Myths about buying property in Spain

Myths about buying property in Spain

The more famous a country is, the more myths there are about it. Spain is no exception. For many years, Spanish real estate has been in great demand among the citizens of Russia, Ukraine, and Belarus. Some myths about the local market leave buyers indifferent while others lead to disappointment and surprise. Let's look at the main misconceptions that need to be dispelled before you choose property in Spain.

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Refusing intermediary services will help cut expenses

The cost of Spanish properties varies depending on their location, layouts and other factors. Many associated costs are negotiable with the home seller or service provider. For example, there aren’t fixed fees for lawyers and agents. Buyers must cover most of the associated costs, including:

  • property transfer tax of 6–10% (when buying a second-hand home) or VAT of 10% (for a new home);
  • notary expenses, a tax on the certificate of ownership and a land registration fee - 1-2.5%;
  • legal costs - 1-2%.

The services of a real estate agency in Spain are usually paid for by the seller. The agent's commission is about 3% of the final property price.

Myths about buying property in Spain

The price set by the seller is final

Once a buyer has found a property that matches their preferences, they can make an offer to the seller through the agent. As in many countries, the cost of the home is up for negotiation. If it doesn’t work for the buyer, they can negotiate with the seller to lower the price.

Often, these negotiations are done verbally. As soon as both parties to the transaction agreement, the buyer's offer to reduce the price should be set out in writing by their notary.

The Spanish property market is in crisis

This simply isn’t true. Experts in the Spanish real estate market believe that house prices will increase by 3-6% in 2022. The following 2 points will add to this:

  1. Favorable prices. The cost of Spanish properties is competitive compared to other offers from different countries in the international real estate market. Also, low mortgage rates attract local and foreign customers.
  2. Growing demand. The COVID-19 pandemic has meant that many people are now working remotely or from home. Because of this, people have realized their need for large spaces inside and outside of living accommodations, an abundance of natural light, and a picturesque view from the window. That’s why the demand for properties in the suburbs and small towns of Spain continues to grow.

Spanish luxury villas are pretty affordable

When most people imagine Spain, beaches with golden sand and clear seas pop into their minds. But those who know its mainland with small suburban areas far from the seashore often expect that they can find a luxury villa for €50,000 there.

In reality, to buy villas in Spain that meet modern standards of quality, design and comfort, you need to be ready to spend €150,000. And if you mention luxury properties with a garden, a swimming pool and other amenities, their prices vary from €600,000 to €10,000,000.

Myths about living in Spain

Besides the myths about buying houses in Spain, there are many common misconceptions about the local lifestyle and culture:

  1. "High unemployment level." In Spain, job hunting is not easy for job seekers without experience or for those who live in villages. But the need for a qualified workforce remains high, so specialists with higher education can always count on a highly paid position in a local company.
  2. "The Spanish are lazy and unprofessional." Siesta is a local tradition of an afternoon break. It’s very common in rural areas but residents in big cities don’t do this. Now the Spanish labor market is known for its motivation, hard work and productivity.
  3. "All Spaniards profess Catholicism." Although Spanish churches like the Sagrada Familia are famous throughout the world, Catholicism no longer has as strong an influence on local life as it used to. In total, about 20% of the Spanish population are Catholics and more than 35% of them don’t attend Mass.

Myths about buying property in Spain

Help to buy property in Spain

To find the best property and avoid becoming a victim of myths, please contact the specialists of Spain-Real.Estate, one of the largest real estate aggregators. The wide range of properties has offers from the best real estate developers and agencies in the Spanish market. The main priority of the company is the comfort and safety of customers.

The user-friendly interface of the Spain-Real.Estate website allows buyers to choose a home using filters based on dozens of criteria. You can also contact the company's specialists on the site and get advice on anything you need.

The aggregator provides the following services:

  • assistance in choosing real estate that fits with the buyer’s wants and budget;
  • full support during all stages of buying and selling;
  • advice on all matters about buying and renting apartments/houses;
  • high-quality after-sales service.

Spain-Real.Estate stands out because of these advantages:

  • up-to-date selection of offers from trusted property developers and agencies;
  • units on sale in all regions of the country;
  • the site’s user-friendly interface with a quick search using filters and key queries;
  • the constant development of services in the field of technology and communications;
  • focus on customer needs.
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