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Buying a Property

Property in Spain – Buying v Renting

Properties in Spain, as in any other country; will vary in price according to regions, and also differ in city centres or outlying areas.

BUYING

Here are some examples provided by Mauricio Vargas from the Javea Property Portal:

MADRID
In Madrid, the average cost per square metre is around €2,400, with the average property price at a little over €500,000. However, in the less pricey areas like Sierra Oeste or Cuenca de Henares, properties average between €150,000 and €200,000.

BARCELONA
Barcelona properties cost an average 4,000 euros per square metre, with the average property costing 650,000. The areas with more economical properties are Ciutat Vella and Sants-Montjuic, where prices average 280,000–320,000.

MARBELLA
The average per square metre in Marbella is 3,250, with property prices averaging more than 700,000 euros. The lower priced properties can be found in La Duquesa and Sabinillas, at an average €150,000-180,000.

VALENCIA
In Valencia, €1,250 is the average price per square metre. Property prices ave 240,000. Navarres and Ribera Alta have properties averaging 100,000 to 160,000.

JAVEA
Javea has an average cost per Sq Metre of 2,425 euros, with properties at an ave 500,000. The lower priced areas are Beniarbeig and El Verger, where property can be found for ave 100,000 euros.

These statistics may be helpful if you are prepared to buy, however sometimes people prefer to rent to begin with, while they explore the area and can decide exactly where they want to make a permanent base.

RENTING

To rent in Spain, you will need to have one month’s rent in advance, and at least one month, usually two months, as deposit. This is retuned to you when you leave, after outstanding bills are paid, or any damage compensated for (these will be deducted from your deposit, as long as they are not of a larger amount.

Rents are likely to be around 50% of what you may pay in mortgage payments on a home, but of course rent is money lost, whereas mortgage payments are paying off the price of the property, which will be yours, and a very good investment.

Whether you rent or buy, you will have utility bills, which can be monthly or quarterly, and local council payments for street cleaners, garbage collection, etc. these are usually paid annually and are not expensive, especially as garbage is collected every day, (more than once a day in city centres) and streets are swept continually, and washed every night.

Rents in Spain are surprisingly cheap compared to the UK, even in city centres, but so are property prices and mortgage rates.

Whatever you choose to do, and in whichever part of the country; you are sure to enjoy your new life in warm, friendly, wonderful Spain!

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