Things you want To Know About Buying Property In Spain

24th October 2019
These Days, People Are Talking About Investing in a property on the Costa Blanca, Spain 
The coastal areas of Spain have attracted travellers from all over the world for many years. Clear blue skies on almost any day of the year, fantastic food and the whole culture that surrounds eating and dining in Spain are appealing to many. In recent years Spain has been in the news because of the economic crisis and the many unemployed people in the country. The crisis was caused by the loose lending strategies of almost all banks in Spain that lended up to 20% more than the price of a property to their clients. The 20% was often applied to buy a new car, furniture and some even went on holiday from the mortgage loan. When the economy slowed down many borrowers could no longer afford to pay the mortgage instalments. Thousands of foreclosures were the result and the banks were confronted with a huge stock of houses all of a sudden.


Is the Property Market going up?

From 2012 onwards the banks have sold the houses to investors and in recent years whole packages with thousands of homes have been acquired by larger investor groups and pension funds. For example Blackstone, the U.S. investment company invested 7 billion euros in 2013 in property in Spain and another 5 billion euros in 2017. In January 2018 Bain Capital acquired the Spanish real estate group Habitat Inmobiliaria bringing the total property investment portfolio in Spain to a total of 3.5 billion euros at the time.
Meanwhile, developers started the construction of modern and brand new developments of apartments and villas with private pools. Since 2013 the market has slowly picked up again and many private investors that, apart from return on investment also look for a property to enjoy with family and friends have decided to invest in a newly built home in Spain. Today around 70% of our clients decide to invest in a brand new property.
Slowly but steadily prices of property are rising. So, yes, the property market in Spain definitely moving upwards.
Now, what do you need to know when going into the buyer’s journey? We’ve put together some of those important things to expect from the process.


Doing the Homework Before Looking to Buy in Spain

You may already know the area of your choice or maybe not. It is important to define what´s important for you to have. Some areas offer much more value for money than others in terms of property size. But you may not be looking for a large mansion but eager to invest in a nice house or apartment on the perfect location? The northern region of the Costa Blanca is traditionally an area with higher property prices than the Costa Blanca South area.  
If you do not yet have an area preference, we suggest that you visit both areas with one of our agents so that you can compare. Our team offers inspection trips of 2 or 3 days – see link here:

Before you come to Spain you need to define a short list of ´must haves´ and ´like to haves´ for the new property. You will already know how many bedrooms you need and probably also the kind of property. Getting the ´must haves´ on a list will help you a lot. Prioritize for example, ´walking distance to shops´ or even to the beach, a private pool etc. Within the same budget being flexible on the location can mean the difference between a detached villa with private pool and distant sea views and a seafront apartment with a communal pool and garden.


Buying on the Costa? Get a Solicitor

This is good advice for any major financial transaction, but a solicitor can be invaluable when it comes to buying property in Spain. Spain’s legal system and property-buying process can be somewhat different than that in your home country. The role of the notary in Spain is for example different than elsewhere in Europe. The legal and economic security in a property transaction is provided by the Land Register (Registro de la Propiedad) provides
To get started first make sure that you have a good, reliable local real estate expert who you can trust: someone who speaks the language and understands the legal system. At nardia real estate agency we have sound knowledge of the Spanish legal system and the market. We are eager to answer your questions and to assist with the complete process from viewing property to the signing of the deed of sale at the notary public. Our team is not qualified in Spain to provide legal advice and therefore we recommend our clients to use the services of an independent solicitor.
Buying a property in Spain is in general rather straightforward and uncomplicated. It helps a great deal if you are dealing with the right real estate agent that can inform you from the start. It also helps if you as the investor do your homework. Reading our series of newsletters with vital information is a very good start! 


Spain is Different

On the Costa Blanca the mild climate, beautiful Mediterranean beaches, and breathtaking natural sights make it an attractive area for people to get away. Connections by aeroplane to other countries are fantastic with hundreds of daily flight arriving and departing from the airports on the coast. 
The country boasts a very good public healthcare system and also a wide offer of private hospitals and medical services. Spain is different to all other European countries in many cultural aspects. Even today many shops in smaller towns are closed between 13:30 and 16:30, as later in the afternoon they open until 21:00 or even 21:30. Supermarkets are open from 9:30 untill 21:30 and in high season even until midnight. 
One of my favourite aspects of Spain is that daily life with family and friends takes place mostly outside in our garden by the pool or otherwise on the streets in a bar or restaurant – that are very affordable.

Inspection of Spanish Properties

nardia real estate agency organizes inspection trips for clients who are looking to invest in a built property. To find the right place where you can feel at home, you need to come over to Spain and view those properties that match your criteria and budget. 
We never apply pressure on our clients, we wouldn’t like to be put under pressure either.
What’s in it for you? A guided tour with your personal guide/ property expert that knows the area, local customs and who has in-depth knowledge of the property market.  
Contact our team if you want to receive more detailed information.


Financing Considerations

Spanish banks are providing mortgages! It is relatively easy to obtain financing if you comply with the administrative requirements. It is possible to obtain a mortgage of, in general, 70% of the investment excluding taxes. Interest rates are at a historic low and can be fixed for periods of 10 years and even 30 years with some banks. If you are interested in a mortgage in Spain, please let us know. The maximum repayment term is based on the age of the borrower. The longest term offered by one of the Spanish banks today allows for the mortgage to be fully repaid by the time you are 75 years old. 


Currency Exchange 

If your income or savings are in a currency different than the euro we recommend you to consider contacting a currency exchange provider. It is possible to fix the exchange rate up to one year before you need to make the actual payment. This is a good way to ensure that your budget does not reduce meanwhile you are looking for the right place! 

Is a Home in Spain the Right Move for You?

Why not?


I hope you have enjoyed reading our newsletter. Me and the team will continue to provide you with important information on investing in Spanish real estate and the market. If you have any questions, please email me at or contact one the members of our friendly team!


Kind regards,

Tom Bruijnzeel & the friendly team at nardia real estate agency

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Tom Bruijnzeel is the author of this informative article about Things you want to know when buying a property in Spain and others on our website. Tom has a master degree in Law from the University of Rotterdam (the Netherlands), holds a bachelor degree in Business and Economics and is fluent in Spanish, French, English and Dutch with full business proficiency in German. In 2013 he started nardia real estate agency in Spain. The website is available to all who are thinking of investing in a property in Spain or already own a property and have questions about property tax in Spain, the correct registration of a property in Spain or the taxes due when selling a house in Spain.

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