SHOULD YOU INVEST IN SPANISH PROPERTY IN 2024? 🏡🇪🇸 Expensive and cheapest places to buy in Spain

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Property in Spain is very popular, but the market in 2024 is at a turning point where prices could fall or continue to rise. In this video I explain historic trends in the Spanish property market, highlight some of the most expensive and cheapest areas of the country to buy a property, and explain the reasons why prices may increase or decrease.
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Mentioned in this video:
Idealista property price reports: www.idealista.com/maps/
Fotocasa 2023 property market report: s36360.pcdn.co/wp-content/upl...
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Chapters:
0:00 - Intro
0:26 - Property price trends over the past 20 years
2:25 - The most expensive provinces to buy property
5:58 - The cheapest provinces to buy property
7:52 - Other factors that could impact property prices
10:09 - Reasons why prices might decrease
10:34 - Reasons why prices might continue increasing
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About me:
Welcome to Millennials With Money!
My name is Jonny, I'm a financial analyst from the UK, currently living and working in Spain.
I created this channel to help and inspire young people to improve their financial situation and live life to the full by sharing my own experiences with money and living abroad.
I upload content on a weekly basis about personal finance, how to invest your money, tips to help you save more money, real estate and property, and travel and living overseas.
Everybody is welcome in the Millennials With Money community! Let's get this money!!!
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#spain
#property
#expat
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DISCLAIMER: The opinions and views shared on this channel are for entertainment and educational purposes only and are not to be taken as financial advice. Always conduct your own research prior to making any financial decision. Millennials With Money cannot be held responsible for any financial loss incurred from any decisions you make following this video.

Опубликовано:

5 авг 2024

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Комментарии : 87

@MillennialsWithMoney 6 месяцев назад

If you're looking at moving to Spain and need visa help, book a consultation with Bureacracy immigration experts and get a special discount using my link! www.bureaucracy.es/millennialswithmoney

@STEOKEO 6 месяцев назад

They do nothing for first time buyers in Spain compared to Ireland or the UK. The 20% deposit plus taxes of another 10% is just ridiculous. All the houses are being bought by wealthy foreigners particularly in the Canary Islands and Balearics. You need wealthy parents or some sort of windfall to get you on the ladder. The locals are completely screwed. And young people in particular are in an even worse situation. They have no hope...

@lluisfargaslopez9603 5 месяцев назад

I hope spain becomes a hell for expats. We are open to people who want to made our land their home and adopt our culture but the ressentment to the colonies of foreigners living as this was a theme park is growing.

@sunnybeachwalks4k2022 4 месяца назад

Because you can buy cash buy a house in Torrevieja for under 200,000

@lluisfargaslopez9603 4 месяца назад

First time buyers taxes should be zero percent plus income deductible.

@u2fkeys665 3 месяца назад

This a phenomenal happening everywhere, the rich is goblin everything up and leaving the young and locals 💩 out of luck.

@enterdata 5 месяцев назад

Do not purchase any property anywhere in Spain. They have scoundrels that once they move it’s very difficult to get rid of them. You will have to go through the court system which may take up to two years or more in order to get any of these intruders out. Also, you will have to pay for all the legal fees. And if g the hear intruders end up destroying your property, you will have to pay for all of the repairs, etc. These people are exempt from having to pay for any of the expenses and will never be penalized. They are protected under the law unlike the property owners. So, why would you want to invest in a government that protects all the rights of these intruders and offers nothing to the property owners.

@tiagu_g 14 дней назад

Holy crap wow

@milhouse147 День назад

There are private "security-companies" You can book. They take care about those so called "ocupas". The government will do nothing to protect You and Your property. So the private companies arrive with some big guys with big muscles and clear the area for You. These completely ridiculous laws are the reason You see so many barred windows in spain.

@vecsy90 6 месяцев назад

In 2023 60% of Spanish properties were bought by cash 🥶 It was on the news couple weeks ago. That means if you're not a wealthy foreign investor, you will not just struggle to save up at least 30% of the house value (20% deposit + 10% tax), but you will most probably miss out on many properties as the seller will prefer taking instant cash rather than waiting months for your mortgage approval 🤷‍♂️ It's not easy for the local working class. It's also one of the reasons why locals are fighting against illegal Airbnb properties which are bought by rich foreigners and are driving the property prices up whilst making it impossible for locals to buy in city centres...

@sunnybeachwalks4k2022 4 месяца назад

Yep I just bought a house cash in Torrevieja 👍

@vecsy90 4 месяца назад

@@sunnybeachwalks4k2022 That's great! Locals aren't bothered about people buying properties at foreign pensioner destinations. They don't want to live there, hence the cheap property prices. Great place though. Lot of sunshine, golf and bingo 👍

@sunnybeachwalks4k2022 4 месяца назад

@@vecsy90 Torrevieja is the fastest growing city in Spain population grew over 7% last year, it’s not anymore just a place for old people to retire, many jobs are created by this too so I’d say Spanish people do want to live here 👍

@SycAamore 3 месяца назад

@@sunnybeachwalks4k2022 Buying a house with cash is probably the dumbest financial decision...

@sunnybeachwalks4k2022 3 месяца назад

@@SycAamore better than paying a mortgage

@SycAamore 3 месяца назад

I don't view properties in Spain as investments, but rather as life-choice purchases. I know that some prices rise, but if developers see there's lots of demand, they'll just build more. I think the only realistic way of making money in Spain is at the time of purchase, so negotiate a much lower price and immediately you'll have some equity. But most people think they'll make money when they sell their properties. Factor all the transaction costs, and if you didn't purchase with a big discount...well, it will be hard hitting that target...

@JB-nt4jd 2 месяца назад

What if you rent the property? That is consistent income and the property is being paid off

@SycAamore 2 месяца назад

@@JB-nt4jd Do you look for rental income or capital growth when you buy a property ? For me the second has the most benefits long term...

@JB-nt4jd 2 месяца назад

@@SycAamore Capital growth has grown positively pretty much in every country every year. If you’re looking to try make 80k in one year in growth then that time has gone. Why not rent & when capital growth hits ATH then you have best of both.

@SycAamore 2 месяца назад

@@JB-nt4jd No, I'm for the long term. Are you planning to pay tax on that income? Do you know the rate? Also, if you are trying to do Airbnb you will need a licence. The worst is that they can give you that licence, but then take it away...All depending on some official sitting in some office...

@nocturnal1970 Месяц назад

@@SycAamoreProperty is only an inflation hedge on capital value. If you can rent it that is where most of the income is plus you have capital gains tax on 2nd properties in the UK like I have. CGT applies no matter where your properties are in the world. I'm sure Spain has CGT in a similar fashion.

@markl9349 5 месяцев назад

i personally think that the Spainsh market is over valued by around 20 to 30%, perhaps more! There has been massive over building especially in Costa Blanca. Anyone with skin in the game will obviously tell you different! If buying now I think one has to be prepared to loose value on the asset. All the best and I hope everyone makes wise decisions!

@MillennialsWithMoney 5 месяцев назад

Very interesting take Mark, thanks for sharing and for watching!

@stevefujii9132 6 месяцев назад

A very informative video. I was surprised by the rankings of the Barcelona and Madrid areas (not 1 and 2). Also, on the other end I was pleasantly surprised by the Valencia area. Thank you Jonny!

@MillennialsWithMoney 6 месяцев назад

Thanks for watching Steve!! I was also very surprised as well when researching the video, but I also understand why places like Majorca might be more expensive

@simoneweidinger 6 месяцев назад

Thank you, great video

@MillennialsWithMoney 6 месяцев назад

Thanks for watching Simone!! 😁

@stephbigue 29 дней назад

Thank you, fantastic breakdown.

@MillennialsWithMoney 29 дней назад

Thanks for watching!! Glad you found it helpful 😁

@junuc10 6 месяцев назад

I have read in several articles that property values in Spain are overvalued by 20 to 30%. I will be moving there this year, most l likely to Andalucia or Alicante and will rent initially while I scout locations and real estate to buy.

@MillennialsWithMoney 6 месяцев назад

Nice plan to give yourself time to know the area and see what the market does, all the best for your move!!

@sunnybeachwalks4k2022 4 месяца назад

Torrevieja prices are skyrocketing it’s now the fastest growing city in Spain I just bought a house there, sold my house in mijas for more than double the price than I paid in Torrevieja 👍👍👍

@tttetetttt 3 месяца назад

its a gamble

@stevecochrane9531 2 месяца назад

Thanks, Jonny! In the U.S., there is a lot of talk about a big real estate crash due to troubles with commercial real estate investments. Mortgage rates are mostly fixed for home loans, but that is not the case for commercial mortgages. If there is another 2008-type real estate crash in the U.S., how do you think this will impact real estate in Spain? Also, if places in Madrid and Barcelona are somewhat normal, what about Valencia? ¡Gracias!

@sunnybeachwalks4k2022 4 месяца назад

If you want to buy in Spain in Malaga, Marbella, Barcelona or Madrid etc. you’re going to pay over double the price of a property in Alicante Torrevieja

@AlFakherFan 23 дня назад

Yes, Torrevieja very progressive city - homeless people paradise.

@fc96282 5 месяцев назад

Could you talk about the "okupas" problem? I was thinking in buying a property then rent but that okupas issues scare the hell out of me. Not so sure after listening to other people experiences with that.

@MillennialsWithMoney 5 месяцев назад

Hey Fernando, it’s a very complex topic… in summary if someone is illegally occupying a property (either by breaking in and staying there, or by not paying the rent owed) then it can be a lengthy legal process to remove them. It is indeed a large concern for property owners and investors, however preventative measures can lower the risk (e.g. a burglar alarm connected to the police, where they can act within 48 hours, insurance against non-payment for a tenant, thoroughly vetting tenants etc). Hope this helps answer your question!

@Chinedu311 6 месяцев назад

Interesting video once again, sometimes i panic if i would be able to afford a house in the future

@MillennialsWithMoney 6 месяцев назад

It can be a tough call indeed, wishing you all the best 💪🏻

@victorlamberty8132 6 месяцев назад

I like Andalucía special area in Almería. But renting first and reevaluate.

@MillennialsWithMoney 6 месяцев назад

Great choice, love Almería!! 😁

@paulnipper 3 месяца назад

Certainly some good comments and worthwhile advice. Personally I wouldn't buy in any of the 5 cities mentioned, so spot on for me.

@MillennialsWithMoney 3 месяца назад

Thanks for watching Paul! Glad you found it helpful 😁

@piotrkawa666 6 месяцев назад

Good work! I am a foreign investor with a plan to buy profitable rental property at Costa del Sol. Indivicially I will be hapoy to see special deals at sales offices. Now it is not possible.

@acc2mdk1 5 месяцев назад

Is there a video talking about the same subjects of this video regarding the islands (gran canaria) ?

@asimtokic1727 5 месяцев назад

greetings, I am planning to buy a property in Barcelona that I would use for daily rental. Can you help me with more information and conditions for such an investment. what are the regulations.

@sergiiiukhymchuk1195 5 месяцев назад

thanks for the good analysis. And what percentage of real estate purchases are made by residents of Spain, and what by foreigners? because it is possible that the market is being driven up by investors from abroad?

@MillennialsWithMoney 5 месяцев назад

Thanks Sergi! It was about 21% foreign nationals in H1 of 2023, which of those are residents and non-residents I don’t have the split. Indeed the role of investors from abroad is quite significant in the Spanish market and is part of the concluding debate in this video. They could be the reason that the market continues on an upward trend in certain regions.

@TheMexicogdl 6 месяцев назад

Im planning on buying something this year after weighing a few pros and cons of couple of places, have decided on Madrid for my particular lifestyle. It’s definitely pricey, a big decision on many fronts, but it’s also a major European Capital and I’ll ride it through if there is a correction.

@MillennialsWithMoney 6 месяцев назад

Madrid is a great city Rob, all the best with your purchase!! 😁

@TheMexicogdl 6 месяцев назад

@@MillennialsWithMoney Thank you very much!

@joseedsondasilva1143 6 месяцев назад

I'm really loving your channel. Brazilian 🇧🇷 guy living Málaga 🇪🇦

@MillennialsWithMoney 6 месяцев назад

Thank you man!! Glad you’re enjoying the content and hope you’re enjoy the sun in Malaga ☀️🇪🇸

@sunnybeachwalks4k2022 4 месяца назад

I just sold my villa in mijas and bought a villa in Torrevieja for less than half the price

@Soundblaster2024 6 месяцев назад

@millennialsWithMoney we are buying a home in spain and need to know what taxes are required. Also what are the fees/hidden costs to watch out for?

@MillennialsWithMoney 6 месяцев назад

Hey Clif, here's a video explaining all the costs related with buying a property: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-DUOppHY1yfY.html. Hope it helps and all the best with your search!!

@walterderosa1009 6 месяцев назад

Very interesting point of view. I am planning to buy a property in Valencia without having a mortgage. Do you think Valencia is affordable and a good area to invest in, or do you have some suggestions?

@MillennialsWithMoney 6 месяцев назад

Thanks for watching!! I don't know Valencia as well as I know other cities in Spain but it has been ranked as a top expat city globally in the past and I think is attracting quite a lot of young people.. might be worth considering but just my opinion 🙂

@walterderosa1009 6 месяцев назад

thanks for your fast reply. I will do additiional research and I will follow you for more videos like this 🙏

@JB-nt4jd 2 месяца назад

I am looking to invest in properties in Spain, do you recommend becoming a Spanish resident first or buying through an LLC in the uk?

@MillennialsWithMoney 2 месяца назад

I’d recommend consulting a tax professional on this as there would be different implications buying through a foreign entity than with a local entity and both of course are different from buying as natural person. Hope this helps!

@MillennialsWithMoney 6 месяцев назад

Are you looking at buying a property in Spain? Leave a comment and let me know!

@sunnybeachwalks4k2022 4 месяца назад

Just sold my house in mijas and bought a similar house in Torrevieja for less than half the price

@user-nt1rw4kj5z 3 месяца назад

What taxes you pay after you sell your property

@sunnybeachwalks4k2022 3 месяца назад

@@user-nt1rw4kj5z 10%

@kimaholland3423 21 день назад

Hello, is there a link please to the property map at 3.30 mins please ? This was very helpfull 😉

@MillennialsWithMoney 21 день назад

Hey, at 2:30 perhaps? It comes from the following report: s36360.pcdn.co/wp-content/uploads/2024/01/La-vivienda-en-venta-en-2023.pdf. Additional on another site used for this video there is a dynamic map showing prices per m2 for sale and rent: www.idealista.com/maps/. Happy browsing! 😁

@kimaholland3423 21 день назад

@@MillennialsWithMoney yes thank you at 3.37 where all the average prices /m2 per province is listed

@MarcellaCarioca 5 месяцев назад

If you're talking investments you should be addressing commercial property as well as residential. The taxes are lower, there's less worry about tenant rights/squatters as well as less pressure on Spanish citizens and residents who gets priced out of the market due to expats and foreign investors.

@MillennialsWithMoney 5 месяцев назад

This is a good point Marcella, will definitely consider for a future video! In the meantime I made a video about self-storage investing, which is technically commercial property but on a smaller scale: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-gastdI_zpAA.htmlsi=E9DvrJyakOhtKNW6 😊 thanks for watching!

@Kevin-zz9nc 4 месяца назад

I was amazed when i was in San Sebastian that it was impossible to find anyone who spoke a word of French. Easier to find someone who spoke English......

@MillennialsWithMoney 4 месяца назад

Oh wow!! Not would I would have expected at all!