Fintech News

Why do foreigners choose new real estate developments in Spain?

Spain is a beautiful, passionate, hot, and diverse country. Everyone finds something special here. The Moorish architecture of Cordoba, picturesque Pyrenees, extraordinary landscapes of Galicia and Aragon, and hundreds of beaches awarded the “Blue Flag” – Spain combines all the charms of the Mediterranean countries. It is one of the most visited and mysterious places in the world. Besides, the country is known for amazing architectural developments in the real estate sphere. Modern residential developments in Spain are available for sale in charming Spanish districts at affordable prices.

New residential developments in Spain

Spain enters the top destination of high demand among foreigners. People come to the country not only to move here for permanent residence at this particular moment, but to experience the climate, nature, atmosphere, and attitude of locals in person. These impressions are incredibly important if you have the intention to move or invest money in the country in the future.

Real estate in Spain is absolutely affordable compared to other European countries. In addition, most housing options are located near the sea, which makes them even more adorable. The Spanish market attracts a great variety of supplies both on the mainland and in the Balearic and Canary Islands.

Now the local market is on the rise – after a slight downturn during the pandemic, the number of transactions has gone up again, which is accompanied by an increase in prices – as of June 2022, the average price of an apartment was about 1,700 euro per square meter, and a house – 1,300 euro.

The real estate prices in Spain

The prices of real estate from the developer are influenced by many factors. The most significant are the following ones:

–       Location

–       Footage or living space

–       Proximity of the sea and popular attractions of the area

–       Availability of infrastructure

–       Equipment and furnishing

Considering the above-mentioned factors, the price can change considerably and vary from 1300 to 4000 euros per square meter, as a rule. There is also always the possibility of obtaining a mortgage of 20 years or more for up to 60% of the value of the housing and the average annual interest rate of 3.0 to 3.5%.

Historically, new buildings in Spain from the developer on the Costa Brava were more expensive and considered more prestigious properties. The average price is €1,700,000. And Costa Blanca, on the contrary, is known for its democratic and affordable cost at about €73,000. In this case, the quality of construction will always be at the appropriate level, whether it is expensive real estate in Saguaro for €1,500,000, or apartments at affordable prices in new homes in Torrevieja for €119,000.

The amenities in the new real estate in Spain

Becoming a property owner in any district of Spain, you get a housing unit of first-class quality. Talented developers and famous designers cooperate to construct the building with impressive results. The properties are also completed with finishing, pre-installed plumbing, air conditioning, and built-in kitchen furniture.

Buying property in Spain pay attention to the next features:

–       In general, apartments in Spain consist of a spacious living room, a few small bedrooms, and a tiny kitchen.

–       Townhouses, penthouses, and villas are appropriate for buyers who prefer unusual configurations or unique designs.

–       Developers may offer a buyer to choose the necessary amenities and furniture. This issue is discussed individually.

Reasons to invest in real estate in Spain

It is important to note that in Spain, foreigners can count on a mortgage to purchase real estate at 5-6% per annum with a down payment of up to 50-60% of the value of the object. In this case, the loan amount must be at least 100,000 euros.

Among the advantages of the Spanish market is the lack of restrictions on the purchase of housing by foreigners and low relative to other Western European countries real estate taxes. In addition, when buying real estate worth more than 500,000 euros you can get a residence permit under the program “Golden Visa”.

The outcomes

According to Spain-Real.Estate real estate in Spain is at the top of profitable investments among foreigners. Spain-Real.Estate provides updated information on the Spanish properties for sale. Explore the website and select an excellent housing unit at a reasonable price.

To Top

Pin It on Pinterest

Share This