Buy a house in Spain non-resident can seem like a complicated processbut with the right information and the right advice, it is an achievable goal. Here is what follows, explore the role of foreigners in the Spanish property market.the necessary legal requirements and professionals that can guide you on this journey.
The role of foreigners in the real estate market
The real estate market in Spain has traditionally been attractive to foreign buyers. According to According to a report by Idealista, foreigners accounted for 21.1% of total sales in 2022.. This reflects the confidence and interest that international investors have in the Spanish market, either because of its favourable climate, quality of life, or its competitive prices compared to other European countries.
Legal requirements to buy without being a resident
To acquire a property in Spain without being a resident, it is essential to comply with certain legal requirements. Here here are the key steps:
- Foreigner Identification Number (NIE): The NIE is essential for any financial transaction in Spain. You can apply at a police station in police in Spain or through the Spanish consulate in your country of origin.
- Spanish bank account: You will need a account in a Spanish bank to manage the payments related to the purchase of the property.
- Contract of Arras: This is a preliminary contract agreeing the terms and conditions of the sale and a deposit of around 10% of the purchase price is usually paid.
- Public deed of sale: Buying and selling must be formalised before a Spanish notary. The notary will certify that all the documentation is in order and that both parties understand and accept the terms of the contract.
- Land registry: Once the deed has been signed, it is necessary to register the property in the Land Registry.. This ensures that the buyer is the new legal owner of the property.
- Payment of taxes and fees: The main taxes to consider are the Transfer Tax (Impuesto de Transmisiones Patrimoniales - ITP) or VAT if the property is new, and the Annual Real Estate Tax (IBI).
Which professionals can advise you
Having the support of specialised professionals can make it possible to the purchasing process is much smoother and more secure.. Here we introduce you to the main professionals that can help you:
Lawyers: A lawyer specialising in real estate law can review all legal documents and ensure that the transaction is carried out in accordance with the law.
Notaries: The notary is a essential figure in the buying and selling process. Its function is to give public faith to the transaction and to ensure that everything is done in a transparent and legal manner.
Real estate agents: Agents can help you to finding the property that best suits your needs and guide you through the different stages of the purchasing process.
Managers: Administrative managers can take care of bureaucratic proceduressuch as obtaining a NIE and opening a bank account.
Property developers: The promoters may be the best option, as they usually offer a comprehensive management of the sale and purchase, especially in the case of new construction. They take care of the whole process, from the construction to the handover of the property.In many cases, they sell directly with no commissions added.
In short, although buying a house in Spain without being a resident requires several requirements and procedures to be fulfilledWith the right advice, the process can be greatly facilitated. With the support of lawyers, notaries, real estate agents, managers and developers, your dream of owning a property in Spain can become a reality in a safe and efficient way.
