Real estate in Spain for Ukrainians
Buying real estate in Spain can not only give pleasant emotions, but also become a profitable investment, if you choose the right object. For this reason, more and more Ukrainians are looking at the Spanish real estate market, which is actively developing and growing. According to experts' forecasts, the expected yield for residential properties will be about 10%.
It is also important that citizens of Ukraine, as well as other foreigners, can freely buy any residential or non-residential real estate in Spain. This is not affected by either the region or the cost of the object. The main thing is to have all the necessary documents to conclude the deal. And you can even buy housing with a mortgage.
In this article we will consider in detail why Ukrainians should choose the real estate market in Spain. We will also tell you how much the average cost of apartments in 2024 in popular Spanish cities, what taxes will have to pay when buying housing and how the purchase of real estate in this country.
Why buy real estate in Spain
A favorable geographical location, excellent climate and beautiful nature - one of the main reasons why Ukrainians decide to buy real estate in Spain. The number of sunny days in the year here is much more than in Ukraine. A house by the sea becomes a dream, which is quite realistic to realize, if you become the owner of housing in one of the resort cities of Spain. But the sea, sun and warmth are not the only reasons why you should buy an apartment in this country.
The main advantages of buying residential real estate in Spain:
Good return on investment. If you buy real estate in Spain for yourself to rest a few weeks a year on the beach, the rest of the time the house or apartment can be rented out, which guarantees a good income. Due to the large number of tourists demand for housing is kept at a high level almost all year round. Taking into account the fact that the real estate market is growing, you will surely be able to sell the object in a few years with a good markup.
The opportunity to spend a vacation at the sea. Apartments on the coast guarantee a comfortable and pleasant vacation with the opportunity to feel not a tourist, but a local resident.
Developed real estate market and attractive prices for housing. In the Spanish market you can choose a house, villa, apartment, apartment with prepayment or mortgage. Find a good object can be both in a new building and in the secondary market. In addition, housing prices are considered one of the most attractive among European countries, despite the fact that the cost per square meter in Spain has increased due to increased demand from Ukrainians in recent years.
Obtaining a residence permit. If you buy a property worth more than 500,000 euros, you can obtain residency status. A homeowner with a residence permit can stay in Spain for any period of time. Close relatives of the investor (parents, spouse, children) can also obtain a residence permit.
The advantages include the possibility of purchasing real estate in Spain remotely. The buyer can be in Ukraine, at the same time the realtor will find a suitable object for him, and the lawyer on a notarized power of attorney can conclude the transaction on behalf of his client.
How much is the average cost of housing in Spain
Prices for residential real estate in Spain vary greatly. In mountainous areas you can buy a house for a symbolic amount, and in some cases the local authorities are even willing to give money to buy housing, just to attract people to their village. At the same time, in expensive and famous resorts, you will have to pay several hundred thousand euros for an apartment. Proximity to the sea, climate, infrastructure, condition of the house - these and other factors significantly affect the cost of housing.
The average price per square meter of residential real estate in Spain - about 2500 euros. The most expensive offers can be found in the capital, major cities and islands in the Mediterranean Sea. Thus, in the central part of Madrid and Barcelona apartments can be sold for 2 million euros. An apartment on the seaside can cost about 500 thousand euros. In Ibiza, the cost per square meter starts at 4000 euros.
The cheapest real estate in Spain sold in the city of Villarrobledo, which is part of the province of Albacete. Here the price per square meter is fixed at about 600 euros.
What are the property taxes in Spain
Buying real estate in any country involves paying additional fees and taxes. Spain is not an exception. Ukrainians should be ready to pay on average about 10-15% of the cost of the selected object.
What are the costs of buying housing in Spain by foreign citizens:
6-10% of the cadastral value of the object when paying property transfer tax when buying housing on the secondary market;
10% of the value of the object when paying the value added tax in case of purchasing a property in a new house from the developer;
600-1000 euros when paying the notary fee;
5% of the value of the object when paying the realtor's commission (mostly paid by the seller, but there are exceptions).
In addition to the additional costs of buying a house or apartment, you will also have to pay annual property tax. By European standards, it is quite small and is depending on the region of 0.4-1.1% of the cadastral value of the property.
In which city is better to buy real estate in Spain
To understand where it is better to buy a home in Spain, first it is worth determining the purpose of the purchase. A quiet vacation by the sea with your family and investing for passive income - completely different goals, respectively, and the choice of locations for them will be different.
Here are some popular cities that are often chosen by Ukrainians:
Madrid. In the capital most often buy housing for a good capital gain when reselling real estate or renting it out to tourists.
Barcelona. Another popular city among visitors, which is constantly in high demand for apartments and villas for vacation on the Mediterranean coast. Here you can also buy a home for investment purposes. Many leading universities are located here, so Barcelona will be of interest to those who would like to come to Spain for European education.
Valencia. Prices for housing in this city are lower than in Madrid and Barcelona, while there is access to the sea, beautiful nature, many opportunities for work and study.
Alicante. There is a harmonious combination of modern urban infrastructure and historical center, which also attracts tourists. If you need housing for rent, you can consider this option.
Torrevieja. One of the most popular cities in Spain among Ukrainians. It is chosen as the most Russian-speaking city in the country, as well as for the large number of compatriots, the sea and good infrastructure. Here are also low prices for residential real estate.
If you have no knowledge of Spain, the differences between the regions and the real estate market in this country, it is better to immediately contact a realtor. This will help you choose the city and the object that best suits the purpose of the purchase.
The main stages of the procedure of buying real estate in Spain
The process of buying real estate in Spain is not complicated, but those who first buy housing abroad, may not know all the nuances and peculiarities of the procedure. We will tell you about the main stages of buying a house or apartment in Spain:
Selection of real estate objects - the initial stage, which can take from a couple of weeks to several months, if the buyer's request is quite complex. The client can study the options remotely, being in Ukraine, or in person, if already living in Spain.
When the buyer has decided which object is suitable for him and decided to buy it, he needs to open an account in a Spanish bank, as all payments are made by wire transfer. Also be prepared to have to confirm the legality of the origin of the money. To open a bank account, you will need a foreign passport, a certificate of income, a tax return, and a certificate of registration at the place of residence.
To buy a home, a foreigner must also obtain a NIE (Taxpayer Identification Number). You can do this at the Spanish embassy or consulate, taking your passport with you. The document is issued for about 2 weeks.
When the lawyer is convinced that the buyer's favorite housing is not pledged and there are no debts for utilities, the parties can proceed to the conclusion of a preliminary contract and deposit of approximately 10% of the value of the object.
The final stage in the purchase of real estate - the conclusion of the main contract of sale. The transaction must be attended by a notary, who reports it to the Property Registry and gives the original sales contract to the parties. After paying the stamp duty, the buyer receives a document confirming ownership (Nota Simple Informativa).
To buy real estate Ukrainian will need a passport, Spanish TIN and a certificate of opening an account in a European bank. The seller should check the availability of such documents: passport, TIN, certificate of ownership, receipts for utility bills, extract from the real estate register, certificate of technical condition of the object, cadastral certificate indicating the characteristics of the object.
Purchase housing in Spain can also be in the mortgage or on the primary market, using installments from the developer. But here too there may be their "pitfalls", of which an inexperienced buyer may not suspect. For a safe purchase of real estate abroad and a profitable investment of money is better to immediately turn to professionals. Real Estate Agency "Mayak" works with the real estate market in Spain and is always ready to help with the selection of the object and the purchase of housing on the best terms.
