Spain is a popular holiday destination, known for its Mediterranean lifestyle, beautiful landscapes, affordable prices, and almost year-round sunshine. If you’re considering taking the next step of purchasing a vacation home in Spain, you’re in the right place. In this posts, we’ll show you the main points to consider before adquiering a second home in Spain in 2024.
The advantages of acquiering a vacation home in Spain in 2024
Competitive Property Prices:
- Property prices in Spain are, overall, significantly lower than many other European locations. Desirable properties in key Spanish locations, such as Barcelona, Valencia, the Balearic and Canary Islands, Costa Blanca, Costa Cálida, and Costa del Sol, are available at appealing prices.
Spanish Economy:
- Spain ranks fourth among countries with the highest capital growth, according to the European Investor Intentions Survey 2023. The country’s strong real estate market positions itself favorably against other EU nations, which predicted a 10% return on the Spanish real estate market in 2023.
Diverse Property Options in Spain:
- Spain offers a vast array of properties to suit various budgets and preferences, from luxury villas in the countryside to modern beachside apartments and traditional Spanish townhouses.
High Rental Income Potential in Spain in 2024:
- The rental market in Spain is expected to grow in 2024, especially in popular tourist areas. Renting out your holiday home when not in use can generate income, which in turn can help to cover costs and potentially turn the property into a profitable investment.
Straightforward Buying Process:
- With the help of Mortgage Direct, we will help simplify the property buying process in Spain. One of the main, essential requirements to purchase a property in Spain is to obtain a NIE (Número de Identificación del Extranjero). The Mortgage Direct team are here to guide you through every step of your journey to buying your desired property.
Convenient Travel Options:
- Spain’s modern international airports and excellent transportation infrastructure make it easily accessible from a magnitude of locations worldwide. In turn, this makes it much more convenient for you to frequently visit your holiday home.
Community Spirit:
- Spanish culture prioritizes family and community life, making it easy for newcomers to integrate into local life and build connections. Expanding social circles and feeling part of a community are common experiences for those with second homes in Spain.
Visa Options for UK and Non-Eurozone Investors in Spain
Making such a substantial financial commitment, it’s important to be aware of potential pitfalls particularly from an immigration perspective. For example UK investors may be concerned that now, after Brexit, they have to abide by the 90 day rule in Europe (meaning that they must not spend more than 90 days in a 180 day period in Spain or other European counties). Americans and other non-Eurozone residents have to abide by the same rule.
In spite of this, various visa options are available which would offer unlimited, visa-free access to your new holiday home in Spain. Feel free to reach out to the Mortgage Direct team for more information.
Now is an opportune time to explore property opportunities in Spain. Whether you are seeking a holiday home, rental property, or a new residence, 2024 is shaping up to be successful in the Spanish real estate market.
The best option to Invest in Spain in 2024: Mortgage Direct
Since 2006, we have been using our expertise to help guide our clients through the mortgage application and real estate buying process.
Mortgage Direct’s multi-lingual team of qualified advisers provide unrivalled personalised advice on Spanish mortgages with exclusive mortgage conditions – ensuring your money is safe as well as profitable! If you have any questions surrounding your upcoming Spanish property purchase or would like to discuss a tailor-made solution for yourself, please get in touch with us today.
Complete my mortgage affordability-check form