Buying a home in Spain, be it a villa in Malaga, an apartment in Barcelona or a finca in Seville, is about enjoying an exceptional climate, discovering a new land and a new culture, enjoying a living environment unique at the best price, benefit from the best health system in the world, pay less taxes and real estate charges, exempt from inheritance tax, not to mention to make a good investment … close to home. There will always be a very good reason that will encourage you to invest in real estate in Spain.
When you ask someone what are his priorities to buy a home abroad, he answers first the climate, then the price, and then the lifestyle. That’s good, that’s the very definition of Spain. Buy a home in Spain, more than 22,000 have done in 2018, a record! Why not you ?
1. EUROPEAN RECORD FOR SUNNY DAYS
Investing in Spain means investing in the sun first. You benefit from an exceptional climate with more than 300 days of sunshine a year on average. And 320 days in Andalusia. The European record is in the Province of Almeria (Andalusia) with more than 3200 hours of sunshine a year. Of course, like any good thing, it must be enjoyed in moderation.
The heat is mostly present in the heart of summer (July 20 to August 20). Especially in the interior of Andalusia and Seville.
Nevertheless, if you like rain (and British landscapes), you have the opportunity to invest in Galicia on the Atlantic coast in north-west Spain. With the advantage of having very good real estate business at 1300 euros per m2 on average.
2. INCREDIBLE GEOGRAPHICAL DIVERSITY
With an area of 500,000 km2, Spain has large modern urban centers and an exceptional natural environment, with its different landscapes, pueblos, sea, mountains and plains.
If you prefer the professional possibilities and the cosmopolitan side, you will choose the big cities like Barcelona, Madrid and Valencia. Or Andalusia, the Canaries or the Balearic Islands for the beaches and the sweetness of life. And the Castilles and Extremadura for deep Spain. And more to the northwest, Galicia and Asturias, for the rain and the natural beauty of the landscapes.
3. UNEQUAL CULTURAL WEALTH
Buying a home in Spain will take you to discover this land rich in history, culture and architecture.
Spain is one of the main tourist destinations in the world. And there are plenty of good reasons outside the beaches. And especially monuments and architecture unique in the world. Such as the Cathedral-Mosque of Cordoba, the Alhambra of Granada, the Gibralfaro of Malaga, the artistic Seville, Gaudi’s brilliant Barcelona, the Guggenheim Museum of Bilbao, the Prado Museum in Madrid, the modernity of Valencia, etc.
In gastronomy, it’s been several years since the Spanish cooks are considered among the best in the world! And what a pleasure to eat outdoors in the terraces of the restaurants in the alleys of Seville or Cadiz, or the bay of Palma or San Sebastian, or in the huts on the Andalusian beaches. Come discover the Spanish gastronomy that is not limited to paella and tapas!
It is also good if you want to find yourself in English speaking atmosphere. More than 400,000 English-speaking British and American’s already reside in Spain. They are more each year that settle here and their presence is very important on the Mediterranean coast. English schools are in all major cities of Spain: Madrid, Barcelona, Valencia, Malaga, Bilbao, Seville, Alicante, Palma de Mallorca ….
By the way, learning Spanish is easy!
4. A LIFESTYLE OPEN TO OTHERS
The influence of the sun on our health and mood is more important than we believe. This allows the Spaniards to be more sociable and go out more often than other Europeans, including at night!
A single Spaniard does not exist. You will see many people going out in groups. Socially, in Spain, they do not really like people who are critical, grumpy or who say what they think without rounding the edges. Spaniards prefer mostly funny people, talkative, smiling and warm, even if sometimes it’s a little hypocritical. And they are always ready to party or share a good meal with friends!
The family is also very important as elsewhere in the Mediterranean. We still often find three generations living under the same roof. This family solidarity has enabled many young people to overcome the financial crisis.
A newcomer, a foreigner who arrives, will always be well received with sometimes a little reserve (in Catalonia). And other times with a lot of heat (weather in Andalusia).
5. A LOWER COST OF LIFE THAN ELSEWHERE IN EUROPE
Services, leisure offers and Spanish shops are at least at the same level of quality as French, British, American orEuropeans. But at significantly lower prices.
A retiree has a purchasing power of 30 to 50% higher than his country.
With the sun, you obviously save on heating. But the savings are everywhere:
Your food: you can fill a caddy in a Spanish supermarket for 50 €!
The food follows: the majority of the Spanish restaurants offer menus of the day (Menu del Dia) for lunch at 10-12 € which includes a starter. main course. desert and a drink. The bars have drinks from 2 € at night.
Public transport is also cheaper in Spain, taxis, buses, self-service bicycles. In Barcelona, as an example, you cna get a Zone 1 pass that allows you to ride the train, metro and Bus for 1 euro per trip. A T10 costs 10.20€ and allows you 10 trips!
As for the clothing shops, they are stormed at the time of sales by foreigners, July is a big sales month.
Leisure is not left out: a movie ticket will cost in Spain two times cheaper than in the USA. The same for amusement parks and museums, or even gyms.
Comparable rents are also two times cheaper in Spain.
The services of craftsmen and service providers are also much lower.
An exception: higher telephone rates in Spain than in other countries.
6. THE BEST HEALTH SYSTEM IN THE WORLD
As we wrote recently in an article, Spain is the country with the best health in the world and the country where we will live the longest.
The Spaniards have the best health in the world! This is reflected in the 2019 edition of the Bloomberg Healthiest Country Index, which ranks 169 countries by factors that contribute to overall health. In 2040, according to a study by the University of Washington, Spain will have the highest life expectancy in the world, with 86 years (it is the third in the world today behind Japan and Switzerland).
Experts explain it by the quality of Spanish health care and its Mediterranean diet. We would add two other reasons. The absence or at least the lowest level of stress compared to other developed countries. And of course the number of hours of sunshine!
Do not forget that European residents have universal (free) medical coverage in Spain. And the Spanish public hospitals are of a level much higher than their American or British counterparts.
Health insurace costs are also better than other countries and cost less too.
7. A DESTINATION OF PROXIMITY
If you buy a home in Spain, and you decide to live there, you will never be far from other European countries. From Barcelona you can drive to France in 3 hours.
The Spanish airport network gives you access to all major European cities in less than 2 hours at unbeatable prices.
8. BUYING A HOUSE IN SPAIN IS CHEAPER!
We enjoy in Spain an unbeatable value for money in terms of real estate for those who want to be at the edge of the sea and enjoy the sun.
While on average in Europe, between 2008 and the first half of 2016, real estate prices rose slightly (+ 4%), in Spain they fell by 26%! Since then, they have been on the rise, but they are still low in most parts of Spain compared to other countries, especially outside the central districts of Madrid and Barcelona, Marbella and the Balearic Islands.
There is real estate on the Mediterranean coast in Spain for all budgets: from € 1,000 per m2 on average (the cheapest in Algeciras) to € 6,000 per m2 on average (in Ibiza the most expensive). With still very nice things to do including Valencia, Malaga, Seville, Alicante and the outlying areas of Barcelona and Madrid. And obviously in the villages of the Andalusian coast, or rural areas a few kilometers inland.
If you choose the center of Barcelona or Madrid, you will need an average of 5,000 to 6,000 € per m2. We are still very far from the € 10,000 achieved by Paris or € 11,500 from Geneva and Zurich. For the city centers of Valencia and Seville, it is much lower at 2500 € per m2, the city center of Malaga is 3000 €, and that of Alicante 2000 €.
The Atlantic coast of northwestern Spain (Galicia, Asturias) is also very affordable with prices around 1500 € per m2.
583,000 homes were sold in 2018 compared to 516,000 in 2017. Demand is strong, both in the domestic market and in the foreign market.
There have never been so many foreign buyers in Spain, 105,000 in 2018. More and more foreigners are investing in Spain every year, attracted by low prices, sun and sea!
9. BUYING A HOUSE IN SPAIN, IT REPORTS MORE!
Buying a home in Spain is a profitable investment. Immediately if you rent it, and later resale (surplus value).
The Spanish economy is doing well, it is the strongest economic growth of the major European countries.
The double rental property demand (annual and tourist) is constantly rising. The annual rental demand by the needs of Spanish households whose standard of living increases but who have not yet the means to buy. Tourism rental demand by increasing tourist attendance.
With the constant increase in purchase and rental requests over the last five years, properties are valuing themselves very quickly. In some cases, they have even caught up with pre-crisis levels (Marbella, Ibiza, some neighborhoods of Madrid and Barcelona). Capital gains will remain very high for a few years especially in the peripheral areas of Madrid and Barcelona. Or in cities like Seville, Valencia or Alicante.
The rental mix and added value will ensure an annual profitability of 10% gross in some of these geographical areas.
Another advantage is that rental deductions are higher than in other European countries. Which ensures a better net rental profitability.
10. LOWER REAL ESTATE EXPENSES
Property charges for a home in Madrid, Barcelona or elsewhere in Spain are significantly more reasonable than in some other European countries, making Spain that much more attractive.
The property tax (IBI in Spain) is about 30% lower in Spain than some other European countries. And the housing tax … never existed in Spain! When the charges for condominiums, they are on average half as high as in France.
11. SEVEN AUTONOMOUS COMMUNITIES WITHOUT TAX ON SUCCESSIONS!
You buy but you have to think about the future, and the future says succession and donation.
On April 23, 2019, Andalusia was the seventh Spanish autonomous community to adopt the virtual elimination of the tax on inheritance and donations for residents with a 99% bonus on this tax! The other autonomous communities that have already implemented this measure are the Community of Madrid, Canary Islands, Cantabria, Extremadura, Murcia and La Rioja.
12. THE TWELFTH REASON, YOU ARE ON THE RIGHT SITE!
The last reason you have to buy in Spain is that you read the right website to make it all come together. Our experience allows us to accompany you safely throughout your real estate project. Contact us, a Real Estate Advisor can save you a lot of time, money and trouble.
With more than 20 years of experience in real estate acquisition procedures in Spain, we are at your disposal to assist you with all the necessary steps from the search for a property to services offered after the acquisition. When you are buying a home in Spain we help with organizing the visits of properties, the legal verification of the properties, the obtaining of a mortgage, the administrative procedures and the signature of the different notarized documents.
Do not hesitate to contact us!
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