Spanish Property & Housing

To Buy or Not To Buy….

That is indeed the question.  According to the Society of Appraisal on 31^st December 2005, Catalonia after Madrid was the second most expensive location in Spain to buy property.  After working in the property market here in Catalonia, I can confirm this – it’s not as cheap as you think but having said that, prices are roughly equivalent to 60% of the value of a similar property in a similar location in the UK.  Currently prices are also falling and if you can, it’s a good time to look for bargains because they are out there.  To give you an idea of prices, a 100m2, 3 bed, 2 bath apartment with parking, lift and communal gardens and pool will set you back about 400,000 – 450,000 Euros here in town.  Go 10km inland and it’s a different story as you’d be able to find a really nice detached house with garden and pool for about the same price.  Cheaper and more expensive can be found, it all depends on where you want to be and how much work you want to do. 

If you need a mortgage, there are plenty of banks to choose from.  10 of the 46 savings banks in Spain are Catalan and “La Caixa” is the first savings bank of Europe.  There’s a branch of Barclay’s in Sitges now and Santander (Abbey National).  To apply for a mortgage you should have a Spanish bank account and to open an account to must have a N.I.E (your foreign ID number).  This you can apply for before you make the move to Spain (from the Spanish Consulate in your country), or, for European nationals, from the national police after you arrive.  If you are from outside the E.U. then you would need to check with the Consulate beforehand to confirm any specific requirements.