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How to Purchase a Property

How to purchase a property in Spain?

In the next section, we present the steps to follow if you wish to purchase a property in Spain in a quick and simple way, for the best price and in the best area.

Purchasing properties in Spain has become more and more common in the past 5 years, due to the competitive prices on the real estate market, as well as to the excellent climate in such places as Alicante, Malaga, Murcia or Almería. Apart from these, the legal security in Spain and the high standards of life have also made a positive effect, since they match the needs of Hungarian buyers and investors.

In order to make the process of purchasing a property an enjoyable experience as well as a highly profitable investment for you, we have compiled an informative guide with the title “How to Purchase a Property in Spain”, which you can download for free.

This guide is full of information to help you purchase a property in Spain in the best areas and for the best price.

Summary contents of the Guide

In a nutshell, you have to take the following steps to purchase a property in Alicante, Malaga, Almería or Murcia:

Find a consultant. After you have made your first Internet research to see the available properties on the market, contact a Hungarian consultant who knows the Spanish market well.
Take an inspection trip. Visit the area in Spain that interests you the most, if possible, in the company of a representative from the real estate agency of your choice.
Learn about the procedure of purchasing a property. After you have chosen the property, find out about the detailed process of purchasing immovable properties. At this point you might want to think about what kind of loan you wish to apply for, and whether to do it in Spain or in Hungary.
The NIE number. In order to purchase a property in Spain, you will need a so called NIE (Foreign Identification Number), which is issued for those foreign citizens who have some kind of economic, social, or business relations in Spain.
The bank account. After you receive your NIE number, you need to open a bank account in Spain. Although this is not obligatory, it is still logical and recommended, since you will have to pay the property related taxes in Spain.
Signing the contract of reservation. This is a private contract between the seller and the buyer, in which both parties express their intention to sell and buy the property respectively, and a sum of money is paid as a guarantee. It is not obligatory to sign a reservation contract to buy a property in Spain, however, it is useful in order to make sure that nobody else purchases the property before you.
Signing the public purchase-sale contract. This is the final step, in which the buyer and the seller sign the purchase-sale contract in the presence of a notary in order to make the act public. At this point the seller hands all the documentation related to the property to the buyer, along with the documents that prove that all the taxes have been paid and that all other obligations have been fulfilled.
Paying the taxes. Finally, the taxes originating from the purchase-sale of the property are paid, and the property is officially registered in your name at the Property Registry.