Brits Love to Buy Property in Spain
You many not know it, but Spain is one of the most popular places on the planet for Brits to buy property. From the stunning landscape, the pristine beaches and the 330+ days of sunshine a year, it’s easy to see why Brits love to buy property in Spain.
In addition to the sun and sand, the cost of living in Spain is nearly 30% less than it is in Britain. European interest rates are currently at an all time low, so now is the time to buy if you’re considering making a move or just a second home for holidays.
Life in Spain
Job opportunities are pretty good in Spain although if you’re looking for permanent employment, you’re better off looking inland, as jobs along the coast tend to be more seasonal. Wages in Spain are lower than the UK, but remember, so is the cost of living. Also, working hours in Spain allow for a Siesta, which is essentially a 2-3 hour break usually between 2 and 5 p.m. This laid back lifestyle is another reason that many Brits love to buy property in Spain.
There are also a great variety of properties for sale in very different locations. You can opt for an apartment or townhouse in the city to be close to the spicy nightlife. Or you might want to get away and decide a villa in the country is better for you. The good news is that no matter what you prefer, there’s a place in Spain to fit your personality and living preferences.
Investment Opportunities
If you’re looking for something to keep you financially healthy when you retire, then buying a property in Spain can make a great investment for your future. Unlike property values in much of the UK, which have stagnated, property values in Spain are on the rise. Values in the Costa del Sol have increased between 15% and 24% over ten years and experts think that this will only continue.
New UK tax laws allow UK taxpayers to buy property for their pension funds. These new laws enable people to buy property and then “sell” it to their private pension funds. When the property is rented, the buyer can receive tax deductions that are equal to their current income tax level.
Buying Guidelines
Maybe you’ve just returned from Spain and you’ve decided to buy a holiday home there. Or maybe the incredible climate and golf courses convinced you to pick up and move for good. How should you go about buying a Property in Spain?
While buying real estate in Spain is similar to doing it here in Britain, there are differences in the laws that could put a snag in your plans if you don’t know what you’re doing. That’s why it’s best to hire a reputable agent who has a good track record for handling properties in Spain and is familiar with all of the laws and regulations. You should also make an effort to visit the property you plan on buying in person, preferably with an engineer or architect, to give the structure a good inspection.
There are many different areas in Spain and each place has its plusses and minuses. If you’re unsure about exactly where you want to live, consider renting for a while to see if the area meets with your expectations. And if you’ve never visited before, take a holiday and you’ll soon see why Brits love to buy Property in Spain.
View Overseas Property Shop property in Spain pages here, or use the Spanish property search database here.