How much money can you borrow in Spain?
You can borrow up to 70% of the purchase price of a house if you are not a tax resident in Spain. If you are a resident and therefore pay income tax in Spain, you can borrow up to 80%. Some banks will only lend up to 50% if it is not an apartment, because detached houses tend to be for sale longer.
If the appraisal value is lower than the purchase price, then the lowest amount applies. So you always need your own money to buy a house in Spain: 10-20% of the purchase price. Also take into account high buyer's costs, about 10%. Your own investment will be 20-30%.
Furthermore, your monthly burden should not exceed 35% of your income.
Make sure you are informed about the conditions before you make an offer. When buying a house, also pay attention to whether the house can be resold well later on. We are happy to help you with this as a purchase broker, which will cost you nothing extra as a buyer.
Relatively speaking, there are not that many houses for sale. In addition, it is very common in Spain to put your house for sale with several estate agents. There are also many vacation homes on the Spanish Costa without permanent residents. Finally, you also see that real estate portals like Idealista and Fotocasa keep many houses as decoys after they are sold.