How much does it cost to buy a house in Galicia?

Prices vary by area. On the Costa da Morte, average prices range from €800 to €1,800/m². A renovated house in Corcubión or Cee costs €120,000-250,000, while beachfront apartments can exceed €300,000. Inland villages offer opportunities from €60,000.

Can a foreigner buy property in Spain?

Yes, anyone regardless of nationality can buy property in Spain. You only need to obtain an NIE (Foreigner Identity Number), open a Spanish bank account, and meet tax requirements. There are no restrictions for international buyers.

What taxes do I pay when buying a house in Galicia?

For resale properties, ITP in Galicia is 8% (up to €400,000) and 10% on the excess. For new builds, VAT is 10%. You also pay AJD (1.5%), notary fees (€600-1,200), registry (€400-800), and administration (€300-600).

How long does the buying process take?

The complete process typically takes 6-12 weeks from signing the arras contract to the public deed. Property search can add 1-3 months. If you need a mortgage, allow 4-6 additional weeks for bank approval.

Buying 19 April 2025 2 min 389

Mortgage for Foreigners in Galicia: Requirements, Banks and Rates 2025

Can a foreigner get a mortgage in Galicia?

Yes, foreigners can apply for mortgages in Spain without legal restrictions. Both residents and non-residents qualify, though conditions differ significantly. Residents get better rates and higher financing (up to 80-90%), while non-residents typically get a maximum of 60-70%.

In Galicia, the mortgage market for foreigners is served by national banks like Santander, BBVA, CaixaBank, Bankinter, and the local Abanca, which offers competitive conditions for international buyers.

General requirements

Requirement	Resident	Non-resident
Maximum financing	80-90%	60-70%
Provable income	Last 2-3 years	Last 2-3 years + home country tax returns
Debt/income ratio	Max 30-35%	Max 30-35%
Minimum down payment	10-20%	30-40%
Variable rate	Euribor + 0.5-1.0%	Euribor + 1.0-1.5%
Fixed rate	2.5-3.5%	3.0-4.5%
Maximum term	30 years	20-25 years
Required insurance	Home + life	Home + life + payment protection

Required documentation

Passport and NIE: Mandatory. NIE obtained at police station or Spanish consulate.
Tax returns from home country: Last 2-3 years, translated and apostilled.
Payslips or income proof: Last 6 months. Self-employed: VAT/IRPF declarations.
Employment contract: Minimum 1 year (permanent preferred).
Bank statements: Last 6 months showing regular income.
Arras or reservation contract: For the property you want to buy.
Registry simple note: To verify the property is free of encumbrances.
Property valuation: By approved valuation company (€300-500).

Banks accepting foreigners in Galicia

Bank	Non-resident financing	Fixed rate	Variable rate	Advantages
Abanca	60-70%	2.8-3.5%	Euribor + 0.8%	Galician bank, local knowledge
Santander	60-70%	3.0-3.8%	Euribor + 0.9%	International network, multilingual
BBVA	60-70%	2.9-3.6%	Euribor + 0.7%	Good online service, bonuses
CaixaBank	60-70%	3.0-3.8%	Euribor + 0.8%	Large Galicia branch network
Bankinter	50-65%	2.7-3.3%	Euribor + 0.6%	Competitive rates, agile process
Deutsche Bank	60-70%	3.0-3.5%	Euribor + 1.0%	Experience with German clients

Mortgage costs

Item	Estimated cost	Who pays
ITP (resale)	8-10% of price	Buyer
VAT (new build)	10% of price	Buyer
AJD (mortgage)	1-1.5% of capital	Buyer
Notary	€600-1,200	Buyer
Property Registry	€350-600	Buyer
Agency fees	€250-500	Buyer
Valuation	€300-500	Buyer
Total estimated	12-15% of price

Mortgage types available

Fixed rate: Constant payment throughout. Ideal for security. 2025: 2.5-4.5%.
Variable rate: Euribor + spread. Payment changes every 6-12 months. Cheaper initially but carries risk.
Mixed rate: Fixed for 5-10 years, then variable. Good balance of security and cost.
Foreign currency mortgage: Available in euros, pounds or dollars. Currency risk can be significant.

Strategy for the best conditions

Compare at least 5 banks: Use a mortgage broker if possible.
Negotiate bonuses: Salary direct deposit, insurance, pensions can reduce rate by 0.5%.
Larger down payment = better rate: 40% down significantly improves offers.
Strong profile: Permanent contract, stable income, no debts = better offer.
Consider a guarantor: A Spanish guarantor can improve conditions.
Processing time: 4-8 weeks from application to deed signing.

Case study: buying on the Costa da Morte

Example mortgage for a non-resident buying a €150,000 house in Corcubión:

Item	Amount
Purchase price	€150,000
Down payment (30%)	€45,000
Mortgage capital	€105,000
Fixed rate	3.5%
Term	20 years
Monthly payment	€608
Total interest	€40,920
Purchase + mortgage costs	~€21,000
Total investment needed	~€66,000 (down payment + costs)