Here, we answer 13 of the most frequently asked questions about purchasing property in Spain.
Yes, foreigners are allowed to purchase property in Spain without any restrictions. The Spanish government encourages foreign investment and homeownership, although non-EU citizens might face some limitations.
To buy property in Spain as a foreigner, you need a valid passport, a Spanish Identification Number (NIE), and a Spanish bank account. We recommend hiring a reputable lawyer to help you navigate the legal aspects of the purchase.
Yes, in addition to the purchase price, you should expect additional costs such as property transfer tax, notary fees, registration fees, and legal fees, which usually total around 10-12% of the property’s purchase price. Read more about costs of buying a property on the Costa del Sol.
Properties can be found through real estate websites, local agents, property portals, and online classifieds. Nest Real Estate can assist in finding the ideal home in Estepona, Costa del Sol, offering local expertise, personalized service, comprehensive support, a wide property selection, and a trusted network.
Choose Nest Real Estate for a seamless and successful property buying experience on the Costa del Sol.
Yes, you can. Nest collaborates with Habeno.com for mortgage services. Before beginning your search, it’s important to review your budget and financing options. Habeno uses advanced technology to help you secure the best mortgage terms, and their team of international experts will guide you through the entire process.
Consider factors such as proximity to amenities, accessibility, lifestyle preferences, and potential rental income. Visiting the area in Estepona can help you make an informed decision.
Long-term rentals generally have no restrictions, but short-term rentals are regulated. It’s crucial to understand local rules, taxation, and requirements, as renting without a tourism license is prohibited. You must comply with national and regional laws, including tax obligations and licenses.
You must declare rental income through Form 100 if you’re a resident or Form 210 if you’re a non-resident, depending on your residency status.
The process typically takes 4 to 12 weeks, depending on transaction complexity, financing arrangements, and any legal or administrative delays.
While not mandatory, knowing some Spanish can be helpful. Nest Real Estate provides Spanish-English-Swedish speaking agents to facilitate communication and ensure a smooth transaction.
Yes, property owner, you must pay taxes such as property tax (IBI), wealth tax (for high-value properties), and annual income tax if renting out the property. We recommend consulting a tax advisor.
Yes, digital viewings are available, allowing you to view properties remotely . We can show properties via mobile phone to give you a better sense of what you’re looking for.
Yes, new developments may have different payment plans and come with bank guarantees on payments, a 10-year structural warranty, and warranties for appliances and cosmetic details. A “snag list” is used to address deficiencies before final payment.
For established properties, thorough inspections are crucial as they are sold as-is. For new developments, an inspection or “snagging” is recommended before final payment.
We hope this FAQ provides clarity on buying property in Spain. For further questions or assistance, feel free to contact us.
