Spanish property market shows recovery

Spanish property market shows recovery

The crisis of the Spanish property market seems to have finally come to an end. Year after year, from 2007 until 2015, the Spanish property market suffered from devaluation. Finally, it turned in 2016, when there was a slight price rise (1,6%), that became stronger in 2017 (4,4%) and seems to increase even more in 2018 (6%).

Spanish property market shows increased demand

The demand for Spanish property shows a strong increase. In 2017 the number of sales rose to 464.423 properties, which represents a growth of 14,6%. This growth is mainly due to the demand of foreign buyers. Approximately 60.000 houses in Spain were purchases by foreigners. Especially the “Costa´s” and the large cities, like Barcelona and Valencia, are popular amongst the foreign buyers/investors. Most foreign buyers come from Engeland, Germany, France, Belgium, Italy, Sweden and The Netherlands.

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NIE number application. The sooner the better.

NIE number application takes a long time

If you need a NIE number, be prepared for a long waiting process. In Alicante and most other places, NIE application is by appointment only. The current waiting time is as much as 3 months! The consulate is London is by far a quicker option.

NIE number, when do you need it?

When you want to purchase a house in Spain, you need a NIE number. Without NIE number the title deed can not be signed. Fortunately, no NIE number is required to sign the previous sales contract and reservation payment. Also, opening a bank account merely based on your passport should be possible. So, you can take the first steps to become owner of a Spanish home, also without NIE number.

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Legalisation of Spanish property

Legalisation of Spanish property

What happens if the square meters that are officially registred in the nota simple are not correct? What to do? Call the deal off?

A lot of owners are in possession of a title deed with erroneous sizes and/or descriptions. Originally they may have bought or built a small house and later amplified it. Even for tax reasons they may have decided to declare only part of the built size.

If the difference between the registered and real size is significant, it is in your interest for future operations to have this legally modified.

How to legalize?

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