Spain added approximately 180,000 new households in 2025. Construction delivered around 90,000 to 100,000 new homes. That gap between how many families need housing and how many homes get built is the structural reason prices have kept climbing — and analysts at BBVA Research and CaixaBank both project continued growth of 5–10% through 2026 and 2027.

The Euribor rate that governs most Spanish variable mortgages is sitting around 2.2%. For anyone coming from the US where mortgage rates have been at 6% or higher, that number tells a different story about what monthly repayments look like here.

The housing deficit across Spain is estimated at over 600,000 units. There is no indication that supply will catch up with demand in the short term. Prices in prime municipalities — Valencia, Málaga, Alicante, the Balearics — have been outpacing national averages.

This is not a call to rush. It is context. If you have been sitting on this idea, the data is worth reading before you decide.

Yes. Spanish banks offer mortgages to non-residents. Here is how it works.

Non-residents — people who do not live or pay taxes in Spain — can borrow up to 70% of the purchase price. The mortgage term is capped at 25 years for most non-resident applicants, and some banks apply an age limit requiring the loan to be fully repaid by the time you turn 75.

Residents — people who have been paying taxes in Spain for at least one year — access better terms. Up to 80% financing, terms of up to 30 years, and in most cases lower interest rates.

The banks will ask where your down payment came from. They want to see savings, business income, or a documented gift — not equity pulled from another property. They will ask for proof of income, tax returns, a full list of existing debts, and confirmation that your mortgage payments will not exceed 35% of your net monthly income. They will find any discrepancies.

The most important thing most people do not know:

In Spain, when you decide to buy a property, you sign a contract called the contrato de arras. You pay 10% of the purchase price, and the property comes off the market. If your financing then falls through, you lose that 10%. Not getting approved for a mortgage is not considered a valid reason to get your deposit back.

Get pre-approved before you start seriously viewing properties. The process takes approximately ten minutes of paperwork on your end. There is no reason not to do it first.

The NIE — the Número de Identificación de Extranjero — is a tax identification number for foreigners. Every property transaction, tax payment, and banking interaction in Spain requires one. You can apply at a Spanish consulate in the US or Philippines, or in person in Spain. Processing takes several weeks, so start early.

A Spanish bank account — not strictly required by law, but practically essential. It is where your mortgage payments will come from, where your closing costs will be transferred, and where ongoing costs like community fees and local taxes will be charged. Most major Spanish banks now allow remote applications with video verification.

An independent property lawyer — not the developer's lawyer, not the real estate agent's lawyer. Your own. In Spain, the notary who witnesses the final deed is neutral — they confirm identity and legality but do not investigate the property's history. That is your lawyer's job. They check for hidden debts attached to the property, verify the Nota Simple from the Land Registry, confirm the property has no illegal structures, and review every contract before you sign it.

One rule worth knowing: in Spain, outstanding debts — unpaid community fees, IBI taxes owed by the previous owner — attach to the property, not to the person. If your lawyer does not check for these before you sign, they become your problem.

Spain has 50 cities and towns worth serious consideration for foreigners. They are dramatically different from each other in cost of living, climate, culture, expat infrastructure, and what daily life actually feels like.

A two-bedroom apartment in Valencia costs a different amount from the same apartment in Marbella. The lifestyle in Bilbao is a different experience from the lifestyle in Alicante. Making a property decision before you understand those differences costs you money.

Spain City Guide 50 cities across four categories — the most established expat cities, the best mid-sized options, smaller towns with real character, and places most people haven't heard about yet but should.

Written from real experience living in Spain — not a travel guide, not a sponsored list.

See the Spain City Guide →

The tax structure is different. The contracts are different. The timeline is different. And for investment buyers thinking about rental income, the licensing situation adds another layer that is worth understanding before you commit.

My Blue Bricks — New Development for Foreign Buyers Specialists in new construction and off-plan purchases for international buyers across Spain. They work with the real paperwork, the real process, and the real questions that foreign buyers have that domestic buyers do not.

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