What should I know before buying property in Spain?

Essential facts for first-time buyers and international investors

Buying property in Spain — especially in hotspots like Marbella — can be a smart move, both financially and lifestyle-wise. But the process isn’t identical to what you may be used to back home. Here's what you really need to know before you start.

1. You’ll need a Spanish NIE number

Before you can purchase property, open a bank account, or sign anything legally binding, you need an NIE (Número de Identidad de Extranjero). This is your official identification number in Spain, required for all property transactions.Get this early — it can take a few weeks.

2. A local lawyer is essential

Always work with an independent lawyer (abogado) who represents you, not the seller.They will:

• Review the property’s legal status

• Verify debts or unpaid taxes

• Ensure permits and licenses are in place

• Handle contracts and coordinate with the notary

• Basically handle the due diligence for you
  

Pro tip: Don’t rely solely on the agent or developer’s legal team – we will help you set up with a good lawyer who represents your interests.

3. Expect purchase costs of 10–13% on top of the price

Buying property in Spain comes with additional costs. These include:

• Transfer tax or VAT (depending on property type)

• Notary and registration fees

• Lawyer’s fees (usually 1%)

• Stamp duty
  

In Andalucía (including Marbella), transfer tax is currently 7% for resale properties(lower if you buy through a company – for flipping).

4. Financing is possible, but not automatic

Foreign buyers can often get a mortgage in Spain, typically up to 60–70% of the purchase price. Be prepared to show:

• Income verification

• Bank statements

• Tax returns

• Property appraisal (done by the bank)
  

Mortgage rates in Spain (as of July 2025) hover around 3%, depending on your profile.

5. There’s no MLS – so listings are fragmented

Unlike Norway, the US, or the UK, Spain does not have a unified multiple listing system open for buyers. This means:

• The same property can be listed by several agents

• Some listings may be outdated or unavailable

• A trusted advisor on the ground is key to finding the real opportunities
  

That’s where we at 63ºNO come in — we help you navigate the noise.

PS! Many foreigners believe that Idealista is that platform. But no – it isn’t. Don’t be fooled by everything you see out there.

6. Short-term rentals are regulated

If you plan to rent out the property, especially on Airbnb or Booking.com, you’ll need a tourist license.

In Andalucía:

• Registration is done with the regional government

• Properties must meet specific standards (AC, safety, etc.)

• Local municipalities (like Marbella) may apply additional restrictions

• New rules from 2025 make it more difficult to obtain a tourist licence on a property (more on this in a separate article)
  

Tip: Always ask your lawyer if the property can legally be rented out short-term.

7. Think long-term: location matters more than ever

Whether you're buying as a holiday home, investment, or full-time residence — location is everything.

In Marbella, high-demand areas include:

• Nueva Andalucía

• Sierra Blanca

• The Golden Mile

• Benahavís (La Zagaleta)– To name a few
  

Each has its own vibe, price point, and potential.

Our advice at 63ºNO

Buying in Spain isn’t difficult — it’s just different.

Don't do everything by yourself. Use professionals.

With the right people around you, it can be smooth, transparent, and even enjoyable.

At 63ºNO, we help buyers and investors from Scandinavia and beyond make smart, safe property decisions in Marbella.

Got questions or want personal guidance? We’re here to help.

Contact us for a free consultation.