To buy property in Spain cheap now or to wait a little longer, hoping that the price will fall even lower? Most likely, this question worries almost everyone who is interested in purchase of home on the Mediterranean coast. The coronavirus pandemic has affected the housing market all over the world, opening up new opportunities for buying – the popularity of transactions made remotely has increased many times over the year; this also affected Spain, where you can fly at any time with a local residence permit obtained through the remote purchase of houses for sale in Spain.
Story Stages
Positive factors
The Spanish economy after years of crisis is gradually recovering and now it is one of sustainable and vibrant economies in the eurozone. Unemployment is falling, tourism is on the rise. These factors have a positive impact on the dynamics of the property market. National and foreign buyers of housing in Spain get more confidence in their investment. The good tone of the national, the evolution of the European and the prospects for the world economy contribute to the active growth of the Spanish real property segment. The positive dynamics of 2021 encouraged optimism in developers and foreign investors, and experts expect even greater growth from 2022: at least 570,000 transactions are expected to be concluded against 532,000 concluded in 2021. An increase in demand inevitably leads to an increase in the market price. And even despite the huge difference with pre-crisis times (in 2007, the average price was 25.7% higher than in 2017), the dynamics does not cease to please investors: growth forecasts for 2021 are at least 5%.
Now is really the time to acquire property in Spain
Property prices are recovering, but they are still well below the peak of the market. This means that now is really the time to acquire property in Spain. This could be a beachfront home for a summer holiday by the sea, a villa for use as a winter residence, or an investment in property to rent out. Each week that you put off making a decision, prices will bounce back and rise. In addition, there is a relatively simple purchase procedure. The non-resident foreigners are allowed to purchase the property without special additional conditions: the main condition is the presence of Foreign Identification Number (NIE).
The purchase and sale itself is relatively simple, but it takes some time, as it is carried out in several stages. So, after choosing a suitable property and reaching an agreement with the seller, the selected property is reserved by making a cash deposit. Then there is a legal due diligence. If everything is all right – signing the definite agreement of sale and making a deposit (10 % of the cost). At the last stage, the contract is certified by a notary, and the buyer transfers the final amount to the seller.
Tourism creates a positive investment effect
A considerable increase in tourist visits to the Spanish coast makes the prospect of investing in local housing even more attractive. In recent years, Russians and other foreigners have been considering Spain not only for their summer holidays, but also as a winter residence. And no wonder, because the air temperature remains comfortable here all year round. Therefore, housing in Spain has excellent rental potential. And this attracts capital providers who look for a greater profitability and acquire property in Spain as an investment.
Assistance in the selection of a housing in Spain.
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