Warm weather is the most important reason for Dutch investors to buy property in Spain compared to the climate of the Netherlands, Germany, Austria, and the UK. According to recent research, the Spanish Land Registry declared that Dutch buyers are amongst the top 10 foreign real estate investors in Spain. The areas include Costa Blanca, Costa del Sol, and the Balearic Islands.
While Dutch buyers might love the sunshine that Spain offers, they often invest to diversify portfolios by investing in second homes, holiday homes, retirement properties, and buy-to-let investments in tourist areas.
In this guide, if you are a new Dutch buyer, you will find all the basic information about why property buying in this country is a bit different, and what are essential steps required.
Let’s get started!
Why investing in Spanish real estate different?
The property in Spain is, to be honest, a bit different as compared to other Dutch-speaking countries. Here are the prominent differences, every Dutch buyer should know:
- Hiring a lawyer
The first and most important thing is hiring a lawyer in Spain if you are planning to buy a property in Spain. The lawyer will help you to conduct the due diligence for the chosen property you want to buy. It is to verify that the property is free from any financial or legal issues.
- Sign a reservation agreement.
Before signing the final purchase contract, buyers in Spain typically sign a reservation agreement. The step is rare and not common in the Netherlands or other Dutch-speaking countries.
- Additional costs
When you decide to buy property in Spain, it comes with additional costs including transfer tax, and notary fees.
Transfer fees – It typically ranges from 6% to 11% depending on the region. However, in the Netherlands, the transfer tax is lower and is around 2%.
5 steps to buy property in Spain
Buying property in Spain includes 5 easy steps, here are the following steps that you need to follow:
#1. Set your budget
Determine your goals, budget, and the type of property that you are looking forward to buying. Whether it’s a vacation home, investment property, and permanent residence.
#2. Hiring a local lawyer
Work with a legal lawyer to guide you through the purchase process to ensure the property complies with Spanish regulations. Hire an independent Spanish property lawyer to guide you through the process. They will ensure the property is legally sound, free of debts or encumbrances, and that all documents comply with Spanish regulations.
#3. Find the right property.
Collaborate with our agents at Rino Properties to choose the right properties that meet your criteria.
#4. Sign the Reservation Agreement
Secure the purchase by signing the deed before a Spanish notary and setting all related taxes and fees.
#5. Buy the property
Finalize the transaction by signing the public deed of sale (Escritura Pública) in the presence of a Spanish notary. At this stage, you’ll also pay the remaining balance and cover all associated taxes, notary fees, and registration costs. Once signed, the property is officially yours.
How can Rino Properties help?
Rino Properties helps international buyers expand their portfolios in real estate in Spain as well as in Dubai real estate. Our agent’s goal is to offer personal property searching, incorporate legal and financial assistance throughout the purchase process, and follow up with after-sales support.
To get more information about your dream property in Spain for sale, connect with us today!