Property for Sale in Northern Spain – How It Works for Foreigners

Owning a house in Northern Spain not only gives you a secure foothold in one of the most beautiful areas in Europe but also a path toward residency, particularly with the Spanish Golden Visa arrangement.

The real estate market in Northern Spain has its own dynamics, usually reflecting a mix of historic charm and modern living throughout the region. There are fluctuations in the market, as in every other place, but generally speaking, owning property here can be a very good long-term investment. 

This guide leads you through: 

• The Benefits of Buying Property in Northern Spain
• How to Navigate the Market
• What Taxes and Legalities are Involved in Doing So

Why Invest in Northern Spain?

See why the Northern Spanish property market has become so popular:

Golden Visa Opportunity

Acquiring a property worth at least €500,000 will grant eligibility for Spain’s Golden Visa, which is good for long-term residency, with travel across the Schengen Area without hassle.

Mild Climate and Scenic Landscapes

It is mild in climate and has green valleys and wonderful coasts in the north – a perfect destination for people who want cooler summers than southern Spain.

Low Cost of Living

Enjoy the feeling of staying in comfort, yet at a much cheaper cost than in the US, Australia, or most of Western Europe.

Tourist Attractions

It is the dream destination for any tourist, offering both nature and culture in abundance, thus ranking high in the real estate investment opportunity in rentals, especially for summer houses in Bilbao, San Sebastián, or the Picos de Europa.

Value for Money

Northern Spain is typically far less expensive compared to bigger metropolitan cities such as Madrid and Barcelona, making it very attractive to the savvy investor.

Stable Market Growth

The Northern Spanish real estate market has gradually appreciated over the years. This increasingly attracts international buyers, hence leading to continued demand.

Excellent Connectivity

The northern area of Spain also has its various regional airports, such as Bilbao and Santander, with larger train lines to make travel from most points in Europe relatively manageable.

Can a Foreigner Purchase Houses in Northern Spain?

There are no obstacles for foreigners, including Brits, to buy freely or rent real estate in Spain without special permissions. The Spanish Government encourages foreign investment, with programs such as the Golden Visa.

For foreigners, the process is smooth, but there are some nuances worth discussing. Being a non-resident, there are some problems with mortgage deposits and finance options, which often require a Spanish bank account or a resident number. That said, the different types of property available and an easy acquisition process make Northern Spain accessible and enticing for an overseas buyer.

With the following options at your disposal, foreigners are well-supported in reference to the real estate market of Northern Spain:

• Rustic Countryside Villas
• Modern City Apartments
• Coastal Retreats

Finding a House in Northern Spain

Finding a place in Northern Spain is relatively easy as there are several good online property portals along with estate agents to facilitate the process. Some popular property search websites include:

• Fotocasa

• Idealista

• Kyero

It is better to contact local estate agents who would know the fine points of the market in Northern Spain. Inspect the property personally, and check the documentation before purchasing.

Properties in Northern Spain range from ancient stone farmhouses to modern city centre apartments. For maximum ease, consult agents who specialise in the service of expatriates, to ease themselves into an alien environment.

Upscore’s Benefits

Upscore’s Finance Passport is an integral one-stop-shop solution that makes buying easier for purchasers in Northern Spain.

Multiple Lenders: For the best rate, quotes of various local leading diversified lenders can be compared.

Remote Application: Apply for your mortgage online from anywhere.

Personalised Service: Utilise your own dedicated agent who will guide you through every step of the process.

Free to Use: Upscore services are free for users, and lenders cover the cost once the loan is consummated.

With Upscore, the complications in buying a property in Northern Spain are minimised.

FAQs

Is It Possible to Buy Property in Northern Spain Without Living There?

Yes, foreigners can buy property in Northern Spain without having to live there. However, you will most likely want to visit for inspection trips and the legal process.

What are the Taxes Involved when Buying a Property in Northern Spain?

These include property transfer tax, notary fees, and registry costs, calculated at 6-10% of the buying price, in addition to IBI per year linked to the percentage value of the home.

How Do I Finance my Property Purchase in Northern Spain?

You can secure a mortgage through a Spanish lender, though non-residents typically need a larger deposit (around 30-40%). Upscore can help compare lender options.

Are there any Restrictions to Letting My Property?

No, but you would have to deal with licensing for short-term rentals in tourist areas. For long-term rentals, it is less restrictive.

How Expensive Are Northern Spanish Properties?

Prices vary by location, with coastal properties often commanding higher prices. On average, expect to pay €1,500-€2,500 per square meter for properties in cities or sought-after areas.