A mortgage loan? Cash?

The way you buy a property in Spain depends on your available capital and mortgage capacity. You can either purchase with a bank loan or with cash. Even if you have the funds to buy outright, financing is often recommended to keep liquidity and possibly access a higher-value property.

For residents, banks usually finance up to 80% of the lower amount between the purchase price and the appraised value. Buyers must contribute the remaining 20% plus 10–15% for purchase costs such as taxes, notary, and registration.

For non-residents, banks generally finance between 60% and 70% of the property value. This means you should have 30–40% in savings, plus 10–15% for transaction expenses. Mortgage terms for non-residents are shorter, usually 20–25 years, and interest rates can be slightly higher.

In all cases, a NIE (Foreign Identification Number) and full financial documentation are required.

Umida Lumsden

Umida Lumsden es Agente Inmobiliario en la ciudad de Palma. En sus años en el sector, Lumsden ha desarrollado estrategias comerciales para promover la compra y venta de propiedades.Si deseas vender tu casa, Umida Lumsden te ayudará a promocionarla con avanzadas herramientas y técnicas demarketing inmobiliario. Y, si lo que deseas es comprar, Umida Lumsden no descansará hasta encontrar la casade tus sueños que encaje con tu presupuesto.