The capital of Spain is one of the fast-growing economic and cultural hubs within the European Union. There is no wonder why many foreigners got motivated to find a house for sale in Madrid for personal or commercial use. Whether you’re planning to relocate to Madrid to expand your opportunities or to profit from all the tourists and football fans that visit the city, buying a home in Madrid is quite a competition. With some tips, you’ll know how to shop for property in Spain, avoid scammers, and find the best deals.
Overview of Madrid’s neighborhoods
The capital of Spain is a vibrant city with grand and rich architecture and thriving neighborhoods that welcome all kinds of people, from posh luxury lovers and hip millennials to calm families.
Areas like Salamanca, Opera Madrid de Los Austrias, Las Letras, and Justicia Almagro are elite neighborhoods for upper-class residents. Here you can find listings of spacious apartments in the royal and traditional architecture style buildings within walking distance to the vibrant city center. Those neighborhoods are family-friendly with plenty of expensive and luxurious boutiques, art galleries, restaurants, historical monuments, and a thriving cultural scene.
The famous La Latina and Sol are the epitomai of dynamic Spanish culture and never-ending parties. Those two neighborhoods are booming with shops, tapas bars, and restaurants. The colorful houses and narrow cobblestone streets attract many investors who plan to profit from the rental business in the heart of Madrid.
Chueca, Malasaña, and Lavapies are home to hip and trendy locals, with plenty of bars, vibrant nightlife, good cultural scene. The resident’s pool has many ex-pats, young professionals, and environmental and human rights activists, as it’s known gayborhood in Madrid. Experts call artsy Lavapies the best place to live in the capital as it has affordable housing and a thriving multicultural scene.
The areas of Retiro, Moncloa, and Chamberi embrace quintessential Madrid traditions, with taverns, a village-like atmosphere, and lots of parks to hide from the burning side. All three areas have affordable housing, yet a bit different architecture and style. Retiro has a posh atmosphere, Moncola is more vibrant with students, while Chamberi is a Spanish family neighborhood.
Tips to make home-shopping successful
1. Sort out your legal affairs
The first thing foreigners should do is get the legal documents in order and give the Power of Attorney to a trustworthy person in Spain that can represent them when they’re abroad.
Remember that buying property in Madrid doesn’t give you residential rights in Spain, so make sure you have your visa situation sorted out. However, the good news is that the Spanish government offers a Golden Visa program for Non-EU foreigners who is ready to invest in real estate or business. Buying a property doesn’t automatically guarantee you a visa, yet it increases your chances of getting it.
2. Plan the financing ahead
Make sure you have enough money pulled aside for a quick purchase. If you’re not from the European Union, it would be wiser to convert into euros already, so you lose neither time nor commission fees. Research in advance if you would be able to take out a mortgage in Spain if you don’t have enough cash reserves.
3. Be cautious on the market and move fast
The dynamic market in Madrid doesn’t give you enough room to sleep on it and make a decision. With high demand and buyers lined up for the showings, it’s easy to miss out on your dream Spanish apartment, as there always would be someone that can snatch it right under your nose. Yet, don’t forget to make sure that the seller is a legal owner with no debts attached to the property. The easiest way is to cooperate with a local real estate agency that will send you already checked
listings. However, if you want to do everything on your own through independent housing re-seller platforms, hire a lawyer to check the legitimacy of a seller.
4. Consult with the local real estate expert
Not only can local agents protect you from scammers, but they can also navigate you through the local market and neighborhood and assist you in getting promising investments no matter your goals and requirements. Choose a realtor with experience working within a budget frame and has good communication skills with foreigners so nothing will get lost in translation.
5. Be sensible during negotiations
Overall Spanish market accepts negotiations for the final price, yet don’t expect to get yourself a bargain for an absurdly low price. Madrid sellers value the worth of their apartments and houses and know that housing demand will always be high in the capital. If they won’t see a benefit from selling the place, they would more likely stop cooperating with you. Statistics show that between 30% and 50% of transactions usually end during a negotiation stage. Therefore remember to be respectful and polite if you do negotiate.
6. Be flexible with your requirements
Sticking only to your non-negotiable list is the golden rule of any house-shopping. If you’re looking for property for personal use, concentrate on your basic needs and requirements because while hunting for an ideal apartment, you can miss out on a good deal. If you’re investing in a rental property, focus on the popular location among locals and tourists. Investing in the fixer-upper will guarantee you faster and higher returns.
The final word
House-shopping in a foreign country only seems scary. With enough research of the local market’s customs, regulations, and better-selling areas, finding a good deal is easier than it looks. Following advice from a local expert, you guarantee to get your dream apartment in Madrid to experience the dynamic Spanish culture.