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FAQ
What is the process of buying property in Spain?
- Determining your budget and location – defining your budget and choosing the preferred location
- Selecting properties and viewings – choosing properties you are interested in and booking viewings with our agent
- Reservation agreement and deposit – once you decide to proceed with the purchase, you sign a reservation agreement and pay a deposit to reserve the property
- Cooperation with a lawyer – support is provided through an experienced law firm
- Obtaining Foreigner Identity Number (NIE) – a required document for foreigners to purchase property in Spain
- Opening a bank account – necessary to carry out financial transactions
- Setting mortgage conditions (if applicable) – assistance is provided with the formalities of financing the purchase
- Preliminary contract – confirmation of the purchase terms before the final notarial deed
- Signing the notarial deed – finalization of the property purchase
- Registration in the property registry – the property is officially registered in the buyer’s name
What documents are needed to purchase a property?
- Foreigner Identity Number (NIE – Número de Identificación de Extranjero) – required for official and legal procedures in Spain
- ID card or passport
- Proof of a Spanish bank account (all financial transactions – deposits, notary fees, taxes – must be processed through it)
Do I need a Spanish bank account?
Yes, having an account in a Spanish bank is mandatory because all transactions (deposits, notary fees, taxes) must be processed locally.
What are the costs of buying a property?
Primary market (from a developer):
- VAT – 10% of the property value
- Notary, legal and administrative fees – around 3%
Secondary market:
- Property transfer tax – 7% of the property value
- Notary, legal and administrative fees – around 3%
Should I hire a lawyer when buying a property?
It is not mandatory, but highly recommended. A lawyer will ensure that all documents and procedures are handled correctly, making the transaction safe and fully compliant with Spanish law.
What are the costs of owning a property in Spain?
- Community fees – from around €50 to €800 per month (depending on the standard and location)
- Property tax (IBI) – paid once a year
- Utility bills (electricity, water, waste collection) – costs depend on usage
Can I get a mortgage as a foreigner?
Every foreigner can obtain a mortgage from a Spanish bank. The required documents are:
- Foreigner Identity Number (NIE)
- ID card or passport
- Proof of a Spanish bank account
- Financial documents: tax returns from the last 2 years, credit report
Is property insurance mandatory?
Insurance is not required if the property is not mortgaged. However, it is strongly recommended to protect against unforeseen events (e.g., fire, flooding). If the property is mortgaged, insurance is mandatory.
Can I rent out my property?
Yes, but to legalize rentals, you must obtain a tourist license. Renting without one can result in heavy fines. The process of obtaining the license is quick and straightforward.