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Buying in Spain

Why Buy a house in Spain

The climate, the lifestyle, the beaches, but most of all, very affordable prices, make our country an attractive place for foreign investors wishing to acquire property in it, enabling European citizens to make their own plans on our land .

The fall in the price of housing in Spain, has set this tray to foreign investment and more and more people keen on buying overseas homes in our country. According to the General Council of Notaries, in 2013 home sales to non resident citizens in Spain increased by 34.6% over the previous year and the first quarter of 2014 increased 27.2% over 2013.

British, Scandinavian, Russian, German, French, Belgian and Italian are, in this order, who show more interest now to buy a house in Spain, especially in coastal areas.

The purchases made in Orihuela, in the first quarter of 2014, 809 represent a 55.27% increase over the previous year, setting a new sales record .

By provinces, those with the highest number of purchases by foreign residents correspond to Alicante (3,191), Malaga (1853), Barcelona (1150), Tenerife (1021), Las Palmas (657) and Girona (627).

Home Buying in Spain as a foreigner

Buying a house in Spain as a foreigner is easy, it is only necessary to have the NIE (Foreigner Identification Number) which is a personal and unique  number sequential number with sequential character. The NIE is essential for any kind of financial transaction in our country, from opening a bank account, establish a business, buy a car or buy a home.

The application of the NIE in Spain, it is done at the National Police Head Office giving, automatically the document to  every foreigner who will initiate an administrative inquiry.

But it can also be requested from abroad, always stating the reason for your request.

The NIE application outside of Spain, you can do by going to any Spanish embassy or consulate.

You must meet two requirements:

• Not be in an irregular situation in Spain.

• Submit documentation to justify the reasons for the request. In the case of buying a home, is more than enough with the presentation of an earnest money contract. Any real estate can streamline this process in order to obtain the NIE.

 

Keep in mind also that when you enter in Spain, either as a tourist or a visa, the alien is in a regular state of stay. However, this situation is limited: as a tourist is 90 days, visa, time validity. Therefore, it is recommended that, before the end of the period apply for legal residence NIE's request is processed, otherwise you will not be entitled to do it afterwards .

The NIE application may be filed by a representative who will also have to justify and document the reasons for the request. When applying for the NIE is necessary to present a series of documents:

• Official application.

• Identity card or original passport and photocopy

• Document the reasons for the request.

Generally the process is simple and usually takes between 1 and 5 weeks. It is mandatory to collect  it personally.

It is not  mandatory to hold a bank account in Spain, although it is recommended. All taxes and expenses associated with the purchase of a home (VAT where new housing, if ITP residences resale, notary fees, registration and management, as well as property tax and garbage fee) must be paid in Spain and the fact of having a bank account facilitates the whole process.

How to finance the purchase of a home in Spain

Spanish banks offer financing to foreign residents and non-residents in Spain without any problems.

They can get access to mortgages offered by banks in Spain in the same financial conditions that apply as Spanish citizens: maximum funding of 80% of the appraised value or sale of the property and a maximum repayment period of 30 years. Nevertheless the bank will analyze each case, assessing the applicant's job stability  as well as level of indebtedness.