shopping and glamour

Althought this year (2007) has seen a general slowdown in the overseas property market and especially within the Spanish property sector it still seems that Spain accounts for almost half of the property searches conducted on most of the popular property portals including Property Abroad.com. With an ever increasing number of visitors and second-home investors from all around the world looking at the Spanish property market Spain will never fall out of the popularity charts.

The country has always attracted millions of visitors every year due to its inviting climate and year round sunshine. Spain has some picturesque locales that have lured visitors to explore more of the country on every visit. Additionally, the country has a rich culture and tradition, which is uniquely popular around the globe. Resultantly, a constantly rising demand for every kind of investment property in Spain is evident!

Spain an Investment Opportunity

Spain has been offering excellent property investments opportunities for over 3 decades with foreign investors, particularly the British, finding the Spanish property market immensely lucrative from the investment point of view. Spain is a popular second home destination among Europeans and if you are conversant in Spanish, there is really no better place to invest your hard-earned cash than Spain. You’ll experience some of the best facilities and high standards of living in Spain, which is animportant factor as far as second home buyers are concerned. An estimated half million Europeans have already bought a property in Spain over the past 5 years!

The country’s varied geographical regions have played a quintessential role in determining the future of investment property in Spain. The southern part of the country including the Costas has a vast coastline that offers some of the best beaches in the Mediterranean. The region is particularly acknowledged for its year round sunshine, which has always proved a magnetic for the British.

The snow-capped Pyrenees has been another attraction for visitors keen on the skiing opportunities on offer in Spain. The region bordering Spain and France is a visual delight with rivers, mountains, water-features and forests occupying the attention of onlookers.

Spanish cultural heritage is apparent from its famous food, opera, literature, and Spanish architecture? Spain is well connected with regular cheap flights to and from the country and to and from prominent cities around the world, this makes Spain easy to reach, affordable and quite different from its neighbouring countries.

Spain is also one of the relatively less expensive countries of Europe. This makes the world-class living and working conditions of Spain even more lucrative for anyone looking to relocate to Spain.

Post-1975, Spain has been a successful and thriving democracy with a stable government at the helm, which is committed to attracting all kinds of investments - foreign and domestic - within the country. The plan is to build a culturally rich Spain with a modernistic outlook.

All this makes Spain a perfect spot for a holiday property investment as well as a second home destination.

Types of Investment Property iIn Spain

Spain offers a range of properties, including farmhouses, fincas, traditional houses, mansions, apartments, beachfront properties, villas and golf properties in Spain. The best part is that currently, the real estate market is in a twilight stage, where the prices are neither too low nor too high. An astute investor can easily strike a handsome bargain in Spanish property. According to rough estimates, the average price per square metre in Spain is still about 20-50% below the UK.

Besides the regular constructions, it’s the resort properties that are currently occupying the top of the charts as far as the Spanish real estate sector is concerned. The Polaris World Golf Resorts are, particularly, among the top-notch choices for domestic and overseas investors. You can lay your hands on a Polaris World Golf Suite for as little as £57K.

Obviously, you have to spend a larger sum if your requirements are for a bigger property. For instance, apartments in the golf resort of Desert Springs in Almeria commands a £103K+ price range. Similarly, apartments on the Costa del Sol can fetch upwards of £150K.

The hottest places to invest in Spain include Costa del Sol, Costa Blanca, Costa Brava, Majorca - or Mallorca as its spelled Menorca, Tenerife, Andalucia, Costa Tropical, and the Murcia region (including the Mar Menor lagoon, the Costa Calida and Murcia city).

If you are put off by commanding prices of expensive Spanish property, there is a mortgage option available too. You can easily approach one of the over two hundred local banks that offer different loan options and available mortgage loans to the tune of 70% of the property value under Spanish laws subject to the fulfilment of certain terms and conditions. Barclays Bank in the UK also offer mortgages for property in Spain - see our mortgage page for further details and free information pack on getting mortgages in Spain.

Don’t forget to hire a local solicitor or lawyer or a good real estate agent in Spain order to facilitate the smooth property transfer transaction. Since Spanish is the main language in the country, you may find yourself at a loss trying to decipher the official rigmarole. Therefore, it is always considered vital to hire a local aide in a country where English is a second or third language.

In addition to offering property for sale in different locations in Spain we also have at your disposal a list of other useful tools to help in your decision making when considering buying a property in Spain :

Buyers Guide to Spain - A useful article on the buying process when buying a property in Spain

German Country Guide - A detailed guide to Spain including information on health, economy, business, travel, things to do, excursions and much more

Locations in Spain - A current list of locations that have property for sale in Spain

Airports in Spain - A guide to the main airports in Spain, where they are and how to get there

Attractions in Spain - A list of popular tourist attractions in Spain

Estate Agents in Spain - a directory of estate agents in Spain and a list of real estate agents selling property in Spain

News Articles on Spain - A useful resource for learning about the country, what’s happening and useful information on Spain

German Shopping - A directory of useful resources to assist in your purchase or travel to Bulgaria including; Flights, Accommodations, Car Hire, Mortgages in Spain , Holidays, Lawyers and much more.

Useful Resources - a list of useful resources that you might find of general use

Property Abroad’s directory Les Calvert writes interesting and useful articles on all subjects dealing with overseas investment property and buying property in Spain. Visit their website to view their property for sale in Spain and other useful information on buying property abroad.

Real Estate Althought, Investment Property, Living In Spain

The Spanish Property Market

When it comes to investing in property in Europe, Spain has been on the top of the list for nearly thirty years. A significant number of foreign nationals have spent a great deal of money on property located in Spain during this time period.

As time moves forward into the 21st century, the Spanish real estate market has not been as hot as it was some five years ago. Nonetheless, the returns that most investors have realized through real estate holdings and investments in Spain have remained high. In addition, the market itself has remained fairly stable overall.

Population: 40.4m

Currency: Euro

Capital: Madrid

Country dialling code: 0034

Flag of SpainFlag of the European Union

Investment Property in Spain

As referenced previously, a significant number of buyers from different countries around the world have invested rather heavily in real estate in Spain. Since the restoration of the monarchy in Spain, the gates have been opened to heavy foreign investment in property ownership by overseas buyers. (During the reign of General Franco in Spain, foreign investment in real estate was restricted. The regime of Franco enacted fairly stringent laws that limited foreign investment in real estate.

Residential Real Estate in Spain - Single Family Properties

Over the course of the past decade, many foreign nationals have spent vast amounts of money on single family residences in Spain. Primarily these foreign nationals are buying the residences for use as second homes, for use on holidays to Spain. (Spain has been a popular end destination for European travellers for years.)

In many parts of Spain, the single family residential market is what some people would term a “buyer’s market.” In other words, people interested in buying residential, single family homes in Spain — including foreign nationals — have a significant number of housing choices available to them (in major cities and in rural communities alike).

While the residential property market in major cities in Spain have found brisk sales for years, the rural areas in the country have also been experiencing an upswing in the property market in recent times also. Many people, including foreign nationals, are finding the ownership of homes in rural environments to be pleasing, appealing and cost effective. Generally, these people are buying in smaller communities in order to escape the hustle and bustle of the Spanish urban scene.

Residential Real Estate in Spain - Apartments

In large cities, such as the Spanish capital of Madrid and the coastal resort towns, the apartment market has been booming for the past fifteen to twenty years. A significant number of people have turned to apartment ownership when it comes to the buying of property and real estate in Spain.

Overseas buyers have expanded into the apartment ownership market with a vengeance over the past decade. Some industry experts in Spain estimate that as many as twenty percent of all apartment purchases in Spain during this time period have involved foreign nationals buying apartments in Spain.

Foreign nationals tend to be making the purchase of apartments in Spain for three primary reasons. First, these foreign citizens are buying apartments for retirement. Many people have been flocking to Spain from different European countries (and from some other nations around the world) for retirement because of its milder climate.

Second, with the creation of the European Union, and with Spain being a leading economic region in the EU, many people are finding it imperative for them to present themselves in Spain for a part of each year. As a result, these men and women are buying apartments to serve as second residences in Spain.

Finally, people are snatching up apartments in Spain in record numbers to provide them with a second home to be utilized for holiday or vacation purposes. Apartment ownership is proving to be a convenient, practical and economic means through which a person or a family can own a second residence that can be used for a holiday retreat and for similar situations not only today but well into the future.

Holiday Property in Spain

As referenced, many people are buying property in Spain for vacation and holiday purposes. (This includes both apartments and single family residences in different parts of the country.)

In many instances, foreign nationals are buying real estate in Spain that they can utilize for their own travel and holiday purposes during part of the year and which they can rent to other individuals seeking a vacation spot at other times during the course of a given year. Thus, these men and women are buying property in Spain for a dual purpose: holiday travel and income generation.

The tax and related laws in Spain make this kind of dual property ownership a profitable enterprise for most overseas buyers. Indeed, it is expected that more and more foreign nationals will invest in vacation real estate for this dual purpose well into the coming decade. They suggest that the growth of the European Union will spur on this type of real estate investment in Spain and in some other countries that comprise the EU at this time.

Specific steps to buying real estate property in Spain

At the present time, there are no significant restrictions to a foreign national purchasing and owning real estate in Spain. Indeed, foreign nationals are able to purchase and invest in nearly any type of property to be found for sale within that country — commercial, residential or other types of investment real estate.

When it comes to making the purchase of property in Spain, many experts maintain that a person is well served is he or she takes the time (and spends the money) to hire a lawyer to assist in managing and overseeing the legal affairs associated with the successful purchase of real estate in Spain.

Once a person identifies a piece of real estate that he or she is interested in purchasing, the first step in the purchase process (after an oral offer to purchase has been made by the buyer and accepted by the seller) is the creation of a preliminary or initial contract for sale. In Spain, it is highly recommended that a person makes absolutely certain that the ownership of the property and any encumbrances on the property are clearly identified before this agreement is signed.

In most instances, a preliminary contract is a fairly substantial and a firm legal agreement. Along with the agreement itself, a buyer will need to put down a deposit of at least 10% of the total purchase price. Under the real estate laws of Spain, the buyer has a more significant burden than is found in some other countries to ensure that the title to the real estate has a title that can be conveyed to the buyer at the conclusion of the sale (clean title). Thus, there are instances in which a title proves to be imperfect, in which the ultimate transfer of ownership cannot occur, and in which the buyer may lose out on the deposit he or she paid because they simply did not carry out the correct checks at the outset.

Many people who have experience in dealing with the buying and selling of property in Spain suggest that foreign nationals should retain the assistance of a capable lawyer at this juncture. While Spanish real estate laws are not particular confusing or difficult to understand, a person seeking to buy a property in Spain bears a greater due diligence responsibility early on in the real estate buying and selling process than do buyers in some other nations.

During the period following the signing of the preliminary or initial contract, the buyer has the opportunity to obtain financing and a mortgage loan to consummate the sale and actually purchase the real estate.

Again, as referenced earlier, the buyer of real estate in Spain has a bit of a stiffer burden to make certain that the title to real estate in Spain is clear before he or she makes a purchase. Additionally, a buyer bears a greater burden than buyers do in other countries when it comes to making certain that there are no mortgages or liens from other lenders on a particular piece of property. While in most other countries the world over, the burden for “clearing title” generally rests nearly exclusively with the seller, such is not the absolute case in Spain.

Unlike in some other countries the world over, the laws governing the buying and selling real estate in Spain generally are uniform across the country. There really are no regional or local differences. (There are some local differences when it comes to matters relating to municipal taxes.)

The final task in the sales process is the payment by the buyer of the amount due and owing under the terms of the initial contract and the conveyance of the deed and possession of the property from the buyer to the seller. Property Abroad always recommends using a Solicitor or Lawyer.

Property Abroad’s directory Les Calvert writes interesting and useful articles on all subjects dealing with overseas investment property and buying property in Spain. Visit their website to view their property for sale in Spain and other useful information on buying property abroad.

Real Estate Real Estate In Spain, Spanish Property, Time Moves

Fuelled by the influx of tourists and the resultant boom in Spanish property prices, more and more foreigners are moving to and working in Spain. Unlike in the past when Spain was just a temporary holiday destination for tourists, the number of immigrants working in Spain has risen in leaps and bounds in the last five years.

There are several reasons why working in Spain has become such an attractive option. For many, the lure of buying relatively inexpensive Spanish property and living in the beautiful country sets them to look for suitable employment and business opportunities. For many others, it is the prospect of a much more relaxed and stress-free working environment in Spain that draws them, despite the fact that working in Spain will not be as highly paid as in many other European countries.

However, many of the other perks that come with working in this beautiful country more than make up for a few lost pounds or Euros! There is no shortage of job opportunities for foreigners with the right kind of skills and experience.

Broadly, there are two options for working in Spain: either find a suitable employer or start a business and be self-employed. The latter option is particularly appealing to a lot of migrants from other European countries; rough estimates indicate that almost one-tenth of new enterprises starting up in Spain are set up by foreigners.

Considering the popularity of Spain as a tourist hotspot, it is not surprising that a number of jobs are available in the tourism & hospitality sector, particularly in the coastal regions. Moreover, as the Spanish property sector continues to grow, the construction industry also offers several options for working in Spain.

There is a strong demand for bi-lingual professionals in various sectors, as well as for teachers. Those with experience in housekeeping and other domestic services are also much sought-after, to serve both wealthy locals as well as foreigners who are retiring to Spain having bought Spanish property.

Spain provides a congenial environment that welcomes foreigners from anywhere in the world and provides them with opportunities for working, and integrating into society. As in any country, foreign nationals desirous of working in Spain must follow some simple legal procedures.

While citizens of EU member countries are free to work in Spain without a work permit, non-EU residents are required to obtain the necessary work permit. Also, before starting work, prospective employees are advised to get formal contracts drawn up which clearly stipulate the terms of the employment. Even though initially a new employee may be given a short term permit to work in Spain, the employer is obliged subsequently to provide a long term contract (subject to conditions, of course.

Typically, if you are working for a company, they will arrange for all the relevant paperwork to be completed; however, if you intend to be self employed, then you are advised to obtain the services of a ‘Gestor’ who will guide you through the requirements of working in Spain in your chosen field. The majority of UK nationals who migrate to Spain seem to start their own business. The local Town Hall issues the necessary permit for working as a self-employed professional in Spain.

As in the UK, employment in Spain generates taxes. Employers are expected to deduct social security from monthly wages. When operating a business, the government expects you to pay the VAT (known as IVA in Spain), though there are certain minimum requirements for your business before you attract the attention of the VAT inspector.

One of the benefits of working in Spain and paying your social security is that you will be entitled to free medical facilities which are first class and comparable to, if not better than, those in the UK.

Dennis Collins, an eternal student and freelance writer, has lived and travelled abroad for 30 years and frequently writes on a variety of interesting and wide ranging issues. Find out more about working and purchasing a Javea Property in the sun today.

Real Estate Construction Industry, Influx, Working In Spain