Yes, all foreigners are entitled to own real estate in Spain without any nationality restrictions. The only requirement is to obtain a Foreigner Identity Number (NIE ) which is a tax number necessary to complete the purchase and registration procedures. This number is usually issued within days through the National Police Office or the Spanish Consulate in your country.
Taxes and fees typically make up 10% to 13% of the property value. They include:
Property transfer tax (ITP): If the property is second-hand.
Value Added Tax (VAT): 10% on new properties.
Notary and registration fees: Approximately 1%.
These costs are paid once at the time of purchase, and it is advisable to budget extra to cover them.
Buying real estate no longer grants what used to be known as the Golden Visa after it was canceled in 2024. However, buying real estate remains legal for foreigners. Those wishing to reside can apply for a non-work visa or a student or work visa. As for Spanish citizenship, it requires 10 years of continuous legal residency (with exceptions for certain countries).
The purchase process usually takes 6 to 8 weeks from the signing of the reservation contract to the final registration at the Land Registry. The duration may be slightly longer if there are additional procedures such as checking the legal status of the property or delays in bank transfers.
is one of the most in-demand areas:
The Golden Mile: The heart of luxury and proximity to the sea.
Nueva Andalucía: An upscale area suitable for families and international schools.
Puerto Banús: Famous for its luxurious marina and vibrant life.
Sierra Blanca: Private villas with panoramic views.
There are several annual costs to consider:
Property tax (IBI): Between 0.4% - 1.1% of the official value of the property.
Community Fees: If the property is part of a shared complex or apartment, this can range from €100 - €400 per month.
Insurance and maintenance: Varies depending on the size and location of the property.
Yes, Marbella is one of the most active real estate markets in Spain. The average rental yield is between 4%-7% per year, with a high demand for sea view apartments and luxury villas. In addition, real estate in Marbella is an asset that maintains its value in the long term thanks to the region's international reputation.
The most common risks include:
Buying a property that is not properly registered in the Land Registry.
Having previous debts or liens on the property.
Building violations or encroachments.
Key documents include:
A valid passport.
Foreigner Identification Number (NIE).
A Spanish bank account to transfer funds and pay fees.
Reservation Contract.
The final contract notarized in front of a notary.
Not necessarily. You can hire a competent lawyer through a Power of Attorney to do all the procedures on your behalf, including opening a bank account, obtaining an NIE number, and signing contracts with a notary public.
