Buying your second home (and perhaps your future main residence) is much cheaper in Spain than some of others European countries. As well as the pleasure of enjoying it and having others enjoy it, it's an excellent investment, with minimal charges and a few local taxes !
Is buying a second home in Spain really a good idea? Obviously, it all depends on your budget, your needs, and your wishes. But it has to be said that Spain has a lot of advantages.
What are your first priorities when buying a home abroad? First the climate, then the price, then the lifestyle. And that's just what Spain offers you !
Sun all year round
Investing in Spain means investing in the sun. You benefit from an exceptional climate, with more than 300 days of sunshine a year on average. And even 320 days in Andalusia.
Incredible geographical diversity
With a surface area of 500,000 km2, Spain has large modern urban centres and an exceptional natural environment, with its different landscapes, pueblos ( villages) , beaches, mountains and plains.
An exceptional cultural and gastronomic heritage
Spain is the third most popular tourist destination in the world. And there are plenty of good reasons for that apart from the beaches. In particular, its monuments and architecture are unique in the world. When it comes to gastronomy, Spanish chefs have been considered among the best in the world for several years now!
A lower cost of living than elsewhere in Europe
Spanish services, leisure facilities and shops are at least as good as those in France, Belgium, Switzerland and other European countries. But at much lower prices.
A local destination
It's very easy to get to Spain from anywhere in Europe. For French residents, it's a close destination by road, rail or air. The Spanish airport network gives you access to all the major French-speaking and European cities in less than 2 hours. And at competitive prices.
Prices still very affordable
For example; not everyone can afford a second home on the Côte d'Azur (Mediterranean French coast) . The big advantage of Spain, apart from the year-round sunshine, is that it offers unbeatable value for money when it comes to property, as well as very low costs. Prices are much lower in Spain than in France, Belgium or Switzerland.
Property on Spain's Mediterranean coast is available to suit all budgets: from an average of €1,000 per m2 (the cheapest in Algeciras) to an average of €6,000 per m2 (the most expensive in Ibiza). There are still some very good deals to be had, particularly in the outlying districts of Barcelona and Madrid. And of course in the villages along the Andalusian coast, or in the rural areas a few kilometres inland.
The Atlantic coast of north-west Spain (Galicia, Asturias) is also very affordable, with prices around €1,500 per m2. In the interior of Spain, you'll find properties at €500 per m2
Advantageous local taxes and charges
Another piece of good news is that the local tax system is very attractive, with no council tax in particular! And very low property tax (IBI), even for a second home.
You will be liable for IRNR, non-resident income tax, which is 19% on 1.1% of the cadastral value of the property.
Council charges (excluding major works such as restoration) are traditionally low in Spain.
And later, when you retire (or even before), you may decide to join the ranks of foreign residents who live in Spain all year round. Your children could then benefit from a total exemption from inheritance tax if your property is in Andalusia or the Community of Madrid, the Canary Islands, Cantabria, Extremadura, Murcia or La Rioja. Furthermore, others regions will come in 2023 and 2024.
Get help with your property purchase in Spain!
Before you take the plunge, however, you should be aware that the rules governing the purchase of property in Spain are different from those in European countries. And it's always a good idea to enlist the help of an expert to assist and advise you throughout the process.
You don't have the time. You're not in Spain. What's more, you don't speak Spanish. Or you simply want to go through a professional intermediary to guarantee your interests and to complete your purchase as smoothly as possible.
The expert advice and support we provide before, during and after the purchase will help you save :
- Time
- Money.
- Unpleasant surprises
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