House prices soar in Spain

Do you have a query about moving to Andalucia and buying property in Andalucia. Find out by posting questions and reading about other peoples experiences.
User avatar
costakid
Andalucia Guru
Posts: 5597
Joined: Sun Feb 13, 2005 11:55 am
Location: malaga este

Re: House prices soar in Spain

Postby costakid » Sun Nov 13, 2022 9:17 pm

Lavanda wrote: Sun Nov 13, 2022 5:20 pm Ah! It must be something new and that is why I have not heard of it. I just moved here and that was that.



its not that new but you obviously didn’t need that. It’s spend 500k on a property or put 1 mil into shares or a bank account.

markwilding
Andalucia Guru
Posts: 7669
Joined: Fri Aug 14, 2009 11:02 am
Location: Bilbao Spain

Re: House prices soar in Spain

Postby markwilding » Mon Nov 14, 2022 12:14 am

Lavanda wrote: Sun Nov 13, 2022 5:20 pm Ah! It must be something new and that is why I have not heard of it. I just moved here and that was that.
It's new for the British but that's because we have only recently become a third country. Most countries allow residence if it's possible to support oneself
financially. Many members have mentioned it in posts over the last few years. If prices do continue to rise, the threshold might well rise.

To be quite honest, these days anyone who has completed their mortgage then selling a house in London or the surrounding areas should be able to qualify.

Pamela1
Andalucia Guru
Posts: 2430
Joined: Wed Jan 08, 2014 3:30 am
Location: Co Durham/ Granada Province

Re: House prices soar in Spain

Postby Pamela1 » Mon Nov 14, 2022 12:49 am

I guess it comes to more than sinking 500k into a property, add the eyewatering tax on top...

markwilding
Andalucia Guru
Posts: 7669
Joined: Fri Aug 14, 2009 11:02 am
Location: Bilbao Spain

Re: House prices soar in Spain

Postby markwilding » Mon Nov 14, 2022 1:38 am

I don't remember the tax being that high. I think it was about 5,000 Euros including the agency and solicitors' fees. Not really much different to the stamp duty that the couple who bought our house had to pay, especially when you consider it was about 1.60 Euros to the pound back then.

User avatar
costakid
Andalucia Guru
Posts: 5597
Joined: Sun Feb 13, 2005 11:55 am
Location: malaga este

Re: House prices soar in Spain

Postby costakid » Mon Nov 14, 2022 9:35 am

I think with taxes and solicitor etc we paid buying price plus about 10%

El Cid
Andalucia Guru
Posts: 15819
Joined: Sun Oct 24, 2004 10:42 pm
Location: La Herradura, Costa Tropical, Granada

Re: House prices soar in Spain

Postby El Cid » Mon Nov 14, 2022 1:14 pm

One complication is that the 500K must be for each owner, so if the property is in joint names, you need 500k each. The main advantage is that you get residency, but do not need to spend the usual 6 months in Spain, so you can be a resident, but not tax resident. Also, it must be cash - no mortgages.

Sid

katy
Andalucia Guru
Posts: 13752
Joined: Thu Jun 24, 2004 3:45 pm

Re: House prices soar in Spain

Postby katy » Thu Nov 17, 2022 11:56 pm

We looked into it for moving to Florida. USA had one don’t know if they still do. Really it was the increasing cost of health care when getting older that put me off. Some of the Caribbean Islands do that too. St Kitts is one.

katy
Andalucia Guru
Posts: 13752
Joined: Thu Jun 24, 2004 3:45 pm

Re: House prices soar in Spain

Postby katy » Fri Nov 18, 2022 12:02 am

peteroldracer wrote: Sat Nov 12, 2022 2:41 pm Pamela - when we came in the 2000s there were lots of people living “under the radar” whose only contribution to the economy was what they paid for food and drink: no IBI, no income tax, no road tax/ITV/insurance.. they simply seemed to have moved from a benefits economy to a scrounging one.
I don’t agree with them but still many contributed to the economy. Some were employing Gardeners cleaners. Etc. made a big difference in some areas. Also everything they bought had IVA added and lots spent more than the average person.


Who is online

Users browsing this forum: No registered users and 5 guests