Spain in numbers: Buying property in Spain
Spain is an ever-popular destination when buying property abroad, whether it’s a holiday home, permanent move or investment property. It doesn’t take a genius to figure out why…ample sunshine, rich culture, infinite sangria and tasty tapas to name just a few reasons!
If you’re thinking of buying property in Spain here are a few facts and figures that may be of interest…
The Costa del Sol enjoys 320 days of sunshine a year, exceeding 35° C in its warmest destinations. *checks met office weather forecast for the UK* Are you packing your bags yet?
Mortgage lenders in Spain will lend up to 70 per cent of the property value. So, if you’re budgeting for a property purchase in Spain and need a mortgage, make sure you have at least a 30 per cent deposit, plus fees.
In Spain you’re entitled to 36 days holiday a year – 22 days plus 14 national holidays! Now, doesn’t that make you want to move there permanently? Eight extra days to soak up the sun in comparison to our measly 28 days in the UK!
When buying a property in Spain additional fees, including purchase taxes, lawyer’s fees, land registry and notary fees should be factored into your budget. Typically, you can expect to pay up to 12 per cent of the purchase price for these fees.
Buying a property in Spain can take as little as six weeks. On average it takes between six and 12 weeks to complete a property purchase in Spain, from having your offer accepted to completion. Of course, it can take longer if there are any complications though.
The Costa Blanca boasts 200 kilometres of fine sandy beaches and calm waters. Where better to enjoying sunning yourself in temperatures of 35° C?
If you spend more than 183 days a year in Spain you will become a resident of Spain for tax purposes and will be liable to pay income tax under Spanish tax rules.
Spain has 64 different major wine regions (or “designation of origin”). Or 66, or even 69…depending on who you ask! Whoever you believe that’s a lot of wine, which gets our vote!
Spain has 17 autonomous region, which means navigating the laws of the land can be complicated. So, legal advice is crucial when buying a property in Spain.
When buying a property in Spain, if you’re transferring funds from an account in Pounds Sterling to Euros, you can save up to five per cent of the value of the property purchase by using a currency exchange specialist. They can help you to time the transfer and fix exchange rates, as well as save you hefty commission rates charged by high street banks.
Total Buying Abroad’s advice service is absolutely FREE! It will cost you nothing to get professional independent advice about buying property in Spain.
If you have any queries about buying property in Spain or need professional assistance – including a lawyer, currency specialist, mortgage specialist or estate agent – call our friendly team on 01244 478 911 or email firstname.lastname@example.org. You can also download our handy, Buying in Spain Guide!
Article published: May 9, 2018