Comparing the spanish and british property markets

The Spanish and British property markets have many similarities, but also many differences. Both countries have seen a boom in the residential property market over the last decade, with prices in both countries rising significantly. However, the Spanish property market has seen a much more dramatic increase in prices than the British market, with prices in some areas of Spain rising by over 100% in the last 10 years.

 

One of the main differences between the Spanish and British property markets is the availability of financing. In the UK, mortgages are available from a variety of lenders, with competitive rates and flexible repayment terms. In Spain, however, mortgages are much harder to come by, with banks often requiring a large deposit and a high level of security. This has meant that many people in Spain have been unable to purchase property, leading to a much lower level of demand in the market.

 

Another difference between the two markets is the type of property available. In the UK, there is a wide range of property types, from traditional terraced houses to modern apartments. In Spain, however, the majority of property is either villas or apartments, with very few other types of property available. This has led to a much more limited range of choice for buyers in Spain.

 

Finally, the taxation system in the two countries is also very different. In the UK, property taxes are relatively low, with the majority of the tax burden falling on the buyer. In Spain, however, there is a much higher level of taxation, with buyers having to pay a variety of taxes, including stamp duty, capital gains tax and inheritance tax.

 

Overall, the Spanish and British property markets have many similarities, but also many differences. While both countries have seen a boom in the residential property market, the Spanish market has seen a much more dramatic increase in prices than the British market. Additionally, the availability of financing, the type of property available and the taxation system are all very different between the two countries.

 

Nova Lawyers

We strongly recommend that you choose an independent lawyer team like Nova Lawyers, that specialises in spanish property sales. Independent means that we work on your behalf only and are not also looking after the interests of the agent or developer. The Spanish property conveyancing system is different to the UK system so you should ensure that those involved in the transaction are qualified and experienced in Spain. Use extreme caution if an estate agent, promoter or lawyer urges you to cut corners to save money or time.

 

Other figures in the property market that you may have to interact with are:

 

Spanish notaries

A Spanish notary public will prepare the contract of sale and issue the public deeds. As the purchaser, you have the right to choose which notary you use. The notary is a public servant who has a duty to provide you with free and impartial legal advice on all aspects of the contract before you sign. It is a good idea to seek advice from the notary early on. When a date is set for signing the contract, you have 3 days beforehand to visit the notary and ask any questions you may have about any aspect of the contract.

 

British estate agents, promoters and lawyers

If you choose to work with a British estate agent, promoter or lawyer, check that:

• they are qualified, reliable and have experience operating in Spain

• they are registered with the Law Society in the UK

• they specialise in international transactions

 

Gestor

Many Spanish citizens use a ‘gestor’ to carry out bureaucracy on their behalf. Only a Gestor Administrativo with the GA kite mark is professionally qualified and certified to process paperwork directly with the Spanish administration.

 

Translators

If you do not have a good understanding of Spanish, make sure that you get all contracts and documents translated by an independent translator.

You can find a list of accredited translators and interpreters in Spain on the Spanish Ministry for Foreign Affairs website.