What do I need to know before buying a property in Spain?

Whether one is looking to buy apartments in Sotogrande or villas in other parts of the Costa del Sol, there is no question that purchasing a property in Spain can be an extremely exciting – but also daunting – process.

The appeal of Spain – and certainly Sotogrande, with its exclusivity and generous leisure and sporting amenities – is obvious.

But when it comes to the slightly ‘knottier’ and less glamorous points of actually buying property in this part of Europe, what key things should you know beforehand?

First of all… yes, you can buy a property here as an overseas national!

Just in case you’re reading this wondering, “would I even have the legal right to buy apartments in Sotogrande?”, the great news is that yes, you do.

To this day, there aren’t any restrictions preventing anyone from outside of Spain – such as the UK, the United States, Germany, or basically anywhere – acquiring a residential property in this fabulously sun-drenched country.

So, the question of buying property here as a foreigner is less about your legal ability to do it, and more about exactly what you intend to do with the property once you do own it. For example, we have previously written about the legal situation in terms of how long you will be able to stay in Spain as a property owner here.

What process is involved in buying a Spanish property?

If – as we touched on above – you are a foreigner with an interest in acquiring property in Sotogrande or elsewhere in Spain, it is important to be mindful of how the exact process of buying a home might differ from the situation in your country of origin.

That process starts straightforwardly enough; you will need to obtain a financial number, which you can do simply by visiting a police station with your passport. If you are a citizen of a European Union (EU) state, you can expect this to be processed on the same day, but if you are from outside the EU, a wait of several weeks may be likely.

Beyond that, you will need to go through such processes as actually finding a great property in the first place, followed by making an offer and the seller (hopefully!) accepting that offer. At this stage, the buyer and seller will apply their signatures to a preliminary contract – known as a contrato privado de compravento – and the buyer will pay a deposit, which tends to amount to around 10% of the purchase price.

As a buyer in this situation, you would then be able to move forward to arranging the mortgage, although you should have already discussed your requirements with the mortgage provider before reaching this stage.

Finally, the contract of sale – the escritura de compravento – can be signed in front of a notary, and the property purchaser will be required to pay the full sale price, taxes, and other costs.

Start your search for Sotogrande apartments and villas in the finest style

There are many other things we could say about buying a property in Sotogrande or wider Spain, although we don’t have the room here to go into greater detail. This is why resources such as, for example, the UK Government’s guide to purchasing Spanish property aimed at British buyers, could make crucial reading for you.

Then, of course, there is the not-insignificant matter of finding the best possible opportunities to buy apartments in Sotogrande right now.

Here at Property Sotogrande, we bring together the listings of multiple trusted estate agents catering to the local area, which makes us one of the best one-stop online Sotogrande property portals. Quite frankly, then, why would you need to begin your search anywhere else?