In 2017, foreigners purchased over 61,000 housing items in Spain, which is 13% of all sales transactions.
According to Idealista experts, the main problems for international buyers in obtaining a mortgage are their nationality and loan amount. One of the main hitches is nationality since Spanish banks are more likely to approve the applications of buyers from developed countries in Western Europe and North America. Meanwhile, it is more difficult for a person from Eastern Europe to get a loan.
Local banks are better familiarized with the legal system of Western European countries and are also more confident in the economic reliability of their citizens, Noticia reports.
Another obstacle is the amount of the loan. The amount provided by banks for residents of Spain is on average 80% of the housing cost. Whereas foreigners can get a loan for a maximum of 70% of the housing cost, however, more often this figure is reduced to 50-60%.
