The residential real estate market in Spain’s major cities has been on the rise for many years, although in rural areas it’s more stagnating. So, many foreigners buy houses in rural areas, since it is cheaper than lodging in popular tourist places. In addition, a private house or villa in Spain is a great opportunity to relax from the hustle and bustle of cities.
Kinds of real estate in Spain:
1) Single-family house or villa: a house on a separate land property. The house can a separate or bordered by a neighboring house. Of the many real estate sectors in Spain, the market for single-family homes is, as they say, a “buyer’s” market. That is, foreign citizens who wants to buy a house in Spain have a wide choice of houses, both in large cities and in non-central areas.
2) Collective housing: a multi-storey building, where many families live. The number of floors in the premise depends on the overall architecture of the zone and the design.
Over the past 15-20 years, the market for the sale of apartments in Madrid, Barcelona and other major cities, as well as resort towns along the coast, has been booming. Many people wishing to buy property in Spain invest in apartments as the most cost-efficient type of real estate. Experts estimate that at the moment about 20% of transactions for the purchase of apartments in Spain are made by foreigners.
3) Lofts: a modern type of housing on the property market in Spain. The trend to buy lofts began in the 1980s, when abandoned factories and plants began to be used for lodging. Lofts are open spaces with high ceilings. Now they are sold with modern stylish design and furniture. However, some of them, being industrial premises converted to residential ones, may require additional repairs, installation of walls and utilities and as well as interior renovations. Currently, you can buy a new property in Spain, specifically built as a loft according to a client’s own project.
As for real estate on the sea coast, many foreigners are eager to buy apartments in order to have accommodation in Spain for the period of holidays. For the family it turns out more convenient, more cost-efficient and practical to buy an apartment, than to pay for hotel accommodation each time. While they are absent, special agencies take care of their property.
In addition, many people buy real estate in Spain with a dual purpose: to rest on their own, or rent the property out during the holiday season for other tourists. Tax laws in Spain allow the existence of such a source of income.
It is expected that in the coming decade more and more foreigners will buy real estate on the coast. These can be apartments, houses or villas, depending on the buyer’s needs.