The real estate market in Spain is one of the most interesting in Europe. This is a country that provides opportunities for foreigners from all over the world. So if you are considering buying a property to live in, rent it out or use it as an investment, it could be an excellent alternative.
However, the process of buying a property seems complex at first. We cannot deny that it requires sufficient thoroughness to comply with all the rules and statutes foreseen in the law, and that is why we recommend that you have the support of an expert real estate lawyer.
These are specialists who will help you to speed up the time-consuming process of buying a property in Malaga. But first you need to know how to buy a property in this city, so we will tell you absolutely everything about the process, including whether you can buy a property as a foreigner, the essential requirements, and more.
Can foreigners buy a house in Malaga?
Yes, if you are a foreigner and you want to buy a house in Malaga, you can. However, it is important to fulfil certain essential requirements. The first of these is to apply for a NIE number, which is the identification number given to foreigners residing in the country.
By having a NIE number assigned to you, you have the power to carry out legal procedures in the country without any problem. This will allow you to open a bank account, rent a flat and of course buy a property in the city. However, regarding the requirements, there are certain considerations that you have to take into account depending on the country you come from. To explain it better, we tell you all about it below.
If you are a foreigner with the nationality of a European Union country
If you are originally from a European Union country, you can apply for a temporary NIE or a permanent NIE. The NIE, which is temporary, is designed for people who want to carry out formalities in Spain, but who are not interested in living in the country. So, if your intention is to buy the property, but not to live in it and use it for commercial activities, the temporary NIE is the most suitable for you.
On the other hand, there is the permanent NIE. This is issued to foreigners who intend to live in the country. So if you plan to stay and live in the property you buy, it is essential that you apply for the resident NIE and not the temporary NIE.
If you are a foreigner with non-EU nationality
In the case of foreigners who are nationals of a country that does not belong to the European Union, they can also apply for a resident’s NIE and a non-resident’s NIE. The difference is that the resident NIE can only be applied for if the applicant has lived in Spain for more than 183 days per year. On the other hand, the non-resident NIE will not allow you to live in Spain for more than 183 days a year, but it can give you the opportunity to buy a property.
Is it necessary to have the advice of a lawyer?
Legal support is always important, especially when you are a foreigner and want to buy a property. In that case, we recommend that you have the accompaniment of a real estate lawyer in Malaga. They are professionals with extensive knowledge in real estate and urban law and know exactly what to do.
If you hire a real estate lawyer, the processes will be much simpler. The lawyer will act on your behalf to take care of the paperwork so that you don’t have to worry about the legalities. He or she will ensure that every single requirement is met, and you will not have to deal with complex legal issues. The important thing is that you choose a property lawyer with sufficient experience, who has won most of their cases and who has an impeccable reputation in the city.
How is the process of buying a property in Malaga?
The process of buying a property in Malaga seems complicated at first, and can be divided into three parts. The first one is the pre-purchase, where you have to do some formalities such as obtaining an INE and opening a bank account. The second part is the purchase, where negotiations take place and the contract is signed. And the last is the post-purchase phase, where the obligations associated with the transaction are assumed.
To summarise, here is a step-by-step guide on how to buy and sell a property in Malaga when you are a foreigner:
- Apply for a NIE
- Open a bank account
- Find a property you like
- Start negotiating the price of the property.
- Make a reservation contract or deposit to secure the purchase.
- Obtain a mortgage (if applicable).
- Make the purchase and legalise it in front of a notary.
- Register the property.
- Pay the taxes associated with the commercial transaction.
Does the above seem too complex? We know that at the beginning it is a lot of paperwork, but don’t worry. If you have the support of a lawyer specialised in real estate law, the process will be much simpler.
How long does the process of buying a property in Malaga take?
The process of buying a property in Malaga is a lengthy one. In total, it could take a minimum of 3 months to a year from the moment you start to process the NIE, open the bank account, look for a property and negotiate, to the payment of the taxes.
Now, the time the process takes can increase or decrease depending on each case. For example, if you do it alone, the time will increase, as you will have to take care of every detail and sometimes it will take more than a year.
Meanwhile, if you are accompanied by a lawyer specialised in real estate issues, everything will be faster, because with their experience they canspeed up the processย to prevent you from waiting too long. In any case, we recommend that you take your time and find a lawyer who will support you at all times.
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