Can foreigners buy apartments in Spain?
Spain is a sunny and friendly country, tens and hundreds of thousands of people dream of moving here every year. It has everything you need for a comfortable life: high standard of living at an affordable price, a stable economy, incredible nature, developed infrastructure, development of the tourism sector and everything else that is necessary for a stable and comfortable life. Apartments for sale in Spain are the most popular type of property that foreigners love for its low price, relatively inexpensive maintenance and the availability of everything needed for a comfortable life. If you want to move from another country, you are probably wondering if a foreigner can buy an apartment in Spain. In short, yes, of course!
In Spain, foreigners are not only allowed to buy apartments and other real estate, but are also encouraged to do so in every possible way. There is, for example, the golden visa program, which automatically issues a residence permit to those who have purchased an apartment or villa for more than €500,000. If the property is worth less, the owner of a Spanish apartment can live here for 90 days every 180 days a year.
What does a foreigner need to know in order to buy an apartment in Spain?
We suggest you familiarize yourself with a brief guide to buying an apartment in Spain for foreigners. Follow it step-by-step in order to become the owner of your property in one of the best European countries on the coast of the warm sea in the near future.
- Firstly, find apartments that look interesting to you. You can do it yourself or contact real estate agencies.
- Apply for an identification number (NIE). We recommend that you do this in advance so as not to waste time and immediately proceed to the next steps upon arrival. Without a NIE, local law will not allow you to purchase real estate.
- If possible (if the developer offers such a service), draw up a reservation agreement. It formalizes your desire to buy a certain apartment and protects your rights as a buyer in case of unforeseen circumstances.
- After step 3, you may need a deposit agreement. Most often, it involves making an advance payment, which can be up to 10-20% of the final cost of the selected property.
- If you like an apartment that does not fit your budget, you can try applying to your local bank for a mortgage. You can ask a lawyer about mortgage conditions and requirements for a borrower or find basic information on the Internet.
- As soon as you are ready to buy a property and have enough money, you can proceed to draw up a contract of sale. It is important to study thoroughly the contract in order to avoid pitfalls. It is even better, if the contract is reviewed by a professional lawyer.
- Once the sale and purchase agreement is signed, the final touch remains. Register yourself as the new owner of the plot in the land registry. It is also better to entrust this to the lawyers or carefully study all the nuances in order to avoid unnecessary problems.
How to simplify the process of buying an apartment in Spain for a foreigner as much as possible?
If you want to buy an apartment in Spain as a foreigner, but do not understand the legal intricacies at all and do not want to spend time on this, then there is a way out. The real estate market in this country is actively developing, every year there are dozens of real estate agencies and legal organizations ready to help you. For a small amount of money, lawyers will consult you and answer all your questions, help with paperwork, or even accompany you at all stages of buying a property.
Real estate agency WTG Spain are ready to offer a full package of services. You can find many agencies that help their clients free of charge at all stages, from arrival to drawing up a contract of sale. Turning to them, you can buy apartments in Spain as a foreigner and waste as little of your time and effort as possible.