Spain is a country with a rich history, diverse culture and a mild Mediterranean climate, open to foreign investment. Both primary and secondary real estate in Spain are in high demand among investors.
Advantages of Buying Residential Property in Spain
Buying real estate in Spain is a far-sighted investment due to the following advantages:
- Favorable climate. Spain has one of the longest coastlines, which is surrounded by warm currents, due to which the country has mild winters and warm summers. The country is suitable for year-round living.
- High quality of life. The country has one of the most developed infrastructures, both tourist and social. Spain has high-quality medical care and a high level of security.
- Investment attractiveness. Steady growth in real estate prices and high demand for it ensures the reliability of investments.
- Possibility of obtaining a residence permit. Under certain conditions, Spanish housing can become the basis for obtaining the right to a residence permit.
Cost of Residential Real Estate in Spain
Spanish real estate prices vary depending on the region and type of property. As of October 2024, the average price per square meter is 2,209 euros, which is 9.6% higher than last year.
Property for Sale in Spain by Popular Cities and Areas
- Madrid. The capital of Spain with developed infrastructure and a rich cultural life. You can buy real estate in Madrid for an average of €4,581 per square meter.
- Barcelona. A large tourist center on the Mediterranean coast. The average price per square meter here is even higher than in the capital and is about €4,790.
- Valencia. A city with a rich history and modern amenities. You can buy a home in Valencia at one of the lowest prices - about €1,643 per square meter.
- Malaga. A popular resort in the south of the country. The average price is about €3,436 euros per square meter.
- San Sebastian. Famous for its beaches and gastronomy. The average price per square meter is €5,631.
Features of Purchasing Real Estate in Spain
The purchase of real estate involves the collection of a property transfer tax (ITP) for secondary housing or VAT for primary (new buildings). Rates vary from 6% to 10% depending on the region.
A foreigner's identification number (NIE), opening a bank account in Spain and concluding a purchase and sale agreement are required.
Foreign citizens have the right to purchase real estate in Spain without significant restrictions. However, to obtain a Spanish residence permit, you will need to invest at least €500,000 to apply for a golden visa or prove financial independence when applying for a Non-Lucrative Visa.
