Real Estate - Spain
Real Estate Market - Spain
A real estate market in great recovery that could soon turn towards a stable recovery recovery.
According to some semi-annual reports on the property market, the recovery of the residential is now consolidated, in the wake of the commercial one, which has already been growing since the end of 2014 thanks to the arrival of large international investors.
In 2016, analysts predict it will rise to 420,000 units (between new and used), 53,000 more than in 2015. A consolidation on the increase in property prices is also expected, which should continue in 2017 as well.
The sale of real estate to foreigners is on the rise, as there has been an increase in the demand for non-resident foreigners (especially Germans, English, French, Russians, Italians) which, today, has reached an all-time high.
In the statistics of the 15 nationalities that buy more homes in Spain, Italians are in seventh place.
In November 2015, real estate transactions recorded an increase of 13.7% in annual terms, this is one of the best figures of the year and confirms the positive trend that has now lasted for 15 months.
What to do to buy a house in Spain
Before starting the purchase procedures, you need to obtain a tax code known as NIE ("numero de identacion de extranjeros"). Your trusted advisor will be able to assist you in obtaining it and who, in addition, speaks both Spanish and your language.
Before buying a house, you will have to sign a pre-purchase contract and pay a small fee, around 6,000 euros: at this point, the property will be taken off the market for a limited period of 30 days. In this period of time, the necessary legal checks will be carried out and the sales contract drawn up ("escritura de fiduciaventa"). At this point, you will have to make the first of a series of payments (to be made in the construction phases). The first payment generally equates to ten percent of the final value and is non-refundable.
Once your offer is accepted, you will need to pay a small deposit. Your consultant with the help of the notary will carry out further checks and prepare the sales contract for you, which will indicate the price, the deposit (usually ten percent) and the date of completion of the construction. If the contract is not honored on your part, you will lose your deposit. If the seller violates it, he will have to pay you double the deposit.
Once this step is completed, you will have to pay some miscellaneous taxes and fees, and the property will be registered in the land registry.
All information is purely informative and does not lead to a contractual obligation.
