Buying property abroad is increasingly ceasing to be a dream and is becoming a reality. It is no exaggeration to say that Poles are even conquering Spain, ranking just behind the podium of foreign buyers of houses and flats in Q3 2024. However, it is worth remembering what pitfalls to avoid when looking for your dream place on earth.
Why is Spain attracting Poles?
The topic of the ‘Studio w kontak’ programme on TVP Polonia was, among other things, real estate in Spain. Agnieszka Marciniak-Kostrzewa pointed out that we can absolutely speak of a housing boom in the Iberian Peninsula by Poles. It has been going on since the pandemic, which was the first factor, and the next was the outbreak of war in Ukraine and the desire to diversify assets.
The move to hybrid working has opened up new opportunities, including working elsewhere in the world. Poles started to leave, looking for a second home – it turned out that many people have friends who have already moved to Spain and they really liked the life here. More and more Poles are coming to the Iberian Peninsula to live here for a while or for longer. Spain attracts with its climate and more than 320 days of sunshine a year, as well as its attractive and safe – in the context of the ongoing war in Ukraine – location.
How can I safely buy a property in Spain?
Property traps are one of the most serious risks buyers face. One such example is ‘ghost homes’ that… do not exist. Another problem is the lack of complete property documentation, while scammers also rely on buyers’ unfamiliarity with local regulations or language. Participants in the ‘Studio in Touch’ programme told how to avoid these pitfalls.
Agnes Marciniak-Kostrzewa pointed out that the most important thing is to verify with whom you want to work. It is worth choosing a proven real estate office or agent. What should you pay attention to? For example, when and if they have had an office in Spain, whether they have third-party insurance, whether they are in an association or professional organisation, and finally… whether they speak Spanish. This is crucial for a professional service, as is legal support from a proven law firm – definitely not worth saving on.
Before buying a property, it is best to come to the site to check live listings from the internet. You also need to answer the question of whether you can afford the property and its upkeep, and verify the potential profitability from a particular investment. Before renting, too, it is important to seek expert help and verify a particular offer before any transaction. In the case of short-term holiday rentals or student accommodation, there are unfortunately also attempts at fraud.
What is worth bearing in mind?
- Never buy ‘at a distance’, exclusively online, without first seeing the flat or house.
- Use offices or agents who are based locally and you can verify their experience, language skills or insurance.
- Work with a law firm specialising in the local market and operating in Spanish.
- If something seems too good to be true, it often is.
