An introduction to buying a property in Spain

Spain is a great location for purchasers who wish to move overseas, buy the perfect holiday home, or make a savvy property investment. This large and diverse country has 17 different regions, so whatever sort of location or property you are looking for – you are sure to find it.

Property prices in Spain are surprisingly affordable, and the cost of living there is reasonable. The generally warm climate makes Spain a very popular retirement destination, and if you regularly holiday there, it can make good economic sense to invest in a property.

Choosing where to buy

There are lots of factors to take into account when deciding where to purchase your Spanish property. If you are looking for a good investment then you need to concentrate on those areas where you can be sure that you will generate the best financial returns – so the major tourist destinations are always popular investment choices.

If you are looking to move to Spain or to purchase a holiday home, it will help you to consider the following:

  • Personal recommendations – it is always helpful to get the views of those who have already been through the process.
  • Beach, city or village? Which is best for you? Spain is such a diverse country that there is a huge choice of different types of living environment. Which will be best for you and your family?
  • Expat community or Spanish community? Some purchasers like to select property where their fellow nationals tend to buy. Others wish to be absorbed into Spanish culture.
  • Local amenities – what amenities are important for you and your family? Do you want to be close to the airport if you are visiting regularly? If moving to Spain do you need a local school or particular medical facilities to be nearby?

Finding the right property

When you are ready to look for your property, it is a good idea to engage the services of an experienced agent to help you find exactly the right place for you, and to guide you through the process. Open Markets Services are experts in the Spanish property market so you can rely on us to help, plus we have a wide selection of Spanish properties for sale.

The property purchase process

Please note that this blog provides general guidance on the purchasing process and does not constitute legal advice. You must always consult a qualified lawyer when buying property.

There are a number of important steps that need to be completed when purchasing property in Spain. The process can take anything from a few weeks up to several months – dependent on how straightforward your purchase is.

Step 1 – Funds

It is important to ensure that you have the funds available– or have arranged a mortgage before you start looking for a property. The Spanish Mortgage Association web site has further information on Spanish mortgages and providers.

Step 2 – Making an offer

Once you have viewed a property and wish to make an offer, you should engage a lawyer who will make enquiries about its legal status, and any other factors that may affect the sale.

Your Spanish lawyer should have a registration number and be registered with the local bar association (Colegio de Abogados), as well as having professional indemnity insurance. He or she should be independent and a specialist in Spanish Land Law (urbanismo).

Step 3 – Signing the contract

Your lawyer will provide you with the necessary advice and guidance, and if you want to proceed, the next step is to enter into a private agreement – a contract – which will also determine when the property purchase will be completed. You will be required to pay a deposit at this point.

Stage 3 – Completion of the sale

A Spanish Notary Public will be needed to prepare the contract of sale and issue the property deeds. He or she will also be able to provide you with impartial legal advice on the contract so you should consult them early in the process. The completion of the property purchase will take place at their offices where they will draw up the necessary paperwork.

Stage – 4 Final administration

The final stage involves the payment of necessary taxes and completing the paperwork to ensure that the property is in your name. The Spanish land registry will be notified that you are the new owner.

Are you thinking about buying a property in Spain? Why not let an expert help you?

At Open Markets Services, we are experts in the Spanish property market, so we are here to help you find the right property for you, and to guide you through the process. Get in touch with us today and we will be happy to help .