Buying a house in Spain is the dream of many expats who want to settle permanently in the country or are looking for a second residence where they can enjoy a long vacation or a well-deserved retirement. It is not surprising that this country is one of the most attractive European destinations in this sense, since it has a great natural, cultural and gastronomic wealth.
We can boast of a great quality of life in Spain where we have an average of more than 300 days of sunshine a year, thousands of kilometres of coastline and one of the best cuisines in the world that varies greatly depending on the region or city. In addition, each region of Spain has a different and varied culture, the result of hundreds of years of history to visit and experience.
Can an expat buy a house in Spain?
An expat can buy a house in Spain, even if they pay taxes outside this country. For this, mortgage loans are granted with special financing conditions. The buyer has to present the necessary documentation to prove that his profile is solvent and can make the corresponding payments, since he is not usually granted more than 60% of the appraised value of the home. However, if the expat is a resident in Spain and buys the home as the main residence in which to reside, the normal conditions of a mortgage loan are usually applied, which will vary only according to the bank in which it is contracted.
It is necessary to point out that there are general conditions that may befall when applying for a mortgage. But these conditions vary depending on the risk that the banks interpret that they assume when granting the mortgage loan. For this reason, our recommendations are that if you want to buy a house in Spain, go directly to the banking entities so that they can advise you on your specific situation and they will probably be your conditions for acquiring said loan.
What are the favourite areas to buy a house?
According to the report on “Statistics of foreign residents in Spain” prepared by the Ministry of Inclusion, Social Security and Migration, the number of foreign residents in Spain increases every year, with a total of more than 5 million people. More than 50% of these foreign residents in Spain are concentrated in seven provinces: Madrid, Barcelona, Alicante, Málaga, Valencia, the Balearic Islands and Murcia.
The average age of the foreign population residing in Spain is 40 years. Although this figure increases if we look at the age groups of the United Kingdom or Germany, where the average age increases to 54 and 49 years, respectively. The reason for this increase is due to the fact that many people from these countries come to reside in Spain to enjoy their retirement. The chosen territories are usually those close to the coast, such as the Costa Blanca, where small colonies have been formed, made up mostly of British people, in which the English language is spoken even in shops and restaurants in the area within the foreign groups.
These retired immigrants mainly settle along the Mediterranean coast in order to find a sunny climate that allows them to maintain a relaxed lifestyle. It is for them the “eternal summer” in a country that offers many advantages and a very high quality of life at a much cheaper price than in their countries of origin.
Discover some of our latest projects
At Pacheco & Asociados we have carried out hundreds of projects for expats who wish to buy a house in Spain to live in or use as a holiday home. The following video is just one of the hundreds of homes we have designed for expats. One of the projects is located at Mosa Trajectum, an urbanization located in the Region of Murcia, a few kilometres from the Costa Blanca.
Visit our YouTube channel and discover more projects we have done. We accompany our clients throughout the process, from the initial idea until they get the home they have always wanted. More than 25 years of experience endorse us as one of the best architecture studios in the Region of Murcia and Alicante.
Thinking of building or buying a house in Spain? We encourage you to contact us without obligation and we will advise you on the available options.