Published on and written by Cyril Jarnias
Buying an apartment in Spain remains, in 2026, one of the favorite projects for French people seeking sunshine, quality of life, and sometimes rental income. But with the end of the Golden Visa, new tax rules, the requirement to obtain an NIE, regional specificities, and the risk of legal pitfalls, the operation cannot be improvised. This guide offers a clear, step-by-step path for a French buyer who wants to secure their project without unpleasant surprises.
Understanding the legal framework and 2026 context
Spain maintains a very open framework for foreign buyers. French buyers also benefit from the freedom of movement within the EU, which further simplifies things.
In practical terms, a French person can purchase an apartment in Spain without any quota, minimum amount, residency requirement, or specific visa. The sale procedure is the same as for a Spanish buyer: a public deed before a Spanish notary, registration in the Land Registry, and application of the same purchase taxes.
Several key developments in the context need to be factored in.
First, the Real Estate Golden Visa was officially abolished on April 3, 2025. Buying an apartment no longer grants a residence permit on its own. The remaining residence-by-investment programs involve productive investments (public debt, projects of general interest, etc.), not the purchase of a home.
A political proposal targets a tax of up to 100% of the property’s value for non-resident buyers from non-EU countries, particularly British and American buyers, as part of the debate on foreign pressure on the housing market. However, this measure has not come into effect, and no such 100% super-tax exists or has been voted for French buyers.
In practice, the concrete changes in 2026 relate more to taxation (adjustments to transfer taxes, new reporting obligations for non-residents, strengthened anti-money laundering controls by notaries) and the regulation of tourist rentals than to the right to buy itself.
Where to buy: the most attractive areas for 2026
For a French buyer, choosing the region is often the first decision. Spain is not just one ‘Costa’ and price dynamics, yields, and usage vary greatly by area.
Historic coastlines like the Costa Blanca and the Costa del Sol remain safe bets. The Costa Blanca, well served by the airports of Alicante and Valencia, combines accessibility, quality healthcare infrastructure, and a large international community. The Costa del Sol around Marbella and MĂ¡laga remains, by far, the top destination for foreigners, especially the British, with a very liquid market and strong rental demand throughout much of the year.
The potential gross rental yield in Murcia, exceeding the national average of 5.45% in early 2026.
Some inland metropolitan areas like Madrid and Barcelona primarily offer long-term capital security. In these cities, long-term value appreciation is more predictable, but the entry price is higher and rental regulations are stricter, especially for tourist rentals, which are now heavily regulated or frozen in many neighborhoods.
Coastal cities like Valencia, Alicante, or MĂ¡laga offer an interesting balance between quality of life, tourism, rental market, and resale potential. Valencia is considered one of the best compromises for rental yield and long-term growth, while MĂ¡laga combines a booming urban market with the locomotive effect of the Costa del Sol.
For an investor targeting yield rather than personal use, several areas stand out: Costa del Sol, Costa Blanca, Costa CĂ¡lida (Murcia), Madrid, and Barcelona. Additionally, the islands (Canary Islands, Balearic Islands) offer long tourist seasons in some destinations, but with often very restrictive local regulations on tourist rental licenses.
What it really costs: prices, additional fees, and projections
Beyond the listing price on a portal, you need to factor in all the costs to get the ‘true’ cost of the transaction. In Spain, total purchase costs generally represent between 10% and 15% of the property price, depending on whether it is a new or resale home, and the region.
For a resale apartment (used property), the ITP is set by each autonomous community, varying between 6% and 11% depending on the region.
Current ITP rate of 7% for used properties.
ITP at 10%, with the rate increasing above €1 million.
Rate of approximately 9% since the 2026 reduction.
Progressive ITP, with brackets that can exceed 11% on the most expensive properties.
For a new apartment purchased from a developer, you do not pay ITP but VAT (IVA) at 10% and a stamp duty (AJD) generally between 0.5% and 1.5% depending on the region. This gives a total tax cost often close to 11–12% for new builds.
Add notary and Land Registry fees, which together average 1 to 2% of the price. Fees for an independent specialized lawyer typically range from 1 to 1.5% of the price (with a minimum often between €1,500 and €2,500). In practice, on a standard purchase, taxes, notary, registry, lawyer, and management can reach 11 to 13% of the price.
These orders of magnitude can be illustrated with a summary table.
Example of purchase costs (excluding property price)
| Property type | Main tax | Indicative rate | Other fees (notary, registry, lawyer) | Estimated total cost in % |
|---|---|---|---|---|
| Resale in Andalusia | ITP (transfer tax) | ≈ 7% | ≈ 4–6% | ≈ 11–13% |
| Resale in Catalonia | ITP | 10% (more if > €1M) | ≈ 3–5% | ≈ 13–15% |
| New build in Valencia | VAT + AJD | 10% + ≈ 1.4% | ≈ 3–4% | ≈ 14–15% |
| Resale in Murcia | ITP | ≈ 8% | ≈ 3–4% | ≈ 11–12% |
In 2026, national forecasts for property price increases place average growth between 5.3% and 7%. Quality new-build programs are even expected to see increases of 7 to 10%, prompting some investors to favor this option despite higher initial costs.
You also need to consider the interest rate environment. After the start of 2026 around 2.26%, benchmark rates should stabilize around 2.3% mid-year, before a possible decline to around 2.05% by the end of the year. In practice, this translates into fixed rates for non-residents of around 3.2 to 4.5% APR, and lower rates for residents, between 2.5 and 3.5%.
Step 1: define your project and overall budget
Before starting viewings, it is essential to clarify the profile of your project: eventual primary residence, vacation pied-à -terre, pure rental investment, or hybrid solution. This choice will determine the location, property type, type of homeowners’ association (with or without pool, concierge, costly amenities), but also the tax strategy on both the French and Spanish sides.
For a real estate purchase, if you have €330,000 in cash without using credit, it is advisable to target a property worth around €290,000. By subtracting 10 to 15% of the maximum budget for additional costs (notary, furnishings, contingencies), you maintain a margin of safety and avoid unpleasant surprises.
Another major parameter is the required cash down payment if you use a Spanish loan. For a non-resident, banks typically finance 60 to 70% of the price, with the rest needing to be provided as equity, plus an additional 10 to 13% for fees. In practice, this means that as a non-resident, you must have 30 to 40% of the price in capital, plus the fees.
For an apartment costing €400,000, a non-resident profile will often need to provide at least €120,000 as a down payment (30%), plus €40 to €50,000 in fees. That is a liquidity need close to €160 to €170,000, or even more in the most heavily taxed regions.
Step 2: obtain your NIE, the essential key
The NIE (NĂºmero de IdentificaciĂ³n de Extranjero) is the administrative cornerstone of any real estate purchase in Spain. It is a tax identification number assigned to any foreigner carrying out a significant transaction in the country. Without an NIE, it is impossible to sign a deed of sale, pay taxes, open a resident bank account, or register the property in your name.
The NIE is not a residence permit and does not grant any right of residence. It is simply a tax ID, valid for life. However, it must be in place before the notary appointment. Ideally, start the application process early, as soon as your project takes shape, without waiting to find ‘the’ property.
The procedures are done at the Spanish consulate in France, in Spain (Foreigners’ Office or police station with an extranjerĂa desk), or by proxy to a Spanish lawyer via notarized power of attorney. The proxy solution is preferred by non-residents to avoid travel, with fees of €150 to €300, plus apostille costs and filing fees.
The application requires Form EX-15, a valid passport, sometimes a translation, a letter justifying the application (real estate purchase), and proof of payment of the fee, around €10 to €15 (recent exact amounts cited are €9.84 or €10.71 in the texts). Processing times are usually around two to four weeks from France, and sometimes slightly less if the application is submitted locally.
Step 3: open a Spanish bank account
Even if it is not an absolute legal requirement, having a Spanish bank account drastically simplifies the entire process: paying the price, settling the ITP or VAT and AJD, direct debits for local taxes (IBI), water and electricity bills, homeowners’ association fees, or receiving potential rental income.
Spanish banks (Sabadell, CaixaBank, Bankinter, BBVA, Santander) require physical presence, an NIE, a passport, proof of address in France, sometimes a certificate of non-residence issued by the police, and a French bank statement for anti-money laundering purposes.
For a non-resident, the bank may sometimes require proof of income (pay slips, tax returns, bank statements), or even a credit report from an organization like the Banque de France or its equivalent. It is therefore wise to prepare a complete file in advance.
Step 4: master the financing and interest rate question
French buyers have two main options: borrow in France (for a property abroad) or use a Spanish mortgage loan. This article focuses on the Spanish option, as the solvency rules and locally used ratios condition your margin for maneuver.
In 2026, Spanish banks grant loans to non-residents up to about 60–70% of the lower of the purchase price and the official appraisal (tasaciĂ³n). For Spanish residents, the ratio can go up to 80%, or even slightly more in some primary residence cases.
The maximum debt-to-income ratio for a non-resident generally falls between 30% and 35–40% of their total net income.
In practice, the average monthly net income of approved foreign borrowers often ranges between €3,000 and €6,000. An income level of €2,500 to €3,500 net per month appears to be a realistic floor for an average mortgage loan. The bank also expects you to finance 30 to 40% of the price with your own funds (plus the fees).
Maximum loan terms vary depending on whether you are a resident or not. Non-residents often have terms capped at 20 or 25 years, while residents can benefit from terms of up to 30 or 40 years. In all cases, the loan must be repaid before you turn 75.
In terms of products, the market offers three main families of loans: fixed rate, variable rate indexed to Euribor (with a bank margin), and mixed rate (fixed for a few years, then variable). For non-residents, banks launched new mixed formulas in 2026, particularly with the first three or five years at a fixed rate, before switching to Euribor + margin.
Rates for non-residents, in early 2026, typically range between 3.0 and 4.5% for a fixed rate, with introductory offers potentially dropping to around 2.55% for excellent profiles who agree to domicile income and take out ancillary products (insurance, etc.). Variable rates are positioned around Euribor + 0.8 to 1.99 for non-residents, slightly less for residents.
Step 5: manage the currency exchange issue (even for a French buyer)
A French buyer who finances most of their project with their euro savings does not face currency risk, since Spain also uses the single currency. The main exchange rate issue therefore concerns French buyers whose assets or income are partially denominated in another currency (British pounds, US dollars, Swiss francs, etc.), or those planning to involve non-euro co-investors.
For these profiles, the most delicate period is the interval between signing the private contract (contrato de arras or de compraventa) and the notary deed, which often lasts 4 to 8 weeks on a resale. During this time, an unfavorable exchange rate movement can significantly increase the cost in the original currency.
Traditional banks apply margins of 2 to 4% on exchange rates.
For very large amounts, a forward exchange contract can be taken out, allowing you to lock in a rate for several weeks or months, subject to a small deposit and a slight additional cost. This is primarily a concern for buyers outside the eurozone, but a French person whose assets are mostly in GBP, USD, or SEK should look into it.
Step 6: search, visit, and select the right apartment
Once your budget and strategy are defined, you can enter the search phase. The main Spanish real estate portals (Idealista, Fotocasa, Kyero, A Place in the Sun, etc.) offer a broad view of the market, but caution is needed regarding overly attractive listings.
Never pay a deposit without having verified the property’s ownership via an official Nota Simple and without going through an identified professional, as scammers exploit online listings, especially in tourist areas like the Costa del Sol or Barcelona, by offering non-existent apartments or diverting payments.
Ideally, visit the apartments in person, at different times of day, to assess lighting, actual noise, the neighborhood’s atmosphere outside high season, and proximity to services, rather than relying solely on photos. Buying based only on a virtual tour exposes you to major disappointments, especially with older properties or condominiums with uncertain management.
A French-speaking property finder or an agency that works extensively with French clients can save valuable time, provided they remain independent of the seller and your lawyer retains control over the legal analysis.
Step 7: secure the transaction with an independent lawyer
In the Spanish system, the notary is not the client’s lawyer. He ensures the formal validity of the deed, verifies the identity of the parties, basic tax compliance, and registration, but he does not search for hidden defects, planning irregularities, or debts of the homeowners’ association on your behalf.
The biggest mistake foreigners make is confusing the notary with legal counsel, or relying on the developer’s or agency’s lawyer. However, the conflict of interest at this stage is the primary source of disputes. It is therefore imperative to choose an independent Spanish lawyer, specialized in real estate, who represents neither the seller, the developer, nor the agency.
The mission includes obtaining and analyzing the Nota Simple (owner, mortgages, seizures), verifying the cadastral data, cross-checking areas, checking planning permissions (first occupation), absence of infractions or demolition orders, and a certificate from the homeowners’ association confirming no outstanding fees.
For an older apartment, special attention must be paid to work done by the seller: unauthorized extensions, closed balconies, major interior modifications without permits that could eventually lead to fines, or even forced restoration. In some protected rural or coastal areas, villas or houses have been built illegally and end up with a ‘legal on paper, illegal in fact’ status. This is one of the most serious pitfalls: possible demolition, inability to connect water or electricity, and prohibition on resale.
The lawyer must ensure there are no arrears on property tax (IBI), check the status of occupants if the property is rented, and confirm the absence of ongoing legal proceedings. Without this complete validation, any payment of a deposit or reservation fee, even minimal, is prohibited.
Step 8: offer, reservation, and deposit contract (arras)
Once the property is identified and initial checks are underway, you submit a written offer, usually through the agent or your lawyer. Verbal offers have little legal value in Spain. If the seller accepts, a ‘reservation contract’ (reserva) is often signed, accompanied by a small deposit (€3,000 to €10,000, often around 1% of the price) which temporarily takes the property off the market, pending final checks and, if applicable, financing.
This reservation deposit is often non-refundable in case of withdrawal without a valid reason. It is therefore crucial that your lawyer oversees the conditions for its return, for example if the bank refuses the loan or if a major planning issue is discovered.
The truly binding step comes with the arras contract (contrato de arras or contrato privado de compraventa). In its most common form, called ‘arras penitenciales‘, it formalizes the sale, sets the price, the approximate date of the notary signing, and provides for a deposit of around 10% of the price. This amount is typically paid within weeks following the reservation, after your lawyer has completed an initial series of checks.
According to Article 1454 of the Spanish Civil Code, if the buyer withdraws without a contractual reason, they lose the deposit. If the seller backs out, they must refund double the amount. Unlike in France, there is no standard 10-day cooling-off period for the buyer.
From the signing of the arras, the usual time until the notarized deed is signed is 30 to 60 days, giving time to obtain the final loan approval (3 to 6 weeks on average for a non-resident) and finalize the last checks.
Step 9: signing before the notary and registration
The conclusion of the transaction takes place in a Spanish notary’s office (NotarĂa). On the agreed day, buyer and seller — or their representatives via a power of attorney — appear to sign the escritura pĂºblica de compraventa (the authentic deed of sale). If a Spanish mortgage loan is used, the loan deed is signed at the same time.
The notary reads and explains the contents of the deed, verifies the identity of the parties and their NIE, checks certain tax aspects, and ensures that no recent blocking entries have appeared in the Land Registry. The balance of the purchase price is usually paid by bank check from a Spanish bank or by certified transfer through your lawyer or the gestorĂa.
After the deed is signed, the notary sends the documents to the Property Registry. Registration is not theoretically mandatory, but it is essential to assert your rights against third parties and to obtain credit. The registration period is typically 2 to 4 weeks.
At the same time, the purchase tax (ITP or VAT + AJD) must be paid within 30 working days following the signing. Most lawyers work with a gestorĂa that handles both filing the deed with the registry, paying the taxes with the funds you have previously set aside, and later collecting the registered title deed.
Step 10: after the purchase – charges, taxation, and management
After receiving the keys, the purchase is not completely ‘finished’. Several post-purchase steps are required. First, you need to transfer the energy contracts (electricity, water, sometimes gas) into your name, inform the property manager or administrator of the homeowners’ association of the change of ownership, verify the correct registration of the municipal property tax (IBI), and take out a suitable home insurance policy. This is mandatory in the case of a mortgage but recommended in all cases.
In Spain, every non-resident owner must file Form 210 annually, even if the property is not rented. The imputed income tax is calculated on a percentage of the cadastral value, at a rate of 19% for EU residents. Omissions expose you to cumulative penalties over several years.
All owners are also liable for the IBI, an annual municipal tax based on the cadastral value, with rates generally between 0.4% and 1.1%. If your apartment is in a complex with a pool, gardens, and a caretaker, homeowners’ association fees can range from around €60 per month to over €300, or even more in upscale developments.
If you rent out your apartment, even occasionally, net rental income is taxed under IRNR at 19% for EU residents, after deducting certain expenses (loan interest, charges, maintenance work). Tourist rentals are, in several cities (Barcelona, Valencia, Palma, San SebastiĂ¡n, etc.), subject to very strict licensing regimes, sometimes with a complete freeze on new licenses. It is imperative to check this point before buying an apartment with the intention of renting it out on platforms like Airbnb.
As a French tax resident, declare your Spanish rental income in France with a tax credit for the tax paid in Spain, avoiding double taxation. French social security contributions may apply. For capital gains upon resale, Spain taxes at 19% with a 3% withholding by the buyer, and France applies 19% + 17.2% social contributions, with a tax credit for the Spanish portion.
For significant estates, you also need to factor in the French real estate wealth tax (IFI), which applies when the net value of your worldwide real estate assets exceeds €1.3 million. The value of the Spanish apartment is then included, minus any remaining mortgage loan.
Illustrated examples: three French buyer profiles in 2026
To make this overview concrete, we can outline three typical scenarios, for indicative purposes.
Comparative table of three projects
| Profile | Property budget | Spanish loan | Minimum down payment (excl. furnishings) | Estimated fees | Main strategy |
|---|---|---|---|---|---|
| Active couple, vacation use | €250,000 | 60% (€150,000) | ≈ €100,000 | ≈ €30,000 | Pied-Ă -terre, occasional rental |
| Retiree, cash purchase | €300,000 | 0 | €300,000 | ≈ €35,000 | Long-stay secondary residence |
| Investor, Murcia | €400,000 | 70% (€280,000) | ≈ €160,000 | ≈ €50,000 | Rental yield (≈ 7–8% gross) |
These figures remain orders of magnitude, but they show that the ‘down payment’ and ‘additional costs’ items weigh heavily on the feasibility of the project and must be integrated while still in France, even before leaving for site visits.
Main pitfalls to avoid
Even though Spain is a mature market heavily frequented by the French, classic mistakes continue to be costly.
The first is underestimating the total cost, focusing only on the listed price. By forgetting to budget 10 to 15% extra for taxes and fees, some buyers end up hastily cutting back on renovations, forgoing proper furnishings, or facing cash flow difficulties.
Paying a reservation deposit to an agent or seller before your lawyer has verified the existence of the property, ownership, and absence of debts is a major risk. Scams involving fake reservations or diverted wire transfers target foreign buyers in a hurry.
The third is confusing roles: thinking the notary is your protector or letting the developer’s lawyer draft all the documents without independent review. The notary acts as a neutral public officer, not as personal counsel. Without an independent lawyer, any unfavorable clause in the arras contract or condominium documents can turn against you.
Gross yields of 7-8% advertised in regions like Murcia can be significantly reduced by management fees (15-20%), taxation, vacancy periods, and restrictions on tourist rentals.
Finally, financial timing is crucial: waiting until the day before signing to transfer funds, especially from an account outside the EU, risks temporary freezes by the Spanish bank for anti-money laundering checks, or even missing deadlines for tax payment and registration, resulting in interest and penalties.
An attractive project, provided you are prepared
Buying an apartment in Spain in 2026 remains a solid opportunity for a French buyer: even after the abolition of the Golden Visa, the country retains a very open acquisition framework, an active rental market in many regions, and a quality of life that is hard to match just a few hours’ flight from France.
But this apparent ease should not mask the real complexity of the process: Spanish bureaucracy, diversity of regional tax regimes, slowness of civil justice, tightening of short-term rental rules, and risks of properties with irregular planning status. Without careful preparation and independent professional support, an exciting project can turn into a long and costly legal dispute.
A French buyer should: clarify budget and objectives, obtain NIE and bank account, get a preliminary loan approval, visit the region with clear eyes, have the contract analyzed by an independent lawyer, never pay a deposit without validation, and allow 8 to 12 weeks between the offer and receiving the keys.
By following these steps, factoring in the French-Spanish tax specifics, and staying informed about local dynamics (price growth, yield, rental regulations), a French buyer can, in 2026, purchase an apartment in Spain with a good level of security and visibility on the future of their investment.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
