How to buy in Spain as a foreigner?

My personal experience

Failing to buy in 2017

In January 2017, I published an article called “Why now is the right time to buy a property in Spain“. At that time, I was convinced that buying in Spain was the right move.
However that year, I bought a flat in… France. Simply because I didn’t find the right people to help me buy in Spain.

Despite speaking Spanish, despite working in the real estate sector, I didn’t know how to buy in Spain as a foreigner. How to find the right flat? How to visit this flat, while living in Switzerland ?

Buying in 2018

It was only a year later that I finally bought a flat in Spain, in Valencia. An 85 square meter, 4 bedrooms apartment, located between Valencia’s city center and the beach. This flat is now (June 2019) under renovation.

An 85m2 flat cheaper than a 20m2 flat

Just consider this: the flat I bought in Lyon in 2017 was 28m2 and cost €185.000 (all included). While the flat in Valencia was 85m2, and cost less than €95.000 before renovation. After a complete renovation, total costs will amount to €160.000 maximum. Therefore, 85m2 in Valencia is cheaper than 28m2 in Lyon, while it’s more than 3 times bigger!

Why did it take me so long to buy?

I know why it took me 18 months to finally buy a property in Spain. Indeed I have now analyzed 4 reasons why.

Foreign buyers need property finders, aka buyer’s agents

In the United States, it is pretty common to have a buyer’s agent who represents the interest of the buyer. A buyer agent will:

• Inform the buyer about the market conditions
• Inform the buyer about the best neighborhoods where to invest
• Find the right property for him
• Visit the properties for him
• Negotiate the price down
• Book the property on behalf of the buyer
• Find a real estate lawyer for the buyer
• Find a notary for the buyer
• Find a banker for the buyer

And that’s only my short-list. In short: without a property finder, you can’t buy. Unless you are retired and have no time restriction. But if you still have a job, it’s just impossible to buy abroad without a buyer’s agent.

My team to buy in Spain

A wonderful team helped me purchase a flat in Valencia:

• property finder
• banker
• lawyer
• accountant / fiscal advisor
• architect

Conclusion: don’t do it alone

The conclusion of my personal experience is quite easy. Don’t do it alone. Sure, I’ve spent close to € 5.000 for the buyer’s agent, another € 5.000 for the architects. But without them, there is no way I could have bought in Spain. What’s more, the property I bought thanks to my property finder in Spain is already worth € 20.000 more than when I bought it, simply because real estate prices in Spain and in Valencia keep growing.

Don’t hesitate to get in touch if you are looking for good contacts to buy abroad. Over the coming months, I will build a network of trusted partners, to help us investors buy abroad in full confidence.