only for its culture and history but also for its natural wealth. Here, you can find numerous rivers and lakes, as well as vast areas designated for fishing and agriculture. This region is home to about 80 national parks and reserves that carefully protect nature, as well as a famous ski resort. The magnificent natural landscapes and climate make Andalusia a popular destination for tourists eager to enjoy the warm sun and stunning views. Seville, the vibrant capital of the region rich in cultural life, along with its provinces — Córdoba, Almería, Granada, Cádiz, Jaén, Málaga, and Huelva — undoubtedly attract the attention of travelers.

Real estate in the region

Real estate in this area is in high demand. Coastal properties on the Costa del Sol, famous for its endless beaches and picturesque sea views, are particularly popular, which is how this place got the name "the coast of the sun." In major cities like Seville and Malaga, the atmosphere is always bustling: the infrastructure here is well-developed, offering all the necessary amenities. The provinces located deeper inland, such as Córdoba and Jaén, also have their unique charm that entices visitors to explore their beauty.

Housing suggestions

To explore options for purchasing housing, you can find:

• Apartments with two bedrooms priced at 405,000 euros;
• Three-bedroom apartments for 1.95 million euros;
• A four-bedroom property priced at 1.26 million euros.

When it comes to more affordable options, the region ofMurcia is quite interesting. It is the only province of its namesake, home to the largest saltwater lagoon in the country, known as the Mar Menor. On the picturesque spit that connects two seas, there are numerous hotels offering excellent conditions for relaxation.

Climate and landscape diversity

One of the features of the region is that almost two-thirds of its territory is occupied by mountains and their valleys. This diversity of landscapes affects the climate, which can vary significantly even within the same season. For example:

• On the coast, winter temperatures rarely drop below +10°C;
• In mountainous areas, they may not exceed +6°C.

The property prices in this area are generally much lower than in popular tourist locations, making buying real estate here attractive for investors and those looking to purchase housing in Spain at a good price.

Housing options in Alhama deMurcia

Among the various options, you can find villas with gardens and terraces, for example:

• A two-bedroom apartment for 230,000 euros;
• Apartments with two bedrooms priced at 124,900 euros;
• Exclusive penthouses with terraces and video intercoms starting from €131,900.

Mortgage lending for foreign citizens

There are mortgage programs available for foreign citizens that allow them to purchase property in Spain. Unlike Spaniards, foreigners can expect a loan coverage that amounts to only50-70%from the value of the property, for a maximum period20 yearsCurrently, mortgage interest rates range from1.5%to2%For non-residents, the interest rate starts from2.5%to3.5%Banks can set individual terms for each client. Thus, interest in mortgage loans for foreigners is growing, as many see Spain as an attractive market for real estate investments.

Summary of the article

So, in conclusion, it is worth noting that buying an apartment in Spain is not only a complex but also an exciting process that opens up many opportunities for you. I understand that when making such an important decision, you may face numerous questions and doubts. However, by familiarizing yourself with information about choosing a region, current housing prices, and mortgage conditions, you will be able to make a more informed choice.

Personal experience

One should not forget the importance of personal experience. The story of a family from Kazakhstan moving to Spain shows that despite all the difficulties related to finding housing and tenants, it is possible to find your home in a sunny country. Every step, from choosing the right region to finalizing the deal, is an investment in your future.

Popular regions for investment

Some areas, such as Valencia and Alicante, offer incredible architectural beauty, a mild climate, and developed infrastructure, making them attractive for living and investment. Additionally, it is important to pay close attention to legal aspects and financial obligations to avoid any issues.

Real estate market in Spain

As for the real estate market in Spain, its dynamic development and growing demand from both the local population and foreign investors indicate that this is a good time for profitable investments. The availability of various options, from resort destinations to moderately populated cities, allows everyone to find something that matches their interests and financial capabilities.

Conclusion

I wish you good luck on this exciting journey of finding and purchasing your own corner in Spain. Make use of the information provided, and perhaps soon you will become the owner of your dream property on the Mediterranean coast!