Cost of Living in Spain: prices in 153 cities compared

Table of Content

• Spain's property prices
• International Schools in Spain
• European Markets
• Properties in Costa Blanca
• Apartment for sale

Alicantein southern Costa Blanca is the most popular region among foreign property buyers. In the province of Alicante, foreign residential property buyers accounted for 41.81% of the Q total. Modern detached villas in Spain for sale with a garden and pool are for many buyers the classic Spanish property. They represent an appealing mix of comfort, privacy, and space. As a result, villas for sale in Spain are the most popular type of property among foreign buyers. Are you planning to move to Spain or buy a holiday home in one of the seaside resorts?

This country had entries in the past 12 months by 2123 different contributors. Find out what is the real equivalent in Spain of your current salary and improve your chances of a happy relocation. Therefore, if a city has a Price Index of 134, that means that living there is 34% more expensive than living in Prague. Banks always ask for a valuation of the property for the mortgage.

Spain's property prices

If you want to understand how the pandemic has affected Spanish housing and what is happening in the market now, read this article. According to the statistics from numbeo, the average cost of living in Barcelona in November 2020 is 690 euros per month. In Malaga the cost of living is estimated at 590 euros, in Alicante – 570 euros. The cities with the highest property sales in Spain are Barcelona and Madrid.

Buying a property in this sun-kissed country, you get a 5.6% rental yield and this figure is expected to grow as the real estate market continues recovering from the pandemic. As of February 2020, residential property onthe Canary Islandswas available at an average of €1,900/m². The local property market has begun to recover rapidly after the crisis.

International Schools in Spain

The villas are advantageously located near the prestigious golf course with rich social facilities. A modern Spanish house, for example, may have enormous windows. As a result, different types of Spanish houses are composed of different materials and have varied characteristics. However, classic Spanish elements are frequently incorporated into modern structures. Other fundamental qualities of homes in Spain for sale exist as well, however with the evolution of architectural designs, these may no longer be consistent in all types of houses.

The numbers provided have been taken from several national publications such as national statistical bureaus. Therefore, no set date for data collection can be provided. The numbers provided cover 120 square meters of apartments located in the center of the most important city of each EU country. City selection is based upon the administrative capital, the financial capital, and/or the center of the rental market. Newly built and pre-sale property prices are not included.

European Markets

This initial deposit is refundable if the vendor changes his mind, but without a clause like “subject to mortgage approval,” you’ll lose your deposit if you cancel because you can’t get a loan. In Granada’s old center, the Albayzin, a 538-square foot, one-bedroom/one-bathroom apartment is selling for €90,000 ($117,000). COSTA HOMES offers a wide range of services related to real estate located in Spain.

They have been heading the list of the most popular destinations among property buyers for a long time. Property prices in these cities are reaching their limits. In 2021, the most expensive residential houses in Spain were in Catalonia, where prices average about 4,104 EUR per m², followed by Madrid, Basque Country, and the Balearic Islands.

The costs of maintaining the property should also include utilities - electricity and water. Depending on how much electricity we use in a given month, we are obliged to pay so much. Iberdola and Endesa are the most popular power suppliers in Spain. It is estimated that for the apartment, the average monthly costs of electricity consumption are around euros per person. Moreover, buying a flat in Spain, you have to remember that air conditioning, which is usually the standard equipment of the house or apartment, can generate higher electricity charges. An affordable villa is a nice catch and a desired purchase at the market of property in Spain.

You should also remember that investors who are not permanent residents must also pay Spanish non-resident income tax - IRNRonce a year. In this case, a different amount will be paid by people who rent the property and a other amount who do not use the property for a profit. However, even if the property is not rented, we will still be obliged to pay approx.

Properties in Costa Blanca

Depending on whether it’s beachfront or in the foothills, there’s a huge variation in prices. There’s little point in shopping with less than $140,000. While you can find the odd small apartment for less, it’ll be in older, undesirable buildings–or hold as much space as a dollhouse. For more scenic property, look at villages like Nerja, at the eastern edge of the Costa del Sol. Capital gains tax is due on the sale of a number of assets, including real estate, antiques, art, stocks, and businesses. Residents over 65 years of age are exempt from capital gains on the sale of their property.

Between 2006 and late 2012, Spanish properties depreciated by over a third — 34.6%. In 2006, the price per square metre averaged €2,892 , while in 2012 it averaged €1,891. InGirona, a Costa Brava city, the average property price had grown 10% by February 2020, running at €2,250/m².

Houses in Spain for sale have always been considered quite unique, and what distinguishes them from other styles of houses are the materials and how they are used. Lionel Messi needs no introduction when it comes to his name or his fame. The man who led Argentina to an amazing victory in the FIFA world cup finals is currently basking in the glory of the love that’s coming his way. A Partner Member implies no rights to attend the COST CSO. However, researchers from COST’s Partner Members enjoy observer rights in COST Action participation. A Cooperating Member implies non-voting rights in the COST CSO. However, researchers from COST’s Cooperating Member enjoy member rights in COST Action participation.

Spain Homes’ property experts have detailed all the costs and taxes below. The building spree and the subsequent crisis led to the property demand in Spain proving to be insufficient. This resulted in an excessive supply in the market and a rapid decline in prices, especially on the Costa Blanca.

How much does it cost to own a property in Spain? tripinvest com

Table of Content

• Spain's property prices
• Enchanting Spanish Real Estate
• Property insurance in Spain
• Average residential property prices in Spanish regions as of February 2020
• Alicante

Sea View Modern Villas in Finestrat Costa Blanca Luxurious detached villas with sea view in Costa Blanca have private swimming pools. The villas are located next to the city of Benidorm, close to all amenities. Semi-Detached Villas with Pools and Gardens in Alicante Semi-detached villas in Orihuela Costa Spain are located right next to a prestigious golf course in the region. The villas are designed with terraces, gardens, and swimming pools. Because Spain houses for sale have historically been made from local materials, they might differ from region to region, and even from town to town.

We calculate prices for Spain as a population-weighted mean of 153 cities. Since large cities tend to have a higher cost of living, it's better to visit specific city pages below for more relevant information. Less commercialized than the Costa del Sol, the Costa Blanca is the second-most popular choice for foreign buyers seeking retirement or vacation homes. The 132-mile-long coastline in Alicante province, on Spain’s eastern Mediterranean coast, features golden sandy beaches and coves. Set against a backdrop of wooded sierras that turn pink at sunset, most resorts are clean and well kept. Studded with marinas, bars, cafés, and delectable seafood restaurants, its seafront promenades are perfect for long, leisurely strolls.

Spain's property prices

Depending on whether or not you are deemed to be a permanent resident, the tax rate on rental income is either 25% or 35%. For nonresidents, income on property is set to about 2% of the cadastral or rateable value of the property, and then a rate of 25% tax is applied to the base value. Interestingly, the tax is paid by the tenant, with the tax deduction made from the rental before the net amount is passed on to the owner. Owners should insist on proof that the tax payment has been made on their behalf. Any income from rent received in Spain by non-residents is subject to a payment of a flat rate of 25%. Even if the property is not rented, owners are still liable for tax on the imputed income, at rates ranging from 2% to 20% of the official property value.

The appraisal report is a legal requirement and must be made by a registered valuation company. The report is used to determine the real value of the property, and the loan amount is a certain percentage of this value. The cost of a title deed is generally around €750 but depends on the purchase value of the property. Legal fees can vary depending on the amount and complexity of the work to be done. Lawyers generally set the fee as 1% of the purchase price. Listing Information is deemed reliable but is not guaranteed accurate.

Enchanting Spanish Real Estate

Given the current real estate conditions, renting might be a more feasible option than purchasing a home. Even now, more people are opting for rental properties than before the housing crisis occurred. Despite this recovery, the real estate market in Spain is still lagging behind its European neighbors. Although considerable progress has been made since the crisis, the country is still at the bottom of EMF’s current house pricing index, with Sweden topping the list at 160.6 points. Spain Homes is a branch office of Tekce Overseas SA which is the leading real estate company for overseas property sales.

Real estate in Alicante is on average twice cheaper than in Madrid and Barcelona. As of February 2020, apartments in the city of Alicante sold at €1,500/m². Foreign nationals have the unlimited right to buy and sell all kinds of property such as residential, commercial or land. Most foreign homebuyers are British, Germans, French, Belgians, Italians and Swedes. Modernly Designed Houses Near the Beach in Mallorca Houses for sale in Mallorca are located within walking distance of the beach. Contemporary houses have a large garden area, rooftop terraces with panoramic views, and a barbecue.

Property insurance in Spain

Alternatively, if the property is owned for more than 10 years, then the capital gains liability disappears. However, you may be liable to tax in your country of residence. The rate of capital gains tax is 20% for residents, and 35% for non-residents. Depending on whether you are purchasing new or resale property, either transfer tax or value-added tax will apply on the transfer of property. A 7% transfer tax is generally charged on the purchase of real estate. When buying a parcel of land from a developer, this is replaced by IVA at 7% or 16%, plus 1% stamp duty.

Small windows with bars, for example, are quite likely to be found in a classic Spanish house. Spain is a popular destination for visitors from all over the world. People who visit the country often decide to work and live or retire here. They look for homes for sale in Spain as it is the most logical alternative to pursue.

For example, purchasers' costs on commercial property will differ from that of home buyers. Buying property in Spain costs will be slightly different, depending on whether the property you will buy is new or second-hand. They also differ by property type, region, purchase value, payment terms, etc. Between January 2015 and January 2020, the average property price increased by 13.2% across Spain, the growth was the highest in Madrid — 25.7%, Catalonia — 18.5% and Andalusia — 12.5%. A slight price decline was observed in the regions of Asturias — by 6%, Extremadura — by 5.5% and Cantabria — by 4.8%.

Besides, as in most countries, purchase prices for houses in Spain are generally higher for properties near the city centers. Murcia is one of the exceptions, with prices higher for properties on the outskirts of town. As in most other countries, home purchase prices and rental rates can vary considerably depending on factors such as location, demand, and the current market state.

As of April 29, 2022, the average price of houses in Barcelona is 706,997 EUR. This data was collected from the estimated 3,304 properties in the province. In comparison, houses tend to be cheaper in the south of Spain, particularly in Costa del Sol.

Thanks to the active construction, the local residential property prices are lower. Of the coastal resorts, there are many offers for the cheapest property in Valencia and Murcia now – these are the regions with the healthiest climate. In recent years, foreign buyers have fallen in love with Alicante. On the Costa Blanca, there is a large selection of bargain real estate, especially apartments for sale. Besides, many interesting offers come from Catalonia, Andalusia, Balearic and Canary Islands. Real estate in Spain has always been a profitable investment.

The property market has not yet returned to the pre-crisis levels and has a potential for growth. Property prices in Madrid have increased by 50% over the past five years. A typical 120 m² apartment in the centre of the city costs €550,000.

We have compared the costs of living in several popular Spanish cities - find out where investing really pays off. Spain ranked 46th out of 197 countries by cost of living and the 27th best country to live in. On the agreed date of closing, all the parties go to the notario’s office to sign the escritura, the deed of sale. At that point you pay the balance of the purchase price along with all fees and taxes. The entire conveyance process normally takes around eight weeks. The Catalan Coast south of Barcelona offers city amenities, small-town feel, and miles of beautiful urban beaches.

Real estate investment in Spain

The Costa Bravais a coastal region located north of Barcelona and spanning to the border with France. Residential real estate is available at an average of €2,500/m² on this coast. _Alice_ / depositphotosBarcelona, Madrid, Costa Blanca, Costa Brava and Costa del Sol, as well as the Canary and Balearic Islands are the most popular destinations to buy property in Spain.

However, the cost of housing remains 30% lower than the 2008 peak values. The Costa Blancais the most affordable region in terms of residential property prices. Studios or one-bedroom apartments near the beach are available at prices from €70,000. Without beachfront property, the foreign real estate market would barely exist in Spain. Europeans flock to Spain’s beaches from every country afflicted by a cold winter. While prices can be high on the popular beaches of Spain, there are still a number of less-discovered coasts where you can find a little piece of beachfront property to call your own.