Spain is the second largest country within the European Union, but has a relatively small population of around 46 million. Its continuing popularity as the country of choice for holiday property owners and for those seeking Spanish property for year round living is due to its fantastic combination of enviable weather, stunning scenery, a diverse and vibrant culture, plus a modern infrastructure for healthcare, education and transport.
Moving to Spain can be a daunting task. That's why if you have a good real estate agent to support and advise you every step of the way, it can make all the difference! We help dozens of expatriates move to Spain or buy second homes in Spain every year so we are very well informed of the buying process. We have no doubt we can make your move as stress-free as possible.
Here's what one of our customers had to say about our service! We acted as Josh's estate agent for buying a beautiful villa in an inland location of Spain on the Costa del Sol.
We recently closed on a property in the area and made use of Mediterranean homes as my buying realtor. Coming from overseas they planned several days of viewings and showed us many properties in our price range. They pointed out the good and the bad and listened carefully to our needs and wishes. I cannot praise David Burges and his team enough for their professionalism and guiding us through the process as it is different in Spain. They recommend several options for legal advice (needed), setting up a banking account (needed) and are a partner in the negotiations process. The communication has been outstanding and now we are moving to the next phase as we want to get some work done to our new home, like painting and some small repairs and improvements. I strongly recommend David, Kelly and Tyler as your team of Mediterranean homes when looking for your next home in the area, you will not be disappointed!!! - Josh P
View other reviews on Google for Mediterranean Homes
Useful Financial Information
Please see below some useful information updated in January 2024 that is well worth reading when you are looking to move to Spain. Chase Buchanan Wealth Management Consultants have provided us with these excellent resources to help our clients with their financial managemet issues when moving to Spain.
Property Purchase Process in Spain – A Step by Step Guide
There are only 3 steps involved in buying your dream home in Spain. We will run you through each stage and keep it as easy as possible.
1. The Reservation Contract/Deposit
You have found your dream home and you have reached a mutual agreement with the sale on a price both parties are happy with. This reservation fee is usually 6.000 Euros, however this can vary on the value of the property. For example: If the property is 100.000 Euros then the fee may be 3.000 Euros or if the property is valued at 600.000 Euros, it could be a 10.000 Euro reservation fee. The deposit is lodged either with your agent or lawyer and a reservation contract is signed between both parties. Once this is done, the property is withdrawn from the market and your lawyer can start doing the due diligence on the property. If you are also requiring a mortgage to purchase your home then you would also start submitting the property documentation to the bank. You will require an NIE (Spanish Identification Number) and bank account in Spain. If your solicitor has Power of Attorney, he can help you with this process.
2. The Private Purchase Contract/10% payment
This step usually takes place around 4 weeks after the Reservation Contract has been exchanged. If you are happy with the outcome of the legal searches carried out on the property and your mortgage has been approved it’s now time to take the next step. At this point the Private Purchase Contract is signed by all parties. This is a very important stage of the purchase process as it officially ties the sale/purchase of the property and confirms the final completion of the purchase at the Notaries office. Once the contract is signed the buyer will transfer the 10% of the purchase price (deducting the initial reservation fee) to the vendor or vendors legal representative.
3. The Completion
The balance will be paid upon completion at the Notary’s Office (90%). You will accompany your lawyer to the Notary’s Office (or your lawyer can do this on your behalf if he or she has Power of Attorney). You will sign the new Title Deeds (Escritura) and the keys will be handed over to you and you now own a property in sunny Spain!
From this moment on, your lawyer will proceed with finalising the last bit and bobs related to your purchase:
And it’s really as simple and straightforward as that. You now own a new home in Spain, congratulations!
Please note that our team are here to help you during and after the whole purchase process of your property, remember we have lived here since 1991 and we are here to help you with any questions you may have or any information you may need. We like to remain in contact with all our clients.
About Spain
Spain’s regions
Spain is divided in 17 autonomous regions with their own elected authorities. Each community has its own distinctive culture, and in the case of Catalonia, Galicia and the Basque country, a separate language, although standard Spanish, known as ‘Castellano’ or Castilian, is also spoken in these areas. The country shares the Iberian peninsula with Portugal and its territory includes the Balearic Islands, the Canary Islands and two North African enclaves, Melilla and Ceuta.
What does Málaga have that other Spanish areas don't have?
The answer is just about everything. Museums, art galleries, concert halls, cinemas, sporting and health facilities, hospitals, schools, shops, and…the list goes on and on. Best restaurants in southern Europe, great beaches, nature parks, adventure trails, places of historic and architectural interest. For both geographical and historic reasons, this part of southern Spain is very self-sufficient, and with its own cuisine and culture, it is a mere accident of history that the entire Andalusian region is not a country separate from the rest of Spain.
The Spanish economy
Spain joined the European Union in 1986 and has developed a dynamic and rapidly growing economy. The global recession that started in 2008 had a detrimental effect on Spain, but since 2014 it has shown positive growth and the construction industry, one of its most important sectors is returning to a renewed period of growth. Its main economic sectors are the wholesale and retail trade, transport, accommodation, plus agriculture (especially fruit and vegetables, olive oil and wine) and tourism are also very profitable.
A diverse and modern culture
Those people who have never visited it, might be under the impression that Spain’s main attraction is ‘holidays in the sun’, but this is not the whole picture. Away from its beaches and coastal resorts, there is an extraordinary variety of things to do: skiing in the Sierra Nevada or Pyrénées; walking the pilgrimage route of Santiago de Compostela; UNESCO World Heritage sites; cutting-edge art galleries in Madrid, Barcelona, Mallorca and Bilbao; exciting festivals such as San Fermin (Running of the Bulls) and La Tomatina, plus a host of ferias and fiestas that are unique to Spain’s cultural traditions.
This a vibrant, modern country that is a curious mixture of young and old: old in that it has existed for centuries and been a significant player on the world’s political stage – it was a Spaniard who discovered the New World and it had a considerable empire until the 19th century. And it is young, because it is still in the process of creating a new identity after Franco’s dictatorship that lasted from 1939 until his death in 1975, when Spain became a constitutional monarchy once again.
Living in Spain for property buyers
Spain has been welcoming holidaymakers and property buyers since the 1960s and has a tradition of welcoming the many foreigners who have chosen to relocate here, either for retirement, for work, or for shorter stays. The famous Spanish Costas are particularly well equipped within their public infrastructures of health, education and transport to cater to the needs of foreign residents and great effort is made to integrate non-Spanish residents into the political and cultural life of communities with free language classes and other activities that bring locals and newcomers together.
It is also true that in those areas with the greatest numbers of overseas residents, whether British, French, German, Belgian, Scandinavian or Russian, individuals and businesses from each one have added cultural and leisure activities, and business opportunities, that cater to their own community. There are Russian Orthodox churches, British pubs, French cafés, Scandinavian design shops, German clinics, and there are restaurants representing just about every ethnic cuisine in addition to the many fine Spanish eateries.
Adapting to Spanish life
Adapting to the Spanish norms of daily life is not difficult once you’ve figured them out: for example, shops may not open until 10am and will often close at 2pm and re-open at around 5pm until 8pm. Supermarkets are an exception and tend to be open from 8.30am until after 9pm. On Saturdays, shops close at 2pm (except supermarkets) and only some small shops are open on Sundays. Banks usually close around 2pm every day, although some are extending their opening hours, and you might find that you can only pay utility bills on certain weekdays between specific times. These are just a few of the little differences you might find between Spain and your home country.
Advantages of Buying a Property in Spain
Attractive Property Prices
The main advantage of buying a property in Spain for a foreigner is the price of the property, which is generally lower than in other first-world countries.
Unlike other EU and non-EU countries, the Spanish economy has taken longer to recoverfrom the economic crisis that hit the real estate sector from 2008 onwards, so incomparison with the major EU and non-EU countries (Germany, United States, UnitedKingdom, France, etc.) the price of housing is considerably lower.
Moreover, it should be noted that citizens who reside and work in said countries generallyhave a higher salary, therefore they have a greater purchasing power than a Spanish one.
Consequently, a foreign citizen with normal purchasing power could acquire a property inSpain in very good conditions, while perhaps in their country they couldn’t afford a housewith the same characteristics.
Exceptional Profits with Tourism Rental Investment Properties
It should also be noted that Spain is one of the great tourist destinations in Europe, due to its climate, its coastline, its history, its gastronomy etc., tourism is one of the strengths of its economy.
This has a direct effect on the real estate sector, in particular, on the rental of “touristproperty”.
Nowadays, the rental of tourist flats in Spain has grown exponentially, which attracts agreat deal of real estate investment.
In this sense, Spain is not only interesting as a holiday destination, but also as aninvestment country. If you buy properties in Spain, you can achieve exceptional profits.
Spanish property – location and price
Wherever you decide to live in Spain, you will find an excellent choice of properties, ranging from the ultra-modern to the more traditional Mediterranean style, plus traditionally Spanish haciendas, cortijos and fincas. Some prefer what is viewed as ‘the real Spain’, whilst others prefer the more cosmopolitan areas, and you will find that location and ‘fame’ affect prices. For example, glitzy Marbella is more expensive than ‘traditional’ Guadalhorce Valley.
