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Real Estate in Spain

The good news is that the builders have caught up to demand, so brokers cannot keep charging high rates."

Posted by Casi Cielo

Information on real estate and property in Spain. Including links to further information and real estate sites for Spain.

When buying, the buyer chooses a notary, who acts as the middleman for both sides. Lawyers are not necessary, but you will probably find one useful. See this page from the Spanish Notaries site about buying a property in Spain

Spain’s real estate prices went up 173% during 1997 - 2004. Some think that’s a bubble waiting to burst, while others think prices will cool off, but not go down. Indeed, the average annual increase in real estate prices eased from 15.8% in 2003, to 12.5% in 2004, and down to 10.1% in 2005. During the boom, many real estate brokers were charging considerably more than the usual 3-5%. The good news is that the builders have caught up to demand, so brokers cannot keep charging high rates. The bad news is that you often don’t know exactly what a broker has charged you until the day of the closing, when you actually go to pay.

According to the Sociedad de Tasación, as of December 2005, house/apartment prices per square meter are:

  • Barcelona: 3700€
  • Madrid: 3629€
  • Provincial capitals: 2516€
  • Non-capital cities/towns: 1840€

Sample maintenance fees when you buy a house in Spain range from 15€ - 60€. (or more with a doorman).

Spanish Real Estate Jargon

Abogado – lawyer or solicitor
Apostilla – an official stamp on the document which certifies the signature
Ayuntamiento – city or town hall
Ático – penthouse
Baño – bathroom
Bodega - winecellar
Contrato privado de compraventa – contract of sale
Comprador – buyer
Calefacción – heating
Calidad – quality
Campo – in the country
Casa – house
Cocina – kitchen
Comedor – dining room
Ciudad – town
Cuarto -room
Dormitorio – bedroom
Ducha – shower
Dúplex – maisonette
Escritura – Notarised deed of sale
Escalera – stairway
Finca – farm or townhouse
Gastos – fees or expenses
Granja – farm or farmhouse
Hipoteca – mortgagee
Honorarios – fees
Huerto – orchard
ITP – transfer tax payable when buying a re-sale property
IVA – VAT
Inmobiliaria – estate agent office
Impuesto - tax
Lavadero – utility room
Lujo – luxury
Muebles – furniture
Nota simple – property registry information
Notario – notary who handles all the conveyance work for property sales
NIE – tax identification required by all foreign property owners in Spain
Primera copia – signed original of the escritura or a certified copy
Puerta – door
Piscina – swimming pool
Parcela – building plot
Piso – apartment, or floor of building
Pozo – well (of the water type)
Precio – price
Pueblo – village
Propiedad – property
Rústica – rural or agricultural
Reformada – modernised
Río – river
Salón – lounge
Se vende – for sale
Trastero – storage room
Urbanización – community development
Vendedor – seller
Ventana – window

Further Investigation

With a venture as important and expensive as real estate, we strongly recommend you do your due diligence. This includes learning as much as you can about the markets, the regions, and investment strategies in order to minimize your risk and maximize your returns, whether that’s measured in euros or lifestyle.

Get as much background information as you can before you start talking to realtors; these books about real estate in Spain have valuble information about the real estate market in Spain - for your curiousity and guidance:
...or search Amazon yourself. Try “spain real estate”

Last updated 01 08 2006

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07/Feb/2007:
ROBI said:

Regarding NEW property on the Costa Blanca area - at the moment there is a good supply of READY NOW (so you can see what you are getting) property. All types, locations and prices. As they are built they can be bought with a mortgage (STS)Supply has now caught up with demand so its turning to a buyers market. Need help? [url=http://www.bcvillas.com]http://www.bcvillas.com[/url]

19/Apr/2006:
Fionita said:

Hi Juliedud

Check out a website called homelifeabroad.com for prop in Costa del Sol. Had dealings with them before and they seem pretty honest. Lots of new and resale stuff but it's not cheap! Main things to watch out for when buying a resale is to get your legals to make sure there is no debt attached to the prop as if there is you take that on also. Best of luck and let me know when the house warming is!!!

Fionita

17/Apr/2006:
juliedud said:

Hi, I am considering buying a property in Nerja initially to rent out and later to move in to. Has anyone got any tips or advice on this area and any tips on the best way to find a good solicitor to deal with the purchase?
Julie

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Related External

Notary Information for Buying Real Estate

Kyero Real Estate News

Buying a property in Spain - an article by Strong Abogados.

CostaBlancaExpats: Buying a property in Spain

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