Desarrollo “El Cañaveral”
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Overview
A major urban expansion area in Madrid, host to numerous new housing projects from multiple developers.
Building/Community Amenities
- Clubhouse / Resident Lounge
- Elevator
- Garage Parking
- Laundry Facilities
- Pool
- Storage Units
Investment Insights
Legal & Ownership
Legal & Ownership Information
Ownership Structure
Ownership Rights
Full ownership rights (Freehold)
Foreign Ownership
Foreigners can freely buy property in Spain, with no major restrictions on property ownership.
Tax Considerations
Property Taxes
property taxes, known as IBI, vary by location and property value
Transfer Tax
purchase tax of around 8-10%, depending on the region
Inheritance Tax
Capital gains tax is applicable on the profits from the sale of property, with rates ranging from 19% to 23%
Important Considerations
Restrictions
- Foreigners can freely buy property in Spain, with no major restrictions on property ownership.
Required Documents
Financing Options
Financing Options
Financing in Spain
Spain offers a variety of property financing options for foreign buyers, making it an attractive destination for real estate investment. The typical loan-to-value (LTV) ratio is around 60-70% for non-residents, allowing investors to secure significant financing. Spain's robust banking sector provides competitive interest rates and flexible terms, which, combined with a stable real estate market, make it a favorable environment for mortgage financing. Additionally, the country's appeal as a prime location for vacation homes and retirement properties further enhances its attractiveness for international buyers seeking to finance property purchases.
Requirements for Foreign Buyers
- 1Valid passport or national ID
- 2Proof of income (e.g., employment contract, tax returns)
- 3Recent bank statements (typically last 3-6 months)
- 4Spanish bank account
- 5Credit report from the buyer's home country
- 6Property appraisal report
- 7Notarized translation of documents into Spanish
