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Prices of apartments and houses in Marbella. How to use financing for the purchase of real estate?

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Marbella is ranked number one in the 'Best European Destinations of 2024' ranking, based on votes from over one million travelers from 172 countries. What are the prices of houses and apartments in the best tourist city on the Iberian Peninsula? How to finance the purchase of a property on the Costa del Sol with a mortgage? We check.


 

Marbella, also known as the jewel of Spain's southern coast, is a place that combines picturesque landscapes with history, culture and luxury. The Mediterranean climate, the guarantee of beautiful weather and Spanish freedom attract not only tourists every year, but also an increasing number of investors looking for real estate in this city. 

Successive economic growth, strong demand and limited supply resulted in increases in house and apartment prices last year in Spain by approximately 8%. Although full data for last year is not yet available, it can be expected that Marbella's result will be higher than the national average. This is evidenced by data from the first half of last year. In April 2024, the average price of residential real estate in Marbella reached EUR 4,969 per square meter. This, in turn, means an increase of 13.58%. compared to April 2023, when you had to pay on average EUR 4,375 per square meter of an apartment or house in this city.

Purchase of real estate financed with a loan from a Spanish bank 

Marbella attracts not only wealthy investors who invest their savings in real estate, but also those who want to finance the purchase of their dream property with a mortgage loan. When deciding on such a solution, it is worth remembering that Polish banks do not provide support for the purchase of a house or apartment abroad. However, there is no problem with this on site. Due to their presence in the European Union, Poles can successfully apply for a housing loan in Spain. What's more, the local offer of banks even encourages you to conclude transactions and use their offer. All because of interest rates, which are currently among the lowest in Europe and amount to approximately 3.5%. 

Spanish banks provide mortgage loans to both residents and non-residents. When applying for this type of financing, just like in Poland, we must take into account the need to meet certain conditions. The most important of them include: obtaining a NIE number (Número de Identificación Extranjero), i.e. a foreigner's identification number, which is necessary when purchasing real estate, documenting a sufficiently high creditworthiness, declaring a specific own contribution and presenting a good credit history. Verification of EU citizens by Spanish banks is simple and fast. European banking information exchange systems and reports from EU databases play an important role here. In the case of persons from outside the EU, due to the lack of a unified credit information system, banks must rely on documents provided by the client, which usually complicates the process and may extend the time of analyzing the loan application.

Spanish banks grant mortgage loans to residents for up to 40 years, in the case of non-residents it is much shorter and ranges from 5 to 25 years depending on the age of the borrower. You must also take into account the need to pay a commission for granting a loan ranging from 1 to 1.5 percent. 

Non-residents can apply for a loan of 50 to 60 percent. real estate values. This amount should include additional fees: taxes, legal and notarial services, transaction fees and real estate valuation. These, depending on the type of market (primary or secondary), may range from 8 to 13 percent. Typically, Spanish banks also oblige foreign clients to purchase life insurance and property insurance. In turn, people who are Spanish residents can have an own contribution of 20%. real estate values.

Documents you need to submit to apply for a mortgage loan in Spain

To apply for a mortgage loan in Spain, it is necessary to submit an application on a bank form. The application must be accompanied by: ID card or passport to confirm identity, NIE number, financial documents on the basis of which creditworthiness will be calculated, such as: tax return for the last two years, employment contract, account statement for the last half-year, detailed information regarding existing credit obligations, declaration of assets and liabilities and a form completed by the employer. In addition, you should attach: a reservation agreement or private agreement, real estate valuation, a report from BIK (Credit Information Bureau), an extract from the real estate land and mortgage register and information on your own contribution. 

Persons earning income from their business activities will be required to present the company's financial documents, such as the company's tax return for the last two years and a company account statement for the last six months.

 

Zobacz także

Changes in housing law in Spain. Facts and myths

Real estate on the Costa del Sol. The most popular cities and districts for investment

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