Submitted by: Paul A Peterson

There is no doubt that Spain is one of the most enchanting countries in Europe. Its rich historical culture, elegance, and historic places have remained unchanged even after so many reforms the government has taken. Spain is probably the only country in Europe that has been on top of the list for almost thirty years when it comes to foreign investment particularly in the real estate market. Buying property in Spain was already a practice since the restoration of the monarchy in Spain. The government opened its doors to foreign investors and let them invest in property ownership. Although during the reign of General Franco there was a strong restriction for foreigners to own only limited properties, after his reign this triggered unlimited property investment for foreign nationals.

Spain is so popular for being a vacation destination in Europe and travelers all over the world always want to go there. During the past decades, foreign nationals interests were focused on buying single family residences. They use these homes as their second homes or come to live only during holidays and vacations. Since single family residences available for investment are scattered in many parts of Spain, rich foreign nationals began to flock to the country to have their own share of properties. However, it was noted that most buyers prefer the rural environments rather than residing on urban areas. On the other hand, apartments in cities are luring foreign investors as well and a significant number of foreign nationals and even local citizens turned to apartment ownership. For now almost 20 percent of all apartments in Spain are being owned by citizens from foreign countries and some foreigners are purchasing apartments to be used as their retirement homes. Accordingly the natural environment and the milder climate is what they like about Spain.

Buying property in Spain entails a productive future investment because most of the rich retired European people always opt for Spain as their second home. Investors, however, have different reasons. They are accumulating apartments and single family residences because they can rent these properties to other foreigners who want to have places for their vacations, holidays and retreats. Although most countries are restricting foreigners to own properties in their homeland Spain even made its tax related to property holding a little bit lax and it is no surprise there are people who have dual property ownership. As of today there are no full restrictions for foreigners in purchasing and owning estates in Spain which gave way to more commercial, residential, and other forms of investments being owned by foreign nationals.

There are not too many paper works when buying properties in Spain. When a person has expressed interest with the property and the seller agrees with the price, initial contract for the sale will be processed quickly. However, many people especially those who are familiar with laws advice that when buying a property it must be advised by a lawyer to avoid property scams and other irregularities. The lawyer will also serve as the consultant on the legalities of property ownership in Spain.

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