Real Estate in Spain
Last updated on Feb 02, 2024
Summary: An expat should begin their search for a home to buy in Spain by researching the different regions and cities in the country. They should consider factors such as cost of living, climate, and proximity to amenities. It is also important to research the local real estate market and the availability of properties. Foreigners are allowed to purchase property in Spain, however there are certain restrictions in place. For example, non-EU citizens must obtain a visa and residency permit before they can purchase a property. Houses in Spain typically include amenities such as air conditioning, central heating, and a terrace or balcony. Many homes also have a pool, garden, and garage. Depending on the region, some homes may also include a fireplace, outdoor kitchen, or other luxury features.
How do I find a place to live in Spain?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"There are many different ways to find a place to live in Spain. You could start by doing online research and utilizing resources such as rental websites like Idealista.com and Fotocasa.es. You could also consider reaching out to friends, family and colleagues from Spain who may have information on available properties. Additionally, local newspapers often advertise rental listings and are a great source of information, as well as a good way to get in touch with potential landlords. You can also contact real estate agencies that specialize in finding housing solutions. Finally, networking within the local community or expat groups can be a great way to get the most up-to-date information on potential rental options," said one person in Spain.
"Through a relocation company. They are the right people to tell you what are the advantages and disavantages about the different areas with an orientation tour. Also to visit properties, I think they give you the best idea on what is on the market," said one expat who made the move to Barcelona.
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What is a typical expat home or apartment like in Spain?
"I currently own. Most ex-pat friends rent small apartments or country rustic houses," explained one expat living in Palma de Mallorca, Spain.
What is the average cost of housing in Spain?
If you are thinking about moving to Spain, cost of living in probably a key consideration. Expats commented about the cost of housing:
"Housing costs - higher than the "average" in the USA; the "average" cost of housing for a three-bedroom apartment would be about $2,000 per month," said one expat who made the move to Barcelona.
"Average 2 bed unfurnished apt would run you 700€ mo plus first mo, last mo and deposit," explained one foreigner living in Palma de Mallorca, Spain.
"We came in 2020 and the housing costs have increased at least 20% in Malaga and on the CDS since we arrived. We live in a town on the coast with population 75,000 and have read the average rent here is the same as Madrid average! Another thing to remember is the currency exchange rates, if your funds are outside the EU. Our rent went up $175 this month solely due to the exchange rate," said one in Spain.
"The cost of housing in Spain varies greatly depending on location and other factors, such as quality and size of the property. Generally, in large cities the cost of living is higher, with rents for a one bedroom apartment reaching an average of around €700 per month. Outside of big cities, rents will typically be much lower, ranging from around €400-500 for a one bedroom flat. With the increasing popularity of Spain as a holiday and expat destination, property prices have risen in recent years, making it an attractive area for investments," explained one expat in Spain.
Should I buy or rent a home in Spain?
If you have not spent a lot of time in Spain, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Spain can be a good investment if you are planning a long-term stay there. However, it is important to consider the costs associated with buying a home, such as taxes, maintenance expenses and any potential renovation costs, as well as your income and savings. Ultimately, renting is a better option if you are not sure how long you are planning to stay in Spain or if you are looking for more flexibility. Renting also offers potential tax advantages. You should carefully consider all these factors before deciding whether to buy or rent a home in Spain," explained one expat living in Spain.
"We rented an apartment. It was not difficult. We went to a rental agency, they showed us apartments and we chose the one we wanted. The agent gets a commission but that's the only way I know of to rent an apartment here in Salamanca," said one person in Salamanca.
What do I need to know when buying property in Spain?
When we asked expats what advice they would give a foreigner before buying a property in Spain, they said:
"- Familiarize yourself with the Spanish legal system and the relevant rules for purchasing property in Spain. - Obtain independent legal and financial advice to ensure that the process of purchasing a property is completed fully and correctly. - Contact a qualified Spanish real estate agent and research the area you wish to purchase in. - Ensure that you consider the costs which you may incur in buying a property, such as taxes and property transfer taxes. - Determine what type of ownership you wish to have and research if you require any permission or licences to purchase the property. - Make sure you check the title deed and any other documents of the property and ensure everything is in order. - Ensure that the property complies with local building regulations. - Ensure that you know what type of insurance you require for the property. - Make sure you have adequate funds available in both your home and local currency in Spain to pay for the property," remarked one foreigner who made the move to Spain.
Are foreigners allowed to own property in Spain?
When we asked expats what advice they would give a foreigner before buying a property in Spain, they said...
"Yes, foreigners are allowed to own property in Spain. You will need to obtain a NIE, which is the identification number of a foreigner in Spain. You can obtain a non-resident NIE to buy property, if you do not plan to reside in the country. You can also invest half a million euros in real estate in Spain, and obtain residency through the golden visa," said one expat in Spain.
What appliances are typically included in a rental?
We asked foreigners in Spain what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"When renting a home in Spain, it is typical for the rental property to include an oven, hob, refrigerator, washing machine, dishwasher, toaster, coffee maker and other small appliances. Heating and/or air conditioning might also be included, depending on the rental property," wrote one expat who made the move to Spain.
Additional Information about Searching for a Home in Spain:
We asked foreigners in Spain what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats typically search for homes in Spain by researching online, consulting with real estate agents, and attending open houses. They can also look for rental properties through online listings, contact local expat groups, and ask for referrals from friends and family. Additionally, expats can look for homes in Spain through classified ads, newspapers, and magazines," explained one person living in Spain.
About the Author
Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
Other Questions:
- What should I pack when moving to Spain?
- Where should I setup a bank account in Spain?
- Will I be able to find a job in Spain?
- What is life like as an expat in your area?
- What do expats in Spain appreciate most about the local culture?
- What do expats find most challenging?
- Is there a lot of crime in Spain?
- Is there a lot of diversity? Are people in Spain accepting of differences?
- What are the schools in Spain like?
- How are healthcare services in Spain?
- What are medical services in Spain like?
- Are healthcare and health insurance expensive in Spain?
- What are emergency services like in Spain?
- Will I need to travel to see a specialist?
- Are common prescription medications available in Spain?
- How are local medical facilities in Spain?
- As a foreigner living in Spain, will I have access to public healthcare? What is it like?
- What have your experiences during the pandemic with the local healthcare system been like?