Many people are buying property in Spain for both investment purposes as well as a retirement home. The warm climate and beautiful scenery attract thousands of visitors every year, and some of them enjoy it so much they never leave.
Numerous international investors filed to buy property in Madrid and other parts of Spain.
Spain is fortunate that the considerable interest from international investors is driving up the residential property market in Spain. This is a vast improvement from the falling market over the last six years. In 2013, the Spanish price index for houses fell 7.8%, which was up from the year before, when the price of houses fell 12.8%.
Another tremendous draw to buy Spanish property is the Spanish Golden Visa.
Many European countries including Portugal, Cyprus, Greece and now Spain have been issuing temporary resident visas(called golden visas) to people who wish to invest in property in their country. The new law allows people who are not European citizens to qualify as a resident of Spain (as well as other countries) if they purchase a Spanish property valued at $695,000 or more.
The Golden Visa has made buying property in Spain even more appealing to visitors and investors. Many of the investors hail from France, UK, Russia, Switzerland, and even the Middle East. The Spanish government hopes to increase foreign investing in Spanish property, as well as greatly improve Spain’s image abroad. It seems to be paying off, as there was a tremendous increase in inquiries from foreign and international investors.
Some of the most appealing properties in Madrid are attractive flats located in the center of downtown Madrid, and are approximately 1076 sq. ft.
The average prices for investment property in Spain are between 210,000 € and 270,000 € (US$292,000 to US$375.000). But before you choose to buy a house or other residential property, do your research. It is advised that you hire a reputable attorney who has experienced in Spanish Land Law. You can also check with your local Embassy for the best English speaking attorneys as well as qualified translators. You need to insure that you are not violating any Spanish laws or housing codes.
The Bank of Spain has a complete list of financial institutions, who have various products and services to offer. Before buying property in Spain, you should always make sure that you understand the terms being offered. The Spanish Land registry offers a guide in English titled, “ a Step by Step Guide to Buying a Home in Spain.” Be sure to read the checklist thoroughly to avoid fraud and insure that you are in full compliance with local laws for owning a residential property in Spain.
Many investors are enjoying their newly acquired property in Madrid, Spain, and you could be doing the same. Why wait? Thousands of beautiful Spanish residential properties are waiting for just the right owner. Explore the possibilities today and find new home in beautiful Spain.
For additional information or assistance in choosing a Spanish property, please consult with us.