1. Will it be a good investment?

No one can predict exactly what the property market is likely to do, and recent changes in the Costa del Sol market now favour buyers who want to spend holidays in their properties and hold on to them for a few years rather than investors who want to sell quickly. The market is still rising, however, so anything you buy is likely to go up in value.

2. What’s the basic process?

First of all, you need to put down a small holding deposit, refundable if subsequent checks on the property or owner throw up anything unannounced. You will need to find yourself a good English-speaking lawyer and to have researched your mortgage options, if applicable. Then you can agree on the sales price and hand over your 10% deposit when you draw up a sale and purchase contract. Finally you need to sign the official document which transfers ownership of the title deeds and register the property in the land registry.

With off-plan properties you usually exchange a private purchase contract within 30 days and then hand over your first installment, usually 15-30% of the purchase price. Your lawyer will advise you when further payments are due. On the day of completion, the balance of the purchase price is paid, and you (or more commonly, your lawyer) will sign the title deeds for the property, and the keys will be handed over. You should then allow 1-2 weeks before you can move in, in which time you can ask your lawyer to arrange for utility contracts with water and electricity companies.

3. Can I get a mortgage?

You can get either a Euro or Sterling mortgage, though a Euro mortgage is advisable to avoid losing money as a result of exchange rate fluctuations.
Spanish banks will usually lend up to 70% of the property value to non-residents. Their choice of mortgages is more limited than that in the UK but it’s a relatively simple process to secure a mortgage, provided you have evidence of income and a letter from your bank. If you are not a Spanish resident, you may have to provide an aval, which means someone who can guarantee they will pay in the event of you being unable to.

Most mortgage products are repaid on an interest and capital basis, with a maximum length of 20 years.You now need an NIE (see below) to buy or sell a house in Spain, even if you are a non-resident.

4. Can I live and work in Spain?

EU citizens can live and work in Spain without needing any visas or work permits.
As soon as you arrive in Spain you will need to apply for a tax ID number (NIE) from your local police station. You can live in Spain for up to six months a year without having to pay taxes there and without being a Spanish resident. Over that period you are officially a Spanish resident for tax purposes.