Buying real estate in Spain can indeed be a lucrative investment.
Spain is a country of beauty lying in the Southwestern Europe. The country has a total land area of 498,980 km2 (192,657 sq. miles), sharing land borders with Morocco, Gibraltar, Andorra, France and Portugal. With a population of 46,069,963 as at 2017 estimate, Spain is the the sixth largest country in Europe by Population. In addition, 82.4 % of this population lives in the Urban. Lead by a president, Spain like all the European countries has a very stable democracy. Major cities include Madrid the capital, Barcelona, Valencia, Seville, Bilbao and Málaga.
Residential real estate ownership in Spain by individuals is above 80%. The desire to own one’s own home was encouraged by the Spanish governments in the 1960s and ‘70s. Today, home ownership in Spain is part of the Spanish psyche. Besides, tax regulation in Spain encourages home ownership as 15% of mortgage payments are deductible from personal income taxes. Furthermore, the oldest apartments are controlled by non-inflation-adjusted rent-controls and eviction is slow, thereby discouraging renting. Besides, banks are now offering 50-year mortgages from the 40-year mortgages, which is a huge promotion in ownership of real estate.
Real estate prices continued to swell in the Spanish Market from 1985 to 2008. In the period 1985-1991, the housing prices nearly tripled. And in the 1992-1996, the prices of homes remained somewhat stable. 1992-1996 again saw an astonishingly rise in the prices of homes. Probably due to the financial crisis of 2008, the Spanish real estate prices started to fall in 2007-2008. By the year 2013, the value of residential real estate in Spain had fallen by more than 30% since 2007.
Life in Spain
The Economist Intelligence Unit placed Spain’s quality of life among the top 10 in the world. Spain’s low crime rate offers a safe and ‘free’ environment. The Mediterranean lifestyle consists of summers on the coast, Sunday siestas and long family meals. Day to day living is approached with an informal attitude, contributing towards the enjoyable quality of life which is enhanced by the pleasant weather year round and a social culture.
The Spanish healthcare system with its modern hospitals and excellent, quick medical treatment is ranked among the best in the world and is one of the most comprehensive systems in Europe. In addition, Spain has one of the highest rates of organ donations in the world and those living and working legally in Spain have access to free state healthcare. The World Health Organization has even named Spain as a “near perfect environment” for one’s health.
Owing to its vastness, Spain has three different climate zones. Typical of Mediterranean climate, summers are hot, dry while the winters are mild, rainy. The vast central plateau, or Meseta, has a more continental influenced climate with hot, dry summers and cold winters. Rain generally falls mostly in spring and autumn.
Barcelona is just 2.5 hours from the ski slopes of Andorra in the Pyrenees Mountains and is very accessible to several other European cities. London and Paris are just a two hour flight away and South Africans can reach Barcelona with only one stop via either London or Dubai. Within Spain, there is an extensive system of interlinked transport modes. The Madrid Metro and other underground systems are some of the most modern networks in the world
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