Destination Spain: the advantages of buying Spanish property

Culture, history, and flair. Spain has it all, plus more, as visitors to the country quickly discover. This attraction has led to greater foreign interest in the purchase of Spanish property, and for good reason.

Buying property in Spain isn't as unattainable as it might seem at first glance. Despite the fantastic beaches, breathtaking vistas, incredible cuisine and colourful festivals, buying a house, apartment or villa in Spain is relatively affordable compared to other European locations. In fact, ultra-desirable properties, including golf properties or investment properties in the gorgeous eastern coastal area can be found for sale at a much lower cost than comparable properties anywhere in Europe. Buying off-plan, or early in the development process, can add to the already significant savings of buying property in Spain. Additionally, the cost of living in Spain will be a treat for cash-strapped Brits accustomed to the sky-high tab associated with London life. A quick search of the international real estate market shows apartments and small villas in Spain can be listed for sale at half the cost of other areas. Similarly, maintaining and enjoying your new villa, including indulging in the offerings of local restaurants, shops and services, is typically less than in other EU areas.

Something for Everyone

There is a lot to love about Spain. The people are friendly, the sights, smells and sounds wonderful. Education and health care are among the best in the world, the food is delicious (the fresh fish dishes are not to be missed!), and who would want to miss out on the daily afternoon siesta? For individuals considering moving to Spain, or who are thinking about buying property in Spain to be used as a second residence, there are things you should know. Spanish property, for example, is subject to Impuesto sobre Bienes Inmuebles (essentially property tax) that varies widely depending on the type of property you own, and Impuesto Extraordinario sobre el Patrimonio, which is an asset and property tax levied on the value of what you own (non-residents may be exempt). Non-resident property owners must register for an identification number that will allow them to pay tax on Spanish property, and they must also designate a Spanish resident to represent their financial interests and obligations if they own more than one property. Finally, if you haven't yet purchased a Spanish property, keep in mind that Spanish lending laws are quite strict; it's wise to make arrangements with your local mortgage broker before heading out to find the 'For Sale' sign on the Spanish property of your dreams.