Property in sunny Spain: from living in paradise to strategic investment

Life under the Spanish sun beckons many, but the fiesta is not always cloudless. The advantages of life in Spain for Russians seem obvious, but there are pitfalls too. Let’s find out what awaits Russian-speaking emigrants in the Pyrenees: from bright advantages to unexpected difficulties.

Why move to Spain?

The country attracts with its stable climate, cultural diversity and high quality of life. But what makes the advantages of living in Spain for Russians particularly convincing? Let’s take a closer look.

Sunny climate and unique atmosphere

The Spanish sun illuminates life more than 300 days a year. The average annual temperature stays around 20°C, and winters are mild and rarely bring sub-zero temperatures. In Andalusia, for example, winter temperatures rarely drop below 10°C, while in the Canary Islands you can swim in the ocean all year round. Summers, although hot, are easily tolerated thanks to sea breezes and siesta habits.

This climate has a positive effect on health and mood. The Mediterranean air is saturated with iodine and sea minerals, which is good for the respiratory system and skin. Local residents look younger than their age, and the incidence of joint and cardiovascular diseases is much lower than in countries with cold climates.

The pros of living in Spain for Russians in climatic terms are undeniable. Here siesta is not laziness, but a wise adaptation to the heat. Local shops and establishments close for a couple of hours in the afternoon, allowing people to escape the heat and return to business refreshed and rested.

Education and opportunities for children

The Spanish educational system offers Russian families many advantages and prospects. Public schools offer free tuition, while private institutions offer programmes with in-depth study of foreign languages. Many schools offer bilingual classes in Spanish and English, which helps students adapt more quickly.

Russian children easily fit into the learning process due to the friendly atmosphere and support from teachers. In the primary grades, the emphasis is on personal development rather than rote learning, which reduces children’s stress levels and helps them discover their talents. Teachers actively use interactive teaching methods, excursions and practical lessons.

After school, Russian children have access to prestigious European universities such as the University of Barcelona and Madrid Polytechnic University. Higher education in Spain is cheaper than in the USA or the UK, but the quality remains at a high level.

Fundamental advantages of living in Spain for Russians

Spain isn’t just about beaches and sightseeing. The perks of life include a developed infrastructure, quality medicine and a high level of security.

Convenient infrastructure and transport

Spain offers one of the best infrastructures in Europe. The country ranks 7th in the world for the quality of its transport system. Autobahns, high-speed trains and convenient metro provide easy travelling both between and within cities.

AVE high-speed trains allow you to get from Madrid to Barcelona in just 2.5 hours. Subways in major cities run on a regular schedule and cover all major neighbourhoods. Public transport is affordable: a monthly metro pass in Madrid costs around 55 €, while a bus journey costs 1.5 €.

Infrastructure includes modern hospitals, schools, sports complexes and shopping centres. There are parks, recreation areas and cycle paths in every neighbourhood of the major cities. Travelling around Spain is easy thanks to a clear signposting and navigation system.

Minuses of living in Spain for Russians

But not everything is so perfect in the Pyrenees. The advantages of life in Spain for Russians can pale into insignificance because of bureaucracy, high taxes and cultural differences.

Difficulties in adaptation and job search

The country is not always favourable for employment opportunities. Many professions require proof of qualifications and salaries are lower than in Northern Europe. Employers often look for specialists fluent in Spanish and English.

Russians face bureaucratic difficulties in obtaining work permits. On average, the process takes 3 to 6 months. High competition in the labour market and the seasonality of some professions add to the difficulties.

High property prices

The Spanish property market offers both opportunities and challenges for Russian emigrants. In large cities such as Barcelona, Madrid or Valencia, the cost of housing is significantly higher than in provincial regions. The average price per square metre in Barcelona is about 2500 €, and in Madrid – 3000 €. At the same time on the Costa Blanca you can find options for 1500-1700 € per square metre.

Renting accommodation also requires significant costs. A one-bedroom flat in the centre of Barcelona will cost about 1000-1200 € per month. On the outskirts of the city prices can be lower – from 700 to 900 €. Spaniards traditionally prefer to buy housing using a mortgage, the terms of which are considered quite favourable. The interest rate on mortgages in Spain is about 2-3% per annum, but banks require confirmation of stable income and the presence of a down payment.

The advantages of living in Spain for Russians in terms of property are in the variety of offers and the ability to choose housing on their budget.

Emigration to Spain: how to prepare for the move

Preparing for emigration is not just about suitcases and tickets. In order for the advantages of life in Spain for Russians to become a reality, it is necessary to plan each stage of the move carefully. Spanish bureaucracy requires patience, and integration into a new culture requires flexibility and openness.

Necessary steps

Moving to Spain will be easier if you prepare in advance for all aspects of life in your new country. Here are some basic steps that will help you avoid unpleasant surprises:

1. Visa and residence permit. A D-visa and residence permit will be required for long-term residence. Popular options are student visa, investor visa or residence permit.
2. Finding a place to live. Decide whether you will buy or rent a flat. Make sure the accommodation meets your requirements and budget.
3. Learning Spanish. Knowing Spanish will make it easier to adapt and find a job. You can start learning before you move by using online courses and apps.
4. Financial preparation. Open a Spanish bank account and transfer some money there for everyday expenses. Note that you may need income documents to open an account.
5. Search for a job or educational institution. Prepare a resume in Spanish and English, research job openings, and send responses in advance. If your move is related to your studies, apply to a university or school.

Conclusion

The advantages of living in Spain for Russians are obvious: a stable climate, quality medicine, a safe life and prospects for children. The country offers a unique combination of a European standard of living and a warm southern atmosphere. But the difficulties of adaptation, bureaucracy and high housing costs can be a serious challenge.

Emigration to Spain is suitable for those who are ready to learn the language, integrate into the local community and enjoy the measured rhythm of Spanish life. Moving to the Pyrenees is an opportunity to live in the sunshine, surrounded by a culture and traditions that inspire new endeavours.

Madrid, where history and culture harmoniously combine with the modern rhythm of life, is an attractive place to invest in property. Acquiring housing in the capital of Spain is not only an opportunity to acquire a high-quality asset, but also a promising investment.

Our guide provides detailed information on how to buy property in Madrid, including step-by-step instructions, useful tips and financial considerations to ensure a safe and profitable transaction.

Why you should consider buying a property in Madrid

Property in Madrid attracts investors and buyers from all over the world due to its economic stability, high standards of living and wide range of properties. But what makes 2024 a particularly attractive year to buy a home in this city?

Economic prospects of the capital

Madrid’s economy is growing steadily at an average rate of 3-4% annually. The city is actively developing thanks to the attraction of foreign investment, business development and increased tourist flow. The property market demonstrates stability even during global crises.

Investments in residential property look particularly attractive. The average rental yield is 4-5% per year. For example, a flat worth €300,000 can bring up to €15,000 annual income. The development of infrastructure and transport makes buying property in Madrid a profitable long-term investment.

High standard of living and developed infrastructure

Madrid offers a high quality of life thanks to its well-developed infrastructure, many parks and cultural facilities. The best schools and universities are located in the city, which makes it attractive for families with children. A convenient public transport system, including metro and buses, makes it easy to get to any part of the city.

Buying housing in the capital gives you the opportunity to enjoy life in one of the safest and most comfortable cities in Europe. This is especially important for those who plan to buy a home in Madrid for permanent residence. The city combines ancient streets and modern neighbourhoods, which allows you to choose housing for every taste and budget.

Pros and cons of buying property in Madrid

The property market in Madrid has its advantages and disadvantages. All aspects of the buying process must be considered in order to make an informed decision.

Benefits:

1. A stable market. House prices in Madrid are showing steady growth. Even in times of global crises, property values remain stable.
2. High rental yields. Average rental yields of 4-5% per annum for residential properties and up to 7% for commercial properties.
3. Obtaining a residence permit. If you buy a property worth €500,000 or more, you can get a residence permit in Spain for the whole family.
4. Diversity of Objects. In Madrid, you can choose from inexpensive secondary housing to luxury apartments in prestigious neighbourhoods.
5. Quality infrastructure. Convenient transport, schools, shops, medical facilities and entertainment centres provide a high standard of living.

Disadvantages:

1. High taxes. When buying property in Madrid, you have to pay taxes, which can reach 10% of the value of the property.
2. Mortgage difficulties. Foreigners are required to provide an extensive package of documents and make a down payment of 30% of the cost of housing.
3. Bureaucratic procedures. The registration process can take up to several months due to the need to obtain various permits and certificates.
4. Market Competition. Popular neighbourhoods sell out quickly, requiring quick decisions and constant market monitoring.

Despite these complexities, understanding all the steps of how to buy property in Madrid will help you avoid unpleasant surprises and make a profitable investment.

How to choose a neighbourhood to buy a property in Madrid

For a successful transaction, it is important to consider the purpose of the purchase: investment, residential or rental.

The best neighbourhoods to live and invest in:

1. Salamanca. Prestigious neighbourhood with luxury flats, boutiques and restaurants. The average cost of housing is €5,500 per square metre. Suitable for those looking for a premium property.
2. Chambers. Ideal for families. There are plenty of parks, schools and medical facilities. Housing costs around €4,000 per square metre.
3. Retiro, famous for its famous Retiro Park. Excellent infrastructure and transport accessibility. Suitable for comfortable living.
4. Lavapiés. A culturally diverse neighbourhood with a bohemian atmosphere. Property here costs around €3,500 per square metre. An excellent choice for young professionals and creative people.

Where to buy a flat in Madrid cheaply

For those looking for budget-friendly options, the following neighbourhoods are suitable:

1. Vallecas. The cost per square metre starts from €2,500. The area is actively developing and offers good prospects for price growth.
2. Karabanchel. One of the most affordable areas, where housing can be purchased at prices starting from €2,800 per square metre.
3. Leganés. A suburb of Madrid with convenient transport links. Property here costs around €2,600 per square metre.

Taxes and costs of buying a property in Madrid

Buying a property in Madrid involves various taxes and additional costs. Knowing all the fees helps you to budget accurately and avoid unexpected expenses.

Major property taxes:

1. Property Transfer Tax (ITP): When buying a secondary property, property transfer tax must be paid. The rate varies from 6% to 10%, depending on the region and the value of the property. For example, if you buy a flat for €300,000, the tax will be around €24,000.
2. Value Added Tax (IVA): VAT (IVA) of 10 per cent applies to new-build properties. If you buy a flat for €400,000, the tax will be €40,000.
3. Stamp Duty (AJD): is payable on the purchase of new-build homes and ranges from 0.5% to 1.5% of the value of the home.

Additional Costs:

1. Notary services: the notary draws up all legal documents and registers the transaction. The service costs between €500 and €1,500, depending on the complexity of the transaction.
2. Legal support: it is recommended to use the services of a lawyer to ensure the safety of the transaction. The average cost of legal support is around €1,500-2,000.
3. Real estate agent commission: agency fees are usually 2-3% of the property value. For example, if you buy a flat for €350,000, the agent’s commission would be €7,000-10,500.
4. Property valuation: the bank requires a valuation of the property in order to grant a mortgage. The cost of the service is €300-500.

How to buy property in Madrid: conclusions

Buying property in Madrid is an investment that offers great opportunities for life and business. The Spanish capital offers a variety of properties, a stable market and a high quality of life. To understand how to buy property in Madrid, you need to follow a clear plan of action:

1. Research the market and choose the right neighbourhood.
2. Prepare the necessary documents for mortgage processing.
3. Take into account all taxes and additional costs.
4. Engage experienced professionals to support the transaction.