Real Estate in Spain
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).