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Buying Property in Spain

If what you’re looking for is a nice relaxing home in a laid-back and sunny place, Spain is the place for you. Although the country’s old reputation as a super-cheap location with an extremely high quality of life has changed somewhat since the advent of the euro (and a corresponding rising in prices), Spain still remains cheaper than most European countries and still boasts an unmatched quality of life.

Spain is still one of the best destination in the world to buy a second home, because its most important characteristics (its beautiful geography, its many miles of coastline, its sunny climate, its fun-loving and open culture, its profound history) simply don’t erode with the ebbs and flows of currency exchanges and market conditions.

Purchasing property in Spain is not only attractive from a personal perspective, but also from a long-term investment point of view. It’s true that the real estate market in Spain is just coming off a truly impressive property boom that lasted over ten years and at times saw yearly price rises of up to 30%, and the tremendously lucrative and quick returns that once were the norm are no longer available today.

All this means is that for those with an eye out for investment alone might not find the idea of turning over properties in Spain as attractive as just a few years ago. This is true at least of Spain’s commercial real estate – lucrative possibilities are still available in Spanish property, but these have shifted more to the business sector: predominantly in the construction of office buildings and logistics facilities.

But the individual property buyer – looking for a more long-term commitment and a great place to buy a home and spend time in – can definitely expect stability and long-term appreciation in Spain’s property market. The settling of the property boom, for these types of buyers, has been positive in that it’s increased their bargaining power. Before, sellers saw so much demand they could set their own prices and just wait for the fish to bite.

Conditions have also gotten more attractive for those interested in living in Spain (whether seasonally or permanently) from a legal perspective. New laws have been drafted that make it much easier for non-residents to live in and enact property transactions in Spain.

One example is the change in the amount of capital gains tax to be paid by non-residents upon buying a home in Spain. Previously high above the regular amount for residents, it’s now been reduced to the same rate, decreasing from 35 to a more friendly18 percent.

Other laws have also been redrafted in recognition of the growing importance of foreigners who come to live in Spain on the country’s economic and cultural life. The universal appeal and economic promise of Spain has drawn people from all across the world, who in turn have brought a fresh breath of air to the country’s cultural mix.

Many foreigners, though not all, have in turn accepted Spain’s own cultural offerings with open arms, learning Spanish and integrating smoothly with their new environment.