Few things involve more paperwork and legalese than the buying or selling of real estate property, and it gets even crazier when you throw in a foreign language. But that is not keeping foreigners from purchasing real estate in Spain and enjoying the expat life or a lovely holiday home—the number of mortgages granted in April this year was 34% higher than the same month in 2017, with foreign buyers being a major driver of the steady growth the market has seen since the economic recovery. Most experts agree that the growth is sustainable and not at risk for a market bust, with housing prices still well below the boom levels seen in 2007. Luckily for prospective buyers, it is very easy to find a real estate agent in Spain. For a real estate agent in Spain with English-speaking staff, you will have many options to choose from, especially in the more popular expat destinations such as Valencia, Barcelona, Andalusia, and various coastal and island locations. With a great real estate agent in Spain and your attorney on your team, buying property here is bound to be a gratifying experience.
Real estate in Spain: Valencia
This has been a good year for real estate in Valencia so far. Home sales were up approximately 17% in the first quarter of 2018 compared to Q1 2017, including an increase in foreign buyers who choose to buy real estate in Spain for their primary residence, a second home or as an investment. Valencia has a larger share of foreign homebuyers than Spain’s two larger cities, Madrid and Barcelona, which is likely due to a combination of factors, not the least of which is the lower average cost per square meter (around €1750 for Valencia real estate compared to €3550 and €4350 for Madrid and Barcelona, respectively).
Real estate in Spain: Barcelona
The biggest news in real estate in Barcelona has been a decline in sales and prices due to political uncertainty in Catalonia. One local real estate agent who specializes in foreign homebuyers points out that, while the number of home sales has gone down, the number of offers being made has held relatively steady, explained by an influx of lowball offers which are refused by sellers. Still, real estate in Barcelona could present a high-risk/reward opportunity for foreign investors.
Real estate in Spain: Malaga
On the beautiful Costa del Sol, real estate in Malaga is hot right now, especially among Brits. Three cities in the region are driving most of the growth, with Malaga real estate agents stating that the number of home sales made to British buyers is up 100% over last year. Budget-conscious homebuyers may find themselves priced out of cities like Marbella, Benahavis and Estepona, but the province of Malaga has many other cities and towns that could be a spectacular location for a primary or secondary residence.
Real estate in Spain: Seville
Andalusia’s largest city Seville is also benefitting from a healthy real estate market, with an average cost per square meter of €1600, just slightly over the national average of around €1570.