Many people dream of owning a second home in Spain – especially frequent visitors with their favourite spots along the coastline, up in the mountains, or near a golf course.
In 2022, nearly one hundred thousand non-Spanish nationals bought a property in Spain, making their dream a reality!
Most would agree that Spain is a wonderful country to visit on holiday, with so much to offer, from the Mediterranean lifestyle, laidback outdoor living, all-year-round sunshine (well, almost!), spectacular scenery, affordable prices, and much more.
But is taking the next step to pursue your dream – and actually buying a holiday home in Spain – really a wise investment?
If you love the idea of spending your time between your current home and a second home in sunny Spain, we’re here to help you decide if that’s the best option for you in 2023.
First, let’s take a look at the pros of investing in a holiday home in Spain this year:
1. Property prices remain lower in Spain than in many other places in Europe
Properties in key locations throughout Spain are still available at highly desirable prices – especially compared with other places in Europe. You can certainly get more for your money if you shop around, especially in popular locations like Costa Blanca, Costa Cálida, and Costa del Sol.
Whether you’re looking to buy a holiday home or a rental investment, you’ll likely find your dream property in Spain at a surprisingly affordable price.
Using a specialist currency company can also guarantee you get much more for your money. They can help you mitigate your risk and budget correctly, so you exchange and transfer funds at the optimal time – when the odds are in your favour. This can make a significant difference when transferring large sums of money to the overall cost of your property.
2. The Spanish economy looks set to remain more robust than many EU countries
According to the European Investor Intentions Survey 2023 report (prepared by CBRE), Spain currently ranks fourth among the countries providing the highest capital growth.
As one of the top-growing countries in Europe – with one of the strongest real estate markets – Spain looks set to maintain its competitive edge over many other EU countries throughout 2023 and beyond.
The Bank of Spain predicts a return of 10% for the Spanish real estate market in 2023.
In layperson’s terms, buying property in Spain is considered a safe investment. It’s highly unlikely that you’ll lose any money if you take the plunge – provided you seek expert guidance and support throughout the buying process.
3. Enormous variety of locations and property types to suit all budgets
Another advantage of buying a second home in Spain is the extensive range of properties available to meet all needs and budgets. From luxury villas in the countryside, modern beachside apartments, and traditional Spanish townhouses to bungalows on golf courses, city apartments and more – you’re spoilt for choice.
All you need to do is decide what type of property will best suit your needs, your preferred location, and your budget – and you’ll be sure to find a match from the wide variety on offer (or something very close to it!).
The team at Micasamo is here to guide you through every step of your journey to finding the perfect property in the ideal location. If you’re struggling to make up your mind, why not book a personalised property viewing trip with us – designed to help you to view (and narrow down) your selection of locations and properties, as well as answer all your burning questions about the buying process in Spain?
4. High rental income available if you want to rent out when you’re not there
The rental market in Spain is expected to grow steadily in 2023, presenting fantastic opportunities if you’re looking to rent out your holiday home when you’re not there – especially in popular tourist areas like the Costa Blanca, Costa del Sol, and Costa Cálida.
This is a great way to recoup the everyday running costs of owning a property in Spain and even profit from your investment rather than leaving the property vacant for long periods. You can opt for short-term rentals, which are in high demand all year round in Spain, simply blocking out the weeks that you and your family/friends will be visiting.
By purchasing a holiday home in Spain that you occasionally rent out, you will have a long-term recurring source of income that offers a much higher return than many other investment sources at this time.
5. The buying process in Spain is relatively simple
We appreciate how daunting the thought of buying a property in Spain can be, especially if you’ve never invested in property abroad before and don’t speak the language.
The good news is the buying process in Spain is relatively straightforward – as the Spanish government are actively encouraging foreign investment in Spanish real estate in 2023. The only official requirement as a non-resident is to obtain an NIE (Número de Identificatión del Extranjero), which is necessary for carrying out any financial transactions in Spain.
Having said that, the Spanish property market does have its quirks, so it’s essential to do your research to help avoid potential pitfalls or costly mistakes. We would always recommend seeking the advice of a reputable real estate agent, local to the area you’re interested in, who will guide you through Spain’s unique financial and legal processes.
Read our recent blog to find out more top tips for property investors looking to buy a second home in Spain – to help you (safely!) get the ball rolling.
6. Easy to travel to and from
As one of the main entries into Europe, Spain has modern and convenient international airports in many of its cities, including Málaga, Barcelona, Madrid, Alicante, Valencia and Seville. This, along with an excellent selection of airlines, makes travelling to and from Spain (from almost anywhere in the world) easy and convenient – with flights departing daily.
For those in other EU countries and the UK, the duration, frequency and cost of flights make Spain a very accessible country – ideal if you have a holiday home and want to pop over for long weekend breaks, or enjoy lengthier stays to soak up some sunshine.
Car rentals are also available at all airports for a quick and easy onward journey.
7. Excellent infrastructure and transport options
In addition to its excellent airports, Spain has one of the best infrastructures in Europe, from its high-speed railway network and extensive public transport options to well-maintained highways, telecommunications, and shared public amenities (including community parks and nature reserves).
We can also throw the Spanish healthcare system into the mix here, as it remains one of the finest in Europe. European visitors can access services for free – or at a reduced cost – by presenting a European Health Insurance Card. Alternatively, you can buy affordable health insurance to cover you for the periods you’ll be visiting your second home.
All of this modern infrastructure adds a lot of value to any property investment you make. It is a very solid reason for Spain remaining one of the most popular destinations to buy property in Europe at this time.
8. A real sense of community
If you’re thinking of buying a holiday home in Spain, where you can spend more of your time enjoying the excellent climate, scenery, cuisine, and all-year-round leisure activities, you might have concerns about feeling isolated or being unable to find help and support when needed.
The good news is that Spanish culture places a significant emphasis on family and community life, is very child-friendly, and almost all places are accessible.
The Spanish people are extremely warm and welcoming, so if you’re open to embracing the culture and socialising, you cannot fail to build a social life amongst the locals – who will also extend a helping hand if you need any assistance.
Similarly, depending on your chosen location, there are thriving ex-pat communities across Spain, making it easy to make new friends, build connections, and really feel part of a community in your second home.
Be careful, though… you may never want to leave!
Avoiding any potential pitfalls when buying a holiday home in Spain
Buying a second home in Spain is a big financial commitment to make, so it’s important to be aware of any potential pitfalls.
We’ve seen our fair share of people make costly mistakes when investing in real estate in Spain, and we want to make sure you’re not one of them!
So, before taking the leap to purchase your dream property in Spain, please read our recent blog containing top tips for property investors looking to buy in Spain, including budgeting for all costs (including taxes), considering the impact of the exchange rate, and using a reputable lawyer (abogada/o).
By following these simple tips, performing due diligence, and enlisting the help of a trusted real estate agent – who can guide you through the whole buying process – securing your holiday home in Spain will be a breeze.
“I cannot rate Micasamo highly enough. They guided us through the whole property purchase process from start to finish. Always attentive and on hand for advice.” Kate H
“Nothing was too much trouble. Micasamo is a professional company with a personal touch, and you will be in safe and capable hands if you choose them as your guide to buying a property in Spain.” Mandy M
Bonus tip for UK investors
If Brexit and the 90-day rule is something that you’ve heard about and is causing you any concern, let us help you know more about the many ways there are to enjoy Spain all year round with one of several visa options.
It’s really not as hard as the grapevine suggests, so please get in touch if you have any questions and we’ll be happy to put your mind at rest.
Now is the ideal time
Whether you’re looking to purchase a holiday home, invest in a rental property, or relocate to a new home in Spain, 2023 looks set to be another successful year in Spanish real estate.
If you’re seriously considering buying a property here in Spain, now is an ideal time to take advantage of a buoyant market, grab a bargain, and secure your investment for the future.
If you’re ready to start the exciting adventure of looking for a property in Spain, please feel free to contact the friendly Micasamo team, who can guarantee an easy buying experience with full support throughout the process.
We provide a first-class end-to-end service and appreciate the need for trust and transparency, which is why we embrace video tours and verified testimonials to enhance the safety and security of your experience. For total peace of mind, we also offer free consultations with legal, financial, and residency advisors; relocation advice; and property consultancy to establish your right fit property.
