Property in Spain (2022) – Prices

Spain is a sunny European country with a favorable climate and excellent living conditions. In terms of living standards, the European state occupies a leading position in the rating table. In 2021, Spain took second place in Europe, losing first place to France. Prices for food and housing are also considered far from the highest in the European Union. Spain is famous for its high quality of education, medicine, decent wages and competitive cost of apartments in comparison with such European countries as Italy, Germany, Portugal, etc. This stimulates the interest of foreign citizens in moving to permanent residence or long-term residence, and the demand for Spanish housing is constantly growing. Accordingly, real estate sales in Spain are also increasing, which leads to an increase in the price of square meters. Consider the trends in the Spanish housing market in 2022 and the range of prices for apartments and houses within the country .

Real Estate Market in Spain 2022

Among local analysts in the field of economics and real estate, there are unanimous forecasts regarding the rise in the price of square meters. Price stagnation is not expected yet, as well as a decrease in apartment prices . On the contrary, the cost of real estate in large cities of the Kingdom of Spain has increased by 2-6%, and the trend of rising prices will continue until the end of 2023. First of all, this concerns such regions as Madrid, Barcelona, etc. If we draw an analogy between the cost of square meters for January 2022 and the same period in 2021 , the price increase was 7.9% in the Balearic Islands, 6.4% in Andalusia, 5.6% in the Canary Islands, 4.8% in Valencia, 3.5% in Madrid. In general, Spanish real estate has risen in price by 2.1%. New buildings will become more expensive at a faster pace, which is due to rising prices for energy, electricity, building materials, etc. With a high degree of probability, the cost of real estate in Spain may increase by 10% or even more. Also, the increase in the cost of square meters will occur due to improved construction quality, the use of innovative technologies and new standards.

Where is the cheapest property in Spain

When purchasing real estate in the Kingdom of Spain, many factors should be taken into account: the location of the property , the availability of urban infrastructure, the age of the housing stock, the type of real estate, etc. Of course, the decisive aspect is the budget you have. Depending on your financial capabilities and your own preferences, you need to choose the best region and type of housing : an apartment with 1 or 2 bedrooms, a townhouse, a bungalow, a villa or a penthouse. In addition to the location and amenities of the city or town, it is important to consider the availability of jobs or good tourist traffic if you plan to engage in the rental business. It is also worth taking into account the fact of who lives in this place and what kind of neighbors there are. Of course, housing in rural areas and small provinces without developed infrastructure and employment prospects is sold much cheaper than in well-developed regions . And, since we are still more interested in the prospect of investing, we will consider real estate prices in Spain 2022 in the most worthy locations. Thus, in Torrevieja the price range per square meter is quite wide – €1200–1600, depending on the location, distance from the beach and level of infrastructure on the territory of the residential complex. The city is located in the province of Alicante, on the Costa Blanca coast , and is one of the most popular among Russian-speaking citizens. You can buy a bungalow with a terrace in one of the best areas of Alicante – Los Balcones, from €95,000 (over €1600 per m²). A penthouse in Albatera with an area of 106 m² will cost €120,000 (€1130 per m²). For the same price you can buy a villa of 75 m² in Balsicas, only the cost per square meter will be higher – €1600.

Buying property in Spain for foreign citizens

A citizen of any country can purchase real estate in the Kingdom of Spain . It is not necessary to have a residence permit, but without a residence permit, a foreign owner has the right to stay in Spain for up to 90 days for a period of 180 days. To extend the period of legal stay, it is necessary to apply for a residence permit. When purchasing real estate in Spain worth €500,000, a foreign investor has the right to apply for a residence permit for a period of 2 years with the possibility of further extension. In the future, on the basis of permanent residence status for a period of 10 years, you can also apply for Spanish citizenship, but for this you need to thoroughly prepare for successfully passing the exam on knowledge of the history, culture and language of the state. Foreign citizens who have decided to buy real estate in Spain are strongly advised to use the services of licensed real estate agencies . Deniz Estate specialists will select a property at an attractive price, offer optimal purchase conditions and ensure the legal purity of the purchase and sale transaction .