Spain continues to attract both residents and international investors looking for a secure and profitable real estate market. With a strong legal framework, a diverse property portfolio, and competitive prices, Spain offers excellent opportunities for those seeking a new home or an investment property.
At Atlandix, we guide you through every step of the property purchase process, ensuring a smooth and secure transaction. From finding the ideal property to handling all legal formalities, our team is here to assist you.
Why Invest in Spanish Real Estate?
- Legal Security: Spain’s legal system provides strong protections for property buyers.
- Attractive Prices: Compared to other European markets, Spain offers excellent value for money.
- High Quality of Life: A pleasant climate, vibrant culture, and excellent infrastructure make Spain a desirable destination.
- Strategic Location: Easy connections to major European cities and beyond.
Key Steps to Buying a Property in Spain
1. Legal Requirements & Documentation
Before purchasing a property in Spain, it’s essential to meet certain legal requirements and obtain key documents:
- NIE (Foreigner Identification Number): Required for property transactions, bank accounts, and tax payments.
- Spanish Bank Account: Necessary for handling payments, utility bills, and tax obligations.
- Deposit Agreement: A preliminary contract that secures the purchase with a down payment (usually 10%).
2. Verifying the Property’s Legal Status
To ensure a safe purchase, it’s crucial to check:
- Land Registry Report: Confirms ownership and identifies any debts or legal charges.
- Energy Efficiency Certificate: Mandatory for all properties for sale, indicating energy performance.
- Urban Planning Compliance: Ensures the property adheres to local regulations.
Atlandix handles all these checks to guarantee a secure investment.
3. Finding the Right Property
You can search for properties through:
- Real Estate Agencies: Offer professional guidance and a curated selection.
- Online Portals: Allow you to explore available listings with filters.
- Direct Owners & Auctions: Potential for good deals, but require legal due diligence.
We assist in selecting properties that align with your goals and provide expert insights on market trends.
4. Making an Offer & Signing the Deposit Agreement
Once you find your ideal property:
- You negotiate the price and terms with the seller.
- A Deposit Agreement (Contrato de Arras) is signed, committing both parties.
- If the buyer withdraws, they lose the deposit; if the seller cancels, they must refund double the amount.
Atlandix ensures your interests are protected throughout the negotiation process.
5. Securing Financing (If Needed)
Non-residents in Spain can obtain mortgages, typically financing up to 60-70% of the property value. We help compare bank offers, ensuring the best mortgage conditions.
6. Signing the Deed Before a Notary
The Public Deed of Sale (Escritura Pública) is signed before a notary, making the transaction legally binding. At this stage:
- The buyer pays taxes and fees (detailed below).
- The notary ensures all legal requirements are met.
- The final payment is made, and the property is officially transferred.
7. Registering the Property
The final step is to register the property in the Land Registry (Registro de la Propiedad). This process guarantees your legal ownership and protects your rights.
Costs Associated with Buying a Property
Taxes
- VAT (10%): Applies to new properties from developers.
- Transfer Tax (ITP): 6-10% for resale properties, depending on the region.
- Stamp Duty (AJD): 0.5-1.5% of the purchase price, applicable to new properties.
Additional Fees
- Notary & Land Registry Fees: 0.5-1% of the property price.
- Legal Fees: Atlandix provides full legal assistance for a secure transaction.
- Property Appraisal: €300-€600 if a mortgage is required.
Tax Obligations & Annual Expenses
Property Taxes & Fees
- IBI (Annual Property Tax): 0.4-1.3% of the cadastral value.
- Waste Collection Fee: €50-€200 per year.
- Homeowners’ Association Fees: Vary based on services and amenities.
Taxes for Non-Resident Owners
- Imputed Income Tax: 19-24% for non-residents based on the cadastral value.
- Rental Income Tax: 19% for EU residents, 24% for non-EU residents.
Atlandix offers tax guidance to help you comply with all obligations efficiently.
Why Choose Atlandix?
Navigating the Spanish real estate market can be complex, but with Atlandix, you have expert support every step of the way. We provide:
- Personalized property search based on your needs.
- Legal verification & due diligence to ensure a secure purchase.
- Negotiation & contract management for the best terms.
- Mortgage assistance & tax advice to optimize your investment.
- Seamless transaction management from start to finish.
Whether you’re buying a home or making an investment, Atlandix ensures a smooth and hassle-free experience.
Ready to buy a property in Spain? Let Atlandix handle the entire process for you. Contact us for expert guidance and a stress-free experience in making your dream home or investment a reality.
ATLANDIX GROUP
Lorena López – Solicitor
Tel. +34 644 402 567 – info@atlandixgroup.com
