And so you made up your mind, and faced a dilemma: are the concepts of “comfortable life” and “cheap property in Spain” compatible?
Beautiful Spain has long attracted you with its beauties, climate, sea, dishes and wines, museums, and noisy nightlife, as well as leisurely walks, and communication with amazing, complacent locals. But the disturbing thought is holding back – will there be enough money to make a purchase?
It should be said right away that even with a relatively modest financial potential, quite decent housing can be found. To do this, you must consistently perform a series of actions and the result will please you.
How to buy cheap property in Spain?
The whole process, starting from the search for a property and ending with the signing of an agreement, can be divided into a number of stages:
- Research cheap property in Spain for sale.
In the big cities of Spain, you are unlikely to find what you need. Except on the outskirts, where the price of real estate is much lower and a few-minute drive from busy tourist centers can save you thousands of euros.
As for the seaside cities, real estate prices there are also high. However, they are lower than in other European countries and, for example, in Costa Blanca or Costa Calida, you can buy apartments for €100,000.
In the resort town of Torrevieja, an apartment with one or two bedrooms will cost you €50,000-60,000. If you are looking for a villa, then in the Canary Islands (Tenerife) you will find good options for less than €200,000.
If your budget is more limited, then you can easily find what you are looking for in the country in rural areas. So, the cheapest real estate in 2022 was in the city of Alcaudet de la Jara in the province of Toledo and amounted to €316 per 1 sq. m, that is, 10 times lower than in Madrid or Barcelona.
Followed by:
- Fuente Obehuna (province of Cordoba) – €341 per 1 sq. m;
- Belmez (province of Cordoba) – €370 per 1 sq. m;
- Zuhar (province of Granada) – €398 per 1 sq. m;
In general, the cheapest property in Spain for sale (below €1000 per 1 sq.m.) is located in the provinces of Valencia, Toledo, and Granada. In total, you can find properties suitable for purchase in 815 municipalities. In the province of Alicante, 39 cities can satisfy you with their real estate prices, in La Coruña – 38, in Seville – 37.
In the Andalusia region in the town of Martos, which is famous for its excellent olive oil, an apartment can be purchased for €30,000.
We would like to draw your attention to the fact that when choosing a property, one should take into account not only its price but also its further maintenance, as well as, for example, the costs of getting to the nearest city, shops, school, hospital, or beach. Since the cost of transport or gasoline can be quite high.
- The choice of real estate.
It would be best for you to see the property in person and fly to Spain for a short time. Here you will be assisted by local real estate agents who speak your language. On the spot, you can also contact a real estate lawyer to avoid various risks.
- Opening an account in a Spanish bank and obtaining an identification number of a foreigner (Número de Identificación de Extranjero, NIE). This must be done in order to carry out financial transactions in Spain.
- Getting a mortgage.
In case of limited finances, you can apply to the bank for a mortgage loan, which will cover up to 60% of the purchase price. The loan is provided at 5-6% per annum for up to 30 years.
- Conclusion of a preliminary agreement and payment of a deposit in the amount of 10% of the value of the property. This is how you make your booking.
- Signing the contract and transfer of the ownership.
After the transaction is completed, the buyer undertakes to maintain the purchased property and make all necessary payments in a timely manner.
It should be noted that the duration of the process of acquiring real estate in Spain is about 3 months. Your purchase costs will be 12-19% of the transaction amount.
Spain is a multi-faceted country, and you should not be upset if you do not have enough funds to buy property in the capital or on the popular coast. Almost anywhere you will find a lot of attractive things for a comfortable life.
After all, 320 sunny days a year, the excellent infrastructure of even the smallest towns, and the good nature of the Spaniards guarantee that your choice will be right!
