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Vegard Vang
Real Estate Agent, Co-FounderWhen you are buying the house of your dreams on the Costa del Sol, Spain, contact me and I will guide you safely through the entire home buying process with 15 years of experience in the Spanish real estate market. I can help you to find the best property for your preferences with my extensive local knowledge.
Customer Experiences
How do I serve the home buyer?
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Contact me and tell us about your wishes
Let me know your wishes and requirements, so that I can find residential areas and houses that meet your needs on Costa del Sol, Spain.
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Getting to know the properties
There are plenty of options on Costa del Sol housing market, and based on your wishes, I’ll look for the properties that best suit you. After that, you can get to know the places that interest you safely on the spot together with me.
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After finding the house of your dreams
After finding the right property, I handle the offer negotiations with the seller’s broker and help conclude the reservation contract.
I also recommend you a suitable administrator or lawyer who will ensure that the transactions are carried out in accordance with all Spanish laws and regulations.
I Serve You As a Home Buyer Completely Free of Charge
My agency fee is always paid by the seller of the apartment or the real estate developer working for the developer of the new project.
If we find the apartment of your dreams on Costa del Sol, Spain, in addition to the purchase price, you will only have to pay the legal fees related to the transaction and the official fees according to Spanish law.
You can also turn to me after the transaction, because with the help of my local contacts I can help you, e.g. in decorating or renting your new apartment.
Looking For a House in Spain
The easiest and most reliable way to find an apartment in Spain is through our website. Just leave your contact request through the form, and I will help you with the whole process from then on.
There are plenty of options on the market, and finding the right kind of property requires background research and local knowledge, where I will gladly assist you. It is recommended to explore the most potential destinations together on the spot, which means a visit to the Spanish Sunshine Coast. I will take you to visit pre-selected destinations at a time that suits you best.
Checklist For the Buyer Of an Apartment in Spain
- Before buying an apartment, think carefully about what you want from your own apartment and your living area.
- Get your finances in order well in advance of buying an apartment.
- Don’t sign contracts you don’t understand.
- Get an independent party for all possible translations.
- To avoid risks, rely on experts, such as a professional broker and a lawyer familiar with local laws.
You can take the following steps even before buying an apartment:
- Get a NIE number, i.e. a foreigner’s identity number in Spain.
- Get a Spanish phone number.
- Open a Spanish bank account.
The Process of Buying a House in Spain
The process of buying a house in Spain usually takes place as follows. First, the buyer makes an offer. If this is accepted, the buyer and seller enter into a preliminary contract (contrato privado de compravento) and the buyer pays a deposit, which is typically 10% of the purchase price.
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OFFER / ACCEPTING THE SALE PRICE
When you have found the right property for you, the first step is to make a purchase offer and negotiate the price with the seller.
As in other countries, house prices in Spain are open to negotiation and the property’s Asking Price is a reference rather than the final purchase price. If the Asking Price of the property seems too high, and the property has not attracted other buyers, it is reasonable to start negotiations with a purchase offer lower than the asking price – however, in such a way that the offer does not offend the seller.
Base price negotiations are often conducted orally in Spain. Once an agreement has been reached on the price, the notary must prepare a written summary of the purchase offer.
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RESERVATION FEE
Once an agreement has been reached on the purchase price, a reservation fee of €3,000 – €6,000 must be paid. When buying a new property, the reservation fee is usually €10,000. The reservation fee confirms the purchase decision to the seller and the item can be removed from the market. At this stage, all information about the property is also checked from the documents in the land register to make sure that all the information is definitely correct.
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PERMITS, LICENSES AND COSTS
At this stage, the lawyer contacts the seller’s legal representative and gathers all the documents related to the property and ensures that all permits and licenses issued by the municipality are in order. The attorney will also ensure that the property has no mortgages, charges, debts, tenants or taxes.
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PURCHASE AGREEMENT
At this point, when your lawyer has examined everything and confirmed that everything is definitely in order to continue the purchase process, the buyer and the seller can sign a private purchase agreement that includes all the legal descriptions of the property.
The contract also contains the personal information of the buyer and seller, the purchase price, the payment schedule, the estimated date of signing the deed of sale and all other related legal measures.
The buyer usually pays 10% of the total sale price of the house or apartment at this stage.
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FINAL DEAL
In the final step, the buyer and seller with their lawyers or, alternatively, the lawyers of the parties to the transaction with power of attorney, meet with the notary. At the same time, the deed of sale is signed and the rest of the agreed purchase price is paid, after which the keys can be handed over and the buyer becomes the legal owner of the property.
Housing market in Spain
The home ownership rate in Spain is high, and around 80% of residents own their own property.
Spain suffered significantly from the global financial crisis and the subsequent collapse of the real estate market. Apartment prices fell by as much as 30%, but in recent years the market has stabilized and currently property prices are clearly on the rise.
Statistics show that international buyers buy around 18,000 to 25,000 properties in Spain every quarter.
Thousands of British people live permanently on the Costa del Sol. In addition to permanent residents, a large number of Brits vacation in the area, especially during the winter.
The total population of the Costa del Sol is estimated to be around 1.5 to 2 million people. The permanent population is approximately 1.5 million, but this number fluctuates significantly due to tourism and seasonal residents. During peak tourist seasons, the population can exceed 2 million as visitors and part-time residents arrive.
Taxes and fees
When buying real estate in Spain, it must be noted that there are always mandatory taxes and fees associated with the purchase of a house or apartment. The amount of taxes depends on whether you are buying a resale property or a new property. Some taxes are the same almost everywhere in Spain, but some are determined by the autonomous regions, which is why they differ in different parts of Spain. Below you will find more information about the taxes and fees related to the purchase of an apartment or house on Costa del Sol.
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New Properties in Costa del Sol
- 10 %
- Value added tax or IVA (Impuesto sobre el Valor Añadido) on the sale price of the property
- 1,2 %
- Stamp tax or AJD (impuesto de Actos Juridicos Documentos) on the sale price of the property
- 0,1-0,4 %
- Palkkiot notaarille ja kiinteistörekisterikulut
- 1 % + VAT
- Fees for the notary and real estate registry costs
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Resale Properties in Costa del Sol
- 7 %
- Asset transfer tax or ITP (Impuesto de Transmisiones Patrimoniales) on the sale price of the property
- 0,1-0,4 %
- Notary's fee and land registry costs
- 1,0 % + VAT
- Attorney's fee
Municipal services and telecommunications in Spain
Organizing municipal services is certainly one of the most boring tasks related to the purchase of an apartment.
In Spain, waste management is handled at the municipal level and an annual fee is charged for waste collection. With other utilities, such as gas, electricity and water, you can compare quotes before choosing a service provider. Some of the services used by the previous owner can also be transferred to the new owner.
Spanish Property Market and House Prices
A pre-pandemic analysis by the Global Property Guide showed average property costs per square meter in 14 of Spain’s 17 autonomous regions.
Figures based on the third quarter of 2019 showed that average house prices in major cities rose by 5% to €1,649 per square metre, while property prices in the Balearic and Canary Islands increased by 11% to €1,604 per square metre.
The most expensive shopping places in Spain are San Sebastian, Barcelona and Madrid. Prices in all three areas ranged from EUR 3,000 to EUR 3,600 per square meter.
Financing the Purchase of a Property in Spain
It is possible to get financing from a Finnish bank to buy an apartment in Spain. Spanish and international banks also offer mortgages.
As a foreign buyer, you may find that you can only borrow with a lower loan-to-value than Spanish residents, which means that you need a higher equity share. Spaniards can usually borrow up to 80% of the property’s appraised value, but foreigners may be limited to 60-70% depending on the type of mortgage.
It is important to include a clause in the property purchase agreement that allows you to back out of the deal if you do not get a mortgage.
In Spain, all debt tied to the property is transferred to the new owner when the property is sold. This means that it is extremely important to make sure that there is no debt attached to the property or, if there is debt, that it is covered by the terms of the contract.
The Costs of Buying an Apartment in Spain
The costs associated with buying a property in Spain vary from region to region, and many of them are negotiable – for example, there are no fixed fees for lawyers or real estate agents.
Buyers must pay most of the costs, which are usually as follows:
- Transfer tax: 6–10% (old properties) / VAT (or IVA) 10% (new properties)
- Notary fees, title tax and real estate registration fee: 1–2.5%
- Legal fees: 1-2% (incl. VAT)
The seller usually pays the real estate agent’s fees in Spain. Real estate agents usually charge their commission as a percentage, typically around 5% of the final sale price.
Buying a New Property in Spain
Many real estate scams in Spain, as elsewhere in the world, often involve unfinished or unbuilt properties. Although malicious intent is rare, caution should be exercised when purchasing a new property.
As a foreigner, you can also buy land and build the property yourself. In this case, the help of a lawyer who knows the local practices well is even more important, as you need to make sure that the contracts with the builders are appropriate and without loopholes.
When you buy an apartment in Spain through me, you can be confident that you will avoid the worst pitfalls.
Buying a Plot to Build a New Property in Spain
Spain has long been popular with foreign buyers looking for a holiday home. Sometimes, the large number of inexperienced foreign buyers has given unscrupulous developers and real estate agents the opportunity to sell properties that are not legal.
In some cases, planning permission has not been obtained before construction and the properties are finally demolished by the municipality. In others, the quality of the house has not been high enough or as promised, which has led to expensive repairs.
Selling a House in Spain
Capital gains tax can be a big obstacle to selling a house in Spain. Capital gains tax is paid on the profit from the sale of your house, and the amount varies between 19% and 23% as follows:
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19%< 6 000 €
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21%6 000 - 50 000 €
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23%50 000 € <
If you pay EUR 200,000 for a house and sell it for EUR 350,000, you pay capital gains tax on EUR 150,000. Thanks to the tiered system, this adds 33,260 euros to the price.
You may be able to claim a reduction in capital gains tax to take account of inflation if you are buying a new house in Spain or if you are over 65 and have lived in the house as your main residence for more than three years.
Otherwise, unlike in other countries, capital gains tax applies regardless of how long you have lived in the house. Your residence status does not affect the application of the tax, as capital gains tax must be paid on real estate owned in Spain, even if you no longer live there.
Land Price in Spain
Madrid was the most expensive place in Spain to buy land at 338 euros per square meter. The Canary Islands (€245), Catalonia (€184), Andalusia (€171) and Valencia (€158) made it to the top five.
Castilla y Leon is the cheapest place to buy, and the average price in the country is 66 euros per square meter.
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338 € / m2Madrid
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245 € / m2Canary Islands
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184 € / m2Catalonia
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171 € / m2Andalusia
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158 € / m2Valencia
Popular Home Buying Destinations in Spain
Frequently Asked Questions
Buying a house in Spain involves different stages than in the UK. The process includes, among other things, the use of a notary to confirm transactions, the payment of real estate taxes and the acquisition of a foreign national identity number (NIE). In Spain, it is also important to check the property ownership and debt issues with the help of a lawyer or other professional.
Yes, a NIE number is necessary for all foreigners who intend to buy a house in Spain. It serves as an identification number in all official and financial matters, such as real estate transactions and taxation. Fortunately, obtaining a NIE number is easy by using, for example, the service of a suitable specialist to obtain it.
The taxes related to the purchase of a house in Spain depend on whether you buy a new or a used property. A value added tax (IVA) of 10% is usually paid when buying a new house, and a transfer tax is paid on a used property, which varies from region to region (usually 7–10%).
In addition to the tax, there are other costs associated with buying a house in Spain, such as notary’s fees, registration costs, real estate agent’s fee and possible lawyer’s fees. These additional costs can be around 10-15% on top of the purchase price.
You can finance the purchase of an apartment with a Spanish bank loan or use a British bank, in which case you can use, for example, your British apartment as collateral for the loan. Spanish banks offer housing loans to foreigners, but the financing conditions vary depending on the bank. For a mortgage, you usually need a down payment of 20–30%.
The process of buying a home in Spain typically takes 1–3 months, depending on how quickly financing can be arranged and official matters are handled. After signing the purchase agreement, official matters such as registration are handled with the help of a notary.
One risk may be that the property does not comply with the law or is in debt. It is important to check the ownership of the property and the debt issues before the purchase. In Spain, it is always recommended to use a lawyer or an expert to make sure everything is in order. By using a reliable real estate agent, you make sure that everything is taken care of properly.
Yes, many apartment owners rent out their apartments when they are not using them. Short-term rental properties are in high demand in Costa del Sol, but be sure to check local rental laws and any licensing requirements. Nowadays, for example, short-term rentals require a tourist rental license. We recommend using an expert service specializing in short-term rentals, which handles the cleaning of the apartment and handing over the keys for you, as well as ensuring that the occupancy rate and pricing are optimized.
Yes, you can buy a property in Spain even if you do not have a permanent residence permit. A residence permit is not a prerequisite for owning a property, but you must obtain a NIE number and meet other official requirements.
When browsing Spanish houses, take into account the house’s location, nearby services, the area’s infrastructure and transport connections. The climate in Costa del Sol is excellent, but the areas can vary greatly in terms of services and local practices.
Yes, buying a home in Spain is possible, even if you are not a permanent resident or a foreigner. Spanish law normally allows home purchases to be made by foreign buyers, and the process is very similar regardless of the country the buyer is from. However, if you are not a resident of United Kingdom, we recommend that you familiarize yourself with the stages of a home purchase, as well as taxation and licensing issues, on our other country-specific websites, as they provide more detailed information in local languages.