Thinking about investing or selling property in Spain? There’s a lot of interest in Spain from wealthy investors from emerging economies such as Scandinavia, China, Brazil, Mexico as well as from much of the Middle East. Spain, a country on Europe’s Iberian Peninsula, includes 17 autonomous regions with diverse geography and cultures. Capital city Madrid is home to the Royal Palace and Prado museum, housing works by European masters. Segovia has a medieval castle (the Alcázar) and an intact Roman aqueduct. Catalonia’s capital, Barcelona, is defined by Antoni Gaudí’s whimsical modernist landmarks like the Sagrada Família church
There is now a strong possibility of a third general election in Spain in as little as 12 months, which is quite unprecedented. But that does not seem to have affected the Spanish economy, which grew at 2.9% this year, which is the fastest in the Eurozone.
Spain has largely recovered from the economic crisis that hit it so badly in the aftermath of the 2008 global housing crash. The property market has been doing exceedingly well too, with prices up this year by 3% to 7% in most regions of the country. In fact, the Spanish bank BBVA predicts property sales to be up by 10% by the end of 2023.
This just goes to show that Spain operates independently of its politicians and it doesn’t matter whether there is a government in Spain or not. So if you are considering selling your Spanish property to cash buyers, you will have no trouble attracting interest for it, provided you get the basics right.
The first thing to do is to hire a UK estate agent, preferably someone who has a plenty of experience at buying and selling overseas property. Your estate agent should have lots of contacts in Europe, China, Russia and the Middle East.
They should be skilled at marketing overseas properties. This means they should be good at online marketing, pay-per-click advertising, video marketing and social media marketing. They should promote your property at international property shows and should have a large agent network at their disposal. They should truly understand the complexities involved in selling your property abroad.
The next tip is to set a realistic price for the property. It hasn’t been long since Spain has come out of the recession. The market is full of foreclosed properties which have been put up for sale by the banks, which have brought down the price for everyone.
Don’t make the mistake of pricing your Spanish holiday home for sale at a much higher rate than what comparable properties in the area are selling for. Fix a price of 5% above the average, at best.
Know about the taxes you’ll need to pay. The capital gains tax in Spain on sale of a property for non-residents is 19%.
The final tip is to get your paperwork by your side. Make sure everything is as it should be. You wouldn’t want a deal to collapse because of inadequate documentation. Hire a reputable real estate lawyer to help you with this. If you can’t be in Spain at the moment of the sale, appoint a power of attorney to handle the negotiations on your behalf.
Contact us today to sell property in Spain fast to cash rich overseas investors.