Property in Spain

Buying of property in Spain for the Russians is becoming more convenient way of capital investment. During 2000s in a number of resorts in Spain were formed colonies, where most property owners were Russians. British is perhaps the largest group of owners of villas and apartments at such resorts as Costa del Sol and Costa Brava – people joke that soon the resort coast of Spain will have to be renamed, into more appropriate name. For example, Costa del Vodka. Only in the province of Alicante as for December 2009 lived more than 25,000 Russians. Marbella, Torrevieja, Malaga - these are the most popular areas that today attracts Russians.

Prices for homes in Spain

Property prices in Spain vary from region to region. Houses in remote Spanish areas are located in rural regions of Andalusia, Galicia, Asturia and are among the cheapest. In these areas, a modern villa of 120 to 150 square meters can be bought for 230,000 dollars. The most expensive areas of Spain are Spa Costa del Sol and Costa Blanca. In Costa Blanca for the similar area the price will start at 290,000 dollars. And to the north of Alicante property will cost more than in the southern resorts. Costa del Sol is, perhaps, the most expensive beach resort on the Spanish mainland - here price for villa or townhouse starts from 350,000 dollars. However, even for Costa del Sol it is difficult to compete on prices with Majorca or Ibiza. A new home on these islands will cost on average 500 000 dollars.

Please note that prices are only informational, are averaged and used only for new housing.

Prices for apartments in Spain

Like everywhere else in the world, the most expensive apartments in Spain are in the capital, Madrid. Prices for apartments in Madrid today start at a price of $ 3200 per square meter (as of January 2010). Practically the same prices for apartments are in Barcelona. In one of the most beautiful cities in the world a square meter will cost on average 3,100 dollars. One of the cheapest large cities in Spain is Valencia, where the cost of a square meter is about $ 1700. But we are talking mainly about the new housing.

Property taxes in Spain

When buying a new property in Spain two taxes are usually paid: VAT (in Spanish IVA) and the so-called "stamp duty" (in Spanish ITP / AJD). The first is 7% of the cost, the second – 0.5%. When buying property on the secondary market, buyer also pays the so-called transfer tax (ITP), which accounts for 6% of the cost.

Payments when buying property in Spain

Typically, when buying property in Spain, the buyer pays for two types of services: registration of the transaction by a notary and registration of real estate in the Spanish Property Register. Note: registration can be issued only in case of payment of the above-mentioned taxes.

Buying property on the coast of Spain

When buying real estate on the coast of Spain, the buyer should make sure that the developer led construction in accordance with the Spanish Coastal Law or that he had received a building permit from the Coast Department. Among the most common restrictions is a ban on building homes in close proximity to the beach. The house must be located not less than 100 meters from the beach area.