The modern world opens up new opportunities for the elderly, so many Russian pensioners today do not want to spend time watching TV or in the country. Active travels of our compatriots of retirement age around the world and even their move to another country have become a widespread phenomenon. Spain is very popular among the citizens of the Russian Federation. They are attracted not only by comfortable living conditions, but also by quite affordable real estate in Spain for pensioners.
What can Russian pensioners expect when buying real estate in Spain?
The real estate market in Spain attracts the attention of foreign citizens (including those of retirement age) for a number of reasons. Among them, first of all, one can distinguish:
- Variety and wide range of offers. Any potential buyer can easily find a home here to his liking and affordable. Most of the proposals on the Spanish real estate market belong to the secondary housing sector (more than 83% of all sales). The degree of deterioration of the secondary fund is different, which, of course, is reflected in prices. It should be borne in mind that most of the properties of the Spanish secondary fund have been reconstructed and overhauled, and that when buying and selling real estate in Spain, bargaining is appropriate.
New buildings in Spain (obra nueva) are also on the market, but with higher prices. In recent years, the country has seen a rapid increase in the rate of new housing construction. At the same time, modern construction technologies and materials, as well as the high quality of the builders' work, give guarantees that overhaul will not be required for several decades.
- Attractive mortgage. More than 30 Spanish banks are ready to provide foreign citizens with a variety of mortgage lending programs, the size of which can be up to 80% of the value of the property. For foreign citizens of retirement age, a mortgage on a house or apartment is also available, but on condition that the borrower repays it before reaching 70-75 years.
- A gradual rise in property prices. The increase in the price per square meter in 2021 averaged 6.7, in 2021 - 9%. Despite this, Spanish property prices continue to be among the lowest in the EU. Several provinces are experiencing price reductions.
- High profitability of residential real estate and constant growth in demand over the past ten years. The growth of rental rates guarantees from 7 to 9% profit after all taxes have been paid.
Why is it good for a pensioner to live in Spain
In the Kingdom of Spain, there are no special government programs that would stimulate retirees from Russia to move to the country or give them any advantages. At the same time, obtaining a residence permit in this country for pensioners from the Russian Federation is quite realistic (and often it is even easier for them to do this than for citizens who have not reached retirement age), and those Russians who decided to move to Spain and become its residents now have the opportunity to live a full life that many of our fellow citizens dream of.
The list of attractive factors is compelling:
- The cost of living in Spain is one of the lowest among the EU countries. Prices for food, clothing and footwear, household items are quite affordable, and the quality of the products is very high. Cheaper products can be bought in markets and local supermarkets: Mercadona, Caprabo, Alimerka, etc. However, the closer to tourist centers, the higher the prices will be.
- High level of medical care. Citizens and residents of Spain receive medical services free of charge, but foreign pensioners should apply for a medical insurance policy for the elderly (over 60 years old) in one of the insurance companies in Spain: CASER, ASISA, Adeslas, DKV. The cost of basic insurance in case of an unexpected illness is from 98 to 165 euros, full insurance - from 170 to 250 euros per month.
Upon receipt of the status of a resident - residence permit or permanent residence, registration and residence in one of the municipalities (padrón) after a year, it is possible to use convenio especial - state insurance with a monthly payment.
To do this, you need to register at one of the TGSS offices, obtain a social insurance number and certificate, and then transfer it, as well as the NIE number to the medical center at the place of residence for a medical card.
- Affordable housing prices. The farther from the capital and tourist centers, the more attractive the prices. And for that. to live in Spain, there is no need to be the owner of real estate - it is enough to conclude a long-term lease agreement for 5 years or more.
- Security of residence and a low crime rate (although recently, due to the increase in migration flows from Africa and Syria, the situation has deteriorated somewhat). The biggest threats in Spain are pickpockets and crooks.
- Favorable climate. The proximity of Africa gives rise to a subtropical Mediterranean climate over most of the country. Northern Spain is characterized by mild climatic conditions without sudden changes. In the central regions, closed from the seas by mountains, it is cold in winter and hot in summer.
- Unique culture and historical heritage of Spain. It is one of the world's tourism centers.
- Rich Mediterranean cuisine with an abundance of meat, vegetable, seafood, fruits and wine.
- The opportunity to receive a Russian pension while living in Spain. Citizens of the Russian Federation who retired before 01.01. 2021, they can receive it in euros (at the official rate of the Bank of the Russian Federation) in those countries in which they have a residence permit or permanent residence. For those citizens who received pensions after that date, all payments are made on the territory of Russia. At their discretion, retirees can either periodically come home and withdraw money from their personal bank account, or authorize a trusted person who will transfer part or all of their pension payments to Spain on a monthly basis.
In which region is it better to live and where to buy property at a more affordable price
Everyone who is going to become a resident of Spain has their own preferences. Someone likes the mountains more, someone the sea, and someone cannot imagine their life without the bustle of the city. Much also depends on how long a person is going to live in Spain and what he intends to do.
- For example, for lovers of city life, the best option would be apartments and apartments (apartamento), which require minimal costs and, if desired, can bring dividends from renting out.
- In the suburbs, casa adosada or townhouses are in great demand - small two-story houses for two families with a garden and a swimming pool.
- Those who love privacy and comfort should pay attention to vivienda unifamiliar - detached villas with a private plot and a swimming pool.
- In addition to elite class properties for wealthy clients, there is a wide selection of more modest villas for 4-5 people.
- Those who want to find themselves in the Spanish outback and live a quiet provincial life should pay attention to casa de pueblo - rural houses with a front garden or masia - estates with large plots of land where you can grow grapes, oranges or olives.
If you come to the country from time to time, an apartment in Barcelona or Madrid can be rented out, and a villa on the shores of the Mediterranean will be useful for the health of children and grandchildren. If the pensioner is going to live here permanently, then the best choice may be housing in a small provincial town or village.
The second important factor influencing the choice of the area of residence is the availability of money to purchase. For most Russian pensioners, it is often of decisive importance. But the situation with prices for Spanish real estate is such that here you can buy inexpensive housing even on such a popular coast as the Costa Blanca.
Real estate in Murcia
The Murcia region is well known not only for its fruits and vegetables, but also for its deserted beaches with white fine sand and wild landscapes. In most cities in the province, housing prices are very affordable, and they dropped another 0.5% in the first two quarters of 2021.
- So, in Alguazas 1 sq. m costs 509 euros, in Mula - 517, in Murcia - 900 euros.
- A house in a village with land can be bought for 150-170 thousand euros.
- In the old quarters, you can buy townhouses starting at € 100,000.
Real estate in Alicante
Alicante is a family beach destination where all roads lead to the sea. It is here, within walking distance from the warm coast, that the cheapest "secondary housing" awaits its buyers with prices ranging from 400 to 500 euros per 1 sq. M. m.
Prices in new buildings are much higher - from 800 to 1000 euros per meter, depending on the distance from the sea.
Buying a home here is often aimed at its subsequent renting out to vacationers with children; average rental price in high season - from 1000 euros per month.
Real estate in Torrevieja
South of Alicante is the city of Torrevieja, which is famous for its sandy beaches, therapeutic mud, diving and affordable prices in local markets and markets, and is very popular with tourists from the countries of the former USSR.
At the same time, real estate prices are lower here than in the north of the Costa Blanca. So, an apartment on the coast can be purchased at a price of 60 to 80 thousand euros, a separate house in the suburbs - from 120 thousand euros.
Of all the regions of Spain, the most affordable prices are in Valencia - here you can buy a small apartment for 50 thousand euros. Perhaps that is why last year 25% of foreign property buyers in Spain bought their home here.
Provinces of Spain with the most affordable residential property prices in 2021:
| Provinces | Average price for 1 sq. m of housing of secondary and primary funds (euros) | Price change since 2017 (%) |
|---|---|---|
| Avila | 786 | -5,1 |
| Toledo | 789 | -3,2 |
| Ciudad Real | 846 | -2,2 |
| Cuenca | 855 | -3,1 |
| Badajoz | 907 | -1,8 |
| Jaén | 912 | -0,9 |
| Teruel | 933 | -0,7 |
| Caceres | 943 | 0,5 |
| Soria | 1004 | -7,6 |
| Leon | 1016 | 1,2 |
| Zamora | 1025 | -4,7 |
| Murcia | 1027 | -0,5 |
| Lugo | 1043 | -2,6 |
| Castellon | 1054 | 0,7 |
| Almeria | 1058 | -1,8 |
| Albacete | 1066 | 0,5 |
| Segovia | 1142 | 1,7 |
| La Rioja | 1160 | 5,3 |
What Russian retirees should know when buying real estate
Pensioners who do not have the means to purchase real estate in Spain can obtain resident status by renting a home. This option will allow them to take their time, not waste money and find the best option for the purchase. In addition, it may happen that in a year they will have a desire to change the region. It is more expedient to start the search for housing remotely - on the sites for the sale / rent of real estate popular in Spain:
- www.idealista.com/
- www.fotocasa.es.
Assistance from agencies will require additional costs - in the amount of a monthly rental payment.
After the housing has been found and the price has been agreed (from 200 to 1000 euros per month), you should prepare the documents for the lease. To do this, you need the following papers:
- medical certificate;
- certificate of good conduct;
- pensioner's ID;
- a certificate from a bank;
- insurance from a Spanish insurance company.
The lease agreement can be concluded for 1 year with the option of renewal. After that, you should receive a copy of the owner's passport / DNI, order Nota Simple - an extract from the register of ownership rights on the site and issue Alta en el Padrón or residence permit at the city hall. This is required to obtain a NIE card.
How ownership of real estate can affect obtaining a visa and residence permit
Having your own home in Spain, as well as long-term lease, allows a citizen of the Russian Federation to apply for a national Spanish visa category D, which allows you to stay in the country for more than 90 days in half a year.
If the cost of real estate purchased by a citizen of the Russian Federation in Spain exceeds 500 thousand euros, its owner has the opportunity to issue a residencia para inversores for 2 years or a residence permit in Spain for investors with the right to extend it for 5 years.
When the cost of Spanish housing is less than 500 thousand euros, its owner, applying for a residence permit in Spain, must additionally provide evidence of financial security.
The most affordable and simple way for Russian pensioners to move to live in Spain is to obtain a residence permit without the right to work.
For this it is enough:
- prove the existence of a place of residence in Spain - submit an agreement on the ownership or long-term lease of housing;
- show the availability of funding sources: funds in a bank account, sources of income outside Spain, etc. The annual income must be at least 35-40 thousand euros for a family of two.
Finally
The purchase of real estate in Spain by retired Russian citizens has become quite widespread. Spain attracts Russians with a high standard of living, stability and safety, transparent laws and affordable prices, including for real estate.
The real estate market in Spain offers a large selection of housing. At the same time, the purchase of real estate for 500 thousand euros or more gives the right to a residence permit in Spain for a period of 2 years with the right to extend it for 5 years.
The presence of a stable income (pension payments, income from renting real estate in the Russian Federation), as well as own or rented housing in Spain, allows Russian pensioners to easily obtain a Spanish residence permit without the right to work. Obtaining the status of a Spanish resident expands the opportunities for Russian citizens and simplifies their access to medical care. Consulates in such matters are very loyal to pensioners, since they will not compete with young Spaniards, but at the same time they will invest their money in the Spanish economy.
