July 20, 2025
Investing in Quality of Life: Why More and More Estonians Are Buying Homes in Spain
Spain continues to attract foreign buyers: in 2024, nearly 93,000 real estate transactions were registered by foreigners, accounting for 14.6% of all property sales in the country. This trend is driven by quality of life, climate, and tourist appeal. If you're considering buying, here is a professional step-by-step guide to help you do it safely and efficiently.
14.6% of home purchases in 2024 were made by foreigners, a level very close to the historical peak of 15% reached in 2023. Fotocasa Blog Pro
Why Buy Property in Spain from Estonia?
- Climate and Lifestyle guaranteed sunshine, Mediterranean cuisine, and outdoor living.
- Attractive Market competitive prices compared to other European cities, especially in areas like Alicante, Valencia, and Málaga.
- Flight network and ease of mobility: frequent connections between Tallinn and Spanish cities like Barcelona, Alicante or Málaga.
- Solid market for investment: high demand for short- and long-term rentals, with opportunities for gross annual returns above 4–6%.
- Legal stability: pese a nuevos controles (visados, alquileres), España mantiene garantías legales clara.
Before getting started: what you should know before taking the first step
Buying a house in another country may seem complex, but with the right information, it’s a more accessible process than you might think. before diving into the first procedure, it’s key to understand which documents you need, how the buying process works in Spain, and what costs to expect.
Below, we guide you step by step so you can make decisions confidently and without surprises.
1Get your NIE (Foreigner Identification Number)
The NIE is essential for any legal or financial transaction in Spain: buying property, paying taxes, opening bank accounts, etc.
Types of NIE:
- Non-resident (up to 183 days/year): ideal for Estonians buying a second home without living year-round in Spain.
- Temporary or resident: if you plan to stay more than 183 days, you need a residence card.
Documentation:
- Form EX-15.
- Original passport + copies.
- Proof of reason (e.g. purchase offer, mortgage application).
- Form 790 Code 012 (fee of €10–15)
Where to apply:
- Spanish consulate or embassy in Estonia.
- Immigration offices or police stations in Spain.
- Through a gestor or lawyer with a notarial power of attorney.
Deadlines:
- In Spain: 1–2 weeks.
- In Estonia: it may take longer, plan ahead.
2 Open a bank account in Spain
| What do you need it for? | - Pay the deposit - Notarial deed - Taxes and fees - Community and basic service expenses - Apply for a mortgage (if applicable) |
| Common requirements | - Valid NIE - Passport - Proof of income (pay slip, savings, or tax return) |
| Useful tip | Some banks allow you to open the account remotely if you are a European citizen. |
| Where to open it? |
Compare fees and services in banks like: - CaixaBank - BBVA - Sabadell All of them have experience with international clients. |
3Search for and reserve your property
| Define your preferences |
- Recommended areas: coast (Alicante, Málaga, Valencia), cities (Barcelona, Valencia), inland or north if you’re looking for authenticity. - Type of property: apartment, villa, land. - Budget: include an additional 10–15% for legal fees and taxes. |
| Useful resources |
Real estate portals: Idealista, Fotocasa, Habitaclia - Agencies with multilingual support - On-site or virtual visits for inspection |
| Property reservation |
- Initial deposit between €3,000 and €12,000, depending on the type of property - The contract must specify conditions, deadlines, and penalties - More info: Wikipedia, Idealista, Quadratia |
4Due diligence and private contract
Before signing at the notary:
- Review of mortgage or legal charges: request an up-to-date encumbrance certificate.
- Licenses and energy certificate: mandatory by law.
- Technical inspection: ideally hire an architect or engineer, especially for older properties.
- Deposit agreement (optional): strengthens commitment, defines penalty for cancellation.
Binding private agreement, with a lawyer or real estate agent.
5Notary signing and deed formalization
- Documentation: valid NIE (< 3 months), passport, private contract, proof of funds.
- Spanish notary ensures the legality of the purchase.
- Signing the public deed: the buyer pays the agreed price + immediate taxes.
- Key handover once the deed is signed.
6Taxes and related expenses
Main costs (never less than an additional 10–12%):
- Property Transfer Tax (ITP): 6–10% of the property value, depending on the autonomous community (e.g. 10% in Valencia / Valencian Community).
- Notary: 0.5–1%.
- Property registry: 0.5–1%.
- Manager, lawyer, architect: 1–2%.
Other annual expenses:
- IBI: municipal tax that varies depending on the municipality.
- Community fees: pool, garden, maintenance.
- Home and liability insurance.
- Tax for waste collection, water, electricity, and services.
7Legal integration of the property
- Property registry: your name is officially recorded as the owner.
- Municipal registration (helps with voting, healthcare, certificates).
- Utility contracts: water, electricity, internet.
- If you plan to rent (holiday or long-term), declare the activity to the tax office and apply for a tourist license if required.
8Mortgage for non-residents?
- Up to 70% of the property value.
- Requirements: NIE, active bank account, proof of income, guarantors in some cases.
- Estimated interest: between 3.5–4.5%, depending on the profile.
Ready to buy in Spain? We’ll guide you
Buying in Spain is a solid investment and an excellent opportunity to improve your quality of life or generate rental income. However, the process requires organization: NIE, financing, legal checks, deeds, taxes… following this guide will help you avoid costly mistakes.
Contact us for personalized Estonian–Spanish guidance: from the NIE to the key handover, we’re with you every step of the way!
Everything you need to know to buy a house in Spain as an Estonian
Do I need to be a resident in Spain to buy a property?
No. Any Estonian citizen can purchase property in Spain without needing to be a resident. Only the NIE (Foreigner Identification Number) is required.
Can I get a mortgage as an Estonian citizen?
Yes. Many Spanish banks offer mortgages to non-residents, with financing of up to 60–70% of the appraised value. It is advisable to have prior savings to cover the down payment and taxes.
What taxes do I have to pay when buying a property?
Depending on the type of property:
- New property: 10% VAT + AJD (0.5%–1.5%)
- Resale property: ITP (6%–10% depending on the autonomous community)
How long does the purchase process take?
From the signing of the earnest money agreement to the public deed, the process can take between 4 and 8 weeks, depending on the efficiency of the documentation and banking procedures.
Can I rent out the property as an investment?
Yes. Rental regulations vary by region, but most allow for tourist or long-term rentals. Some municipalities require a prior license for vacation rentals.
What are the best areas for real estate investment in Spain?
Costa del Sol, Alicante, Tenerife, Madrid, and Barcelona are the most popular due to high demand, profitability, and consistent appreciation.
What services are included in a real estate advisory for foreigners?
Personalized search, NIE management, legal/tax advisory, negotiation with developers, verification of encumbrances, and notarial assistance.
What guarantees does the Spanish legal system offer to the buyer?
The purchase process is regulated and protected by law. The public deed is formalized before a notary and registered in the Land Registry, ensuring full legal security.
Can I obtain Spanish residency by buying a property?
Sí, mediante el programa de «Golden Visa» si la inversión inmobiliaria es igual o superior a 500.000 €. Esta permite residencia para el inversor y su familia.
Where can I find professional advice?
You can contact us directly through our contact form or visit our real estate services section.
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