For several years now, demand for real estate in this country has not only remained stable but has also been increasing. There are many reasons for this, first and foremost the excellent climatic conditions, especially in coastal areas. The Mediterranean climate, warm but without oppressive humidity, suits both healthy people and those suffering from ailments. Spain is a developed European country with well-established residential and resort infrastructure, excellent service, and a high level of amenities. At the same time, wherever you look, there are cultural monuments – Spanish, Moorish, or Roman, for example. It is also important that just three to four hours in the air – and there you are, in Spain.
And finally, prices. Real estate is certainly getting more expensive, but the rise in prices in Spain is not as rapid as in our own capital, its suburbs, or any other large city in our country. Meanwhile, Spanish estates increase in price slowly, like life flows during siesta time. As a result, you can calmly think everything over, estimate, consult with knowledgeable people, and only then make a decision.
Of course, buying a country house from an advertisement without ever visiting the country hardly makes sense. And no one does that. Usually, it all starts with a tourist or business trip to Spain. Roman architectural monuments, Moorish palaces of Andalusia, mosques of Cordoba and Seville, early medieval churches in the Pyrenees, cathedrals and castles from the Reconquista period in Castile, and also the brilliant modernist Antoni Gaudí in Barcelona! The beautiful beaches of Costa Brava and Costa Blanca, delicious dishes in restaurants, the aforementioned flamenco and bullfighting! Having tasted all this, our person does not want to leave this blessed land, he is enchanted by the Iberian Peninsula. And the thought creeps in: maybe buy a little house here? Or an apartment, or, say, a townhouse?
Characteristically, such ideas come to mind not only to compatriots – many representatives of northern European countries also dream of acquiring real estate in Spain. Some move here for permanent residence, some regularly vacation in their own house or apartment during holidays, and some live here part of the year, usually in winter. As, for example, wealthy Norwegian pensioners do – having bought a house in Spain, they spend there the months when frosts rage in their historic homeland, and return to Norway for the summer.
In Spain, quite capable and wealthy people settle, who do not become a burden on the state, but on the contrary, bring income to the country's treasury. That is why Spanish legislation encourages the acquisition of real estate by foreigners.
Buying real estate in Spain solves the visa problem for the owner and his family members. You get a one-year Schengen visa, which is automatically renewed. Moreover, owners of houses and apartments are often facilitated in the procedure of obtaining a residence permit. And if you don't miss the moment, you can become a full-fledged citizen of a united Europe.
• As experts note, recently our compatriots are interested not only in residential real estate in Spain, but also in commercial properties. Many wealthy citizens buy houses and villas, which they then use to organize mini-hotels or small restaurants. And the constant and stable influx of Russian-speaking tourists into Spain allows such investments to recoup in a fairly short time.
What are we buying?
In Spain, the classification of residential properties is quite clear. The following categories exist: apartments, townhouses, villas, chalets, and bungalows. Moreover, any housing is always handed over to the buyer 'turnkey' – with finished finishing, plumbing, and a fully equipped kitchen.
Villas are the most prestigious and expensive property. A villa in Spain means a separate house with a plot of land. Almost any villa, in addition to a living room, bedrooms, and bathrooms, has a spacious terrace on the second floor or a solarium, as well as a basement that can be used not only as a utility room but also, for example, as a billiard room or home cinema.
Modern townhouses, which the Spanish call duplexes, are also very popular. These row houses of two or three floors with front gardens and solariums typically consist of a living room, two or three bedrooms, one or two bathrooms, a kitchen, and a storage room. The complex often includes green areas and a swimming pool. In terms of cost and maintenance expenses, buying a townhouse is more advantageous than buying or building a villa, and this largely explains the demand for such housing. Apartments (flats) are also popular, as well as bungalows and chalets built in an Alpine style.
It is clear that housing sells well in the capital of the country – Madrid, as well as in the main city of Catalonia – Barcelona. Although the advantage, of course, lies with the Mediterranean coast, which is called costa. The coastline stretching from France to Gibraltar has 12 such coasts. Buyers are mainly attracted to three regions: Costa Blanca, Costa Brava, and Costa del Sol.
And prices, prices, prices…?
Let's say right away that Spanish housing is not cheap, but the prices are not sky-high. Moreover, they are often lower than in our capital. The cost of housing in Madrid and Barcelona is quite high – about €4,000 per square meter. Expensive and prestigious resorts, such as Costa Blanca - part of the Mediterranean coast belonging to the Spanish autonomous community of Valencia. The reasons for the popularity of Costa Blanca are its unique climate (320 sunny days a year), ecological cleanliness, developed transport network, and infrastructure. The average cost per square meter in this blessed place is about €3,000.
However, it makes sense to talk about this only with those who want to know the general situation in the real estate market. For those who have seriously decided to settle on the Costa Blanca, information about the 'average temperature in the hospital' is useless; they need to think about the category of housing and look at specific properties. Their cost can differ significantly from the average, both upward and downward. The closer to the sea and the more prestigious the area, the more expensive the square meters. And the quality of housing also plays a certain role, of course.
On the Costa Blanca, for example, you can buy a modest studio of 40-50 m2 for no more than €100k, or a penthouse with a sea view, where the price per square meter will be almost €5,000. Good villas cost from half a million euros up to €2 million, €3 million, and even €4 million. Larger villas are cheaper; in small but well-located ones, the square meter is usually more expensive. There are many options, including in such well-known resort centers as Benidorm and Torrevieja, although a villa is certainly not a budget option.
Two-bedroom apartments of 60-100 m2 are popular. They can be bought for approximately €2,000 per m2. A townhouse can also be considered a good purchase. For example, on the Costa del Sol, a townhouse of 130 m2 with a covered terrace and a small private garden can be bought for €500k.
If a decision to buy has been made, there is no need to rush. That is, you should not urgently fly to Spain to search for a property on your own or with the help of real estate agents. Purchasing real estate is a serious matter, so first you need to thoroughly prepare and conduct a market analysis: choose the region you are interested in, study the options available, and also get at least a general understanding of the transaction procedure. Moreover, this is a different country, and you probably do not know Spanish, and the process of searching, buying, and closing the deal can take several weeks or even months. Therefore, it is best to find a specialized domestic company that deals with the sale of real estate in Spain and entrust it with both the property search and the resolution of legal and financial issues.
In addition, you may need assistance with obtaining a loan from a bank, with a notary, with insurance, etc. And you will feel more confident if you have a professional nearby who knows the language, local laws, and market specifics.
One cannot fail to note the liberal attitude of Spanish legislation towards foreigners buying real estate. Any type of real estate in Spain must be registered in the Property Registry, where you can obtain accurate information about its area and price, find out who the owner is, and whether they have any debts. A main official document called Escritura Publica is issued in the owner's name, which is then assigned a unique number for entry into the registry. Under Spanish law, only the owner or a person with a notarized power of attorney from the owner has the right to sell the property. Usually, the right to sell is entrusted to an agency that must have an appropriate license. If the buyer decides to purchase, they reserve the chosen property by paying 10% of its value. One month after reservation, another 30% must be paid, after which a loan can be arranged for the remaining 60% of the cost. Notarization of the apartment into ownership and obtaining the keys takes place two months after reservation.