How to buy cheap property in Spain? Why can housing in Spain be very cheap? Why does certain kind of apartments cost so little? Is it a deception? Are there low prices on the market?
Alina Popovicheva, the representative of«Kaufmann Winkel» reports:
One of the reasons of the low price can be the rooms status. In Spain very often non-residential premises are equipped as apartments. Dwellings offered don’t comply with sanitary regulations and fire code. That’s why they don’t have the status of a residence.
Purchase of such “apartments” has its own pros and cons.
Property of this kind in Spain is cheap. The commercial viability is among good things also.
Among drawbacks is impossibility to be registered in the residential premises. Moreover, the rental contracts are subject to the tax. Utility bills (water, light, gas) will be higher for commercial premises, not all types of insurance are designed for such property.
And if you nevertheless decide to purchase such a room and use it for living, it will be a violation. You can get a big fine. It is important to remember, that it is not safe to live in non-residential space.
In Barcelona, the apartments without the status of a residence cost up to 100000 EUR. At the same time the apartments with similar characteristics with the status of a residence are 100000 EUR and more.
Non–residential properties can be transferred to residential if the characteristics of the building meet the requirements of sanitary regulations and fire code. Before the purchase, one can consult the specialist to evaluate this possibility.
But in general, I personally wouldn’t recommend this kind of investment. Actually it is cheap property in Spain, but in my view the adverse effects would outweigh the benefits.