Flats in Spain

Flats in Spain

As already mentioned, the market for flats in Spain is in great demand from foreign buyers. There are many reasons for this: the high standard of living, a wonderful climate, a friendly attitude towards immigrants, the high level of education and medical care, the many ways to obtain a residence permit and, finally, the cost of life and low housing prices compared to other EU countries. These are the main advantages of Spain. In addition, the level of profitability of renting flats in Spain is quite high. Especially, if it is tourist renting.

Sale of flats in Spain

The sale of flats in Spain, as well as the sale of homes in general, continue to grow every year. At the moment, the growth of sales, as well as the increase in property prices in Spain, has stabilized. This means that the danger of a new real estate bubble forming in Spain has been left behind, and the market is approaching a healthy state. The positive forecasts of the experts on the market, increase the interest on the part of foreign investors who want to buy a flat in Spain. According to the latest data, published by the National Institute of Statistics (INE), in the period from January to March 2019, the number of transfers of property in Spain, amounted to 133,989. 3.7% more than in the same period last year.

Price of flats in Spain

The price of flats in Spain is constantly growing, due to the active growth of the economy and the demand from investors, both national and foreign. According to the Ministry of Public Works and Transport (Ministerio de Fomento), of Spain, the price per square meter of housing in the country, in the first three months of 2019, amounted to € 1,636, which represents an annual growth of 4.4%. According to the data corresponding to May 2019, the price of flats in Spain was € 2,211 per square meter on average. One-bedroom apartments cost an average of € 2,570 per m2. Two-bedroom € 2,265. Three-bedroom € 2,321. Four-bedroom € 2,789. Five-bedroom or more € 3,200.

Buy a cheap flat in Spain

Many wonder if it is possible to buy a cheap flat in Spain. A flat in Spain is the best option for those who want to become owners of a home in this country, having a limited budget. For example, you can buy a flat in Torrevieja, Spain, with a budget of around € 30,000. We talk about studios, most are located near the sea. In addition, this flat in Torrevieja can be rented easily, obtaining good profits.

The best place to buy flat in Spain

Asking where is the best place to buy flat in Spain, you must, above all, determine your objectives. Some look for a flat in Spain for vacations, others for permanent residence, and others look for where to invest their money to obtain benefits from the renting. In the first two cases, the choice depends solely on the personal preferences and financial capabilities of the buyer. If the objective is to obtain profits, it is necessary to carefully study the situation in the market, to determine which option is more profitable to buy a flat in Spain. Most of the investment in housing, usually falls in Barcelona and Madrid, and its surroundings. But some coastal regions have recently reached them in terms of profitability: flats in Spain near the sea are easily rented. On average, the profitability of renting flats and houses in Spain is 5.4%. Catalonia, the Valencian Community, Murcia and Madrid are the leading profitability regions (5.8%, 5.7%, 5.6%, 5.5%, respectively). The Valencian Community, including the Costa Blanca region, is of great interest to invest in flats in Spain. Thus, the profitability indicators in the Valencian Community and in Catalonia are almost equal, while the price difference is significant. According to data from May 2019, the average price of a flat in Catalonia was € 3,013 per square meter, and in the Valencian Community, € 1,768. In Barcelona, ​​in May 2019, the average price of a flat was € 4,799 per square meter, while the flats in Alicante cost an average of € 1,748 per square meter. The apartments in Torrevieja – 1,687 €. The apartments in Benidorm – 2,189 €. At the same time, many cities of the Costa Blanca show high rates of profitability: Torrevieja – 5.7%, Santa Pola – 5.6%, Alicante and El Campello – 5.2%, Elche – 5.1%, Benidorm – 5%.