Many French people have been and continue to be seduced by life on the other side of the Pyrenees, and also by the low interest rates and attractive real estate opportunities on offer.
While the real estate market has lost 40% of its value since 2007, it has stabilized since 2014. Before taking the plunge, it's important to understand the administrative formalities. Transactions for property purchases in Spain are much faster than on the other side of the border, due to the absence of a pre-emption period in the city where the property is located.
You can now take advantage of the opportunities offered by the Spanish real estate market to find the rare pearl among a wide range of properties. Thanks to the professionals at N1 Immo, you can choose an apartment or house on the Costa Brava, in the sunshine and close to the sea.
Steps to follow to buy in Spain
Spanish real estate transactions are different from those in France. In the course of a property purchase, there are several stages to go through and legal formalities to complete. Above all, you need to be vigilant at every step, from the reservation to the signing of the deed of sale at a notary's office.
Spanish legislation makes it compulsory for all foreigners wishing to buy an apartment or house in Spain to obtain an NIE (foreign identification number). This document is essential for signing the deed of purchase, or even for opening a "non-resident" bank account. It takes an average of 10 days to receive your NIE in Spain.
Finalization of the purchase
Then, after viewing and comparing several properties in Spain, you have finally found the apartment or house that interests you, and you have reached an agreement with the seller on the price, it's time to "seal" the deal. To do this, you "reserve" the property by paying a sum, which commits the seller not to offer the apartment to another buyer until the compromis de vente has been signed.
Finally, before finalizing a sale, it's important to check that all the documents are in order for the property you wish to buy (building permit, property registration certificate, first occupation license, habitability certificate, etc.). Read the blog article below to find out all about the documents and steps involved inbuying property in Spain. Don't hesitate to ask the N1 Immo team for more information.