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How does Spain’s new website to find cheap homes up for auction work?

Spain’s Tax Agency has created a new web page where you can find great bargains on properties sold at auction. Here’s what you need to know.

How does Spain's new website to find cheap homes up for auction work?
The new website in Spain where you can buy properties at auction. Photo: Viktoria Niezhentseva / Unsplash

If you’re looking for a property to buy in Spain, one option you may want to consider is buying a home at auction, where you will often pay below the market value.

In Spain, the Agencia Tributaria or Tax Agency owns many properties, most of which have been repossessed or seized due to outstanding debt.

Many of these properties are put up for auction, enabling you to get some great bargains. Up until now, it has been difficult to find out when these auctions are held and the details of the homes being sold, but recently the Agencia Tributaria launched a new web page providing all this information.

The page provides details on all the properties in all the different provinces across the country and is dedicated to the sale of homes, garages, plots of land and commercial spaces with prices from just €20,000. You can access the site here

When you get to the page, simply click on the province that you’re interested in and you’ll find a list of all the properties to be sold at auction there, including photos, information on the size and number of rooms, a description, and a guide price.

The site will also give you financial information such as the minimum bid amount, the auction value and an appraisal of the property.

When you find some properties that you’re interested in, you can go and log-in with your [email protected] PIN to save them to your favourites list and receive notifications to your phone about the date of the auction.

READ ALSO: How to save lots of time on official matters through Spain’s online [email protected] system

According to property giant Idealista in order to place a bid, you must pay 5 percent of the starting price and when the auction is over, if you are the highest bidder, you will have to pay the remaining amount within a particular time frame. You can pay this in cash or through a mortgage. 

Be aware that you may also have to pay several fees, as well as the price of the property such as the Patrimonial Transfer Tax and Tax on Documented Legal Acts. 

If you register on the Auction Portal with your digital certificate or a username and password, you will also be able to see the bids that have already been made on the home, as well as the cadastral reference. You may also be able to place provisional bids ahead of time.

For those who are unsure of how the auction process works in Spain or are nervous about going to their first auction, the Tax Agency website also details all the auction and bidding procedures. For any other information that you can’t find online, you can call 91 598 63 34.

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New mortgages in Spain cost six percent more than in 2021

Mortgage loans in Spain increased by six percent in 2022, meaning that Spaniards are now paying an average of 30 percent of their salaries on payments.

New mortgages in Spain cost six percent more than in 2021

According to the latest data from the Real Estate Registry Statistics yearbook of the College of Registrars, the average mortgage payments from new loans have risen by 5.8 percent in the last year, to stand at €646.7, the highest annual average since 2009, in which the average bill amounted to €671.

This figure means that Spaniards are now having to pay just over 30 percent of their average gross salary on mortgage bills, a threshold that is far exceeded in Madrid and the Balearic Islands. 

Large differences have been seen in the amount of the increase between each region in Spain, although an upward trend has been noted in all of them. The largest annual increases in mortgage payments have been registered in the Balearic Islands (20.1 percent), La Rioja (14.6 percent), Madrid (8 percent) and Extremadura (7.4 percent).

Those in the Balearic Islands also pay the largest monthly payments for new mortgages, which reaches €1,097.9, €450 above the national average. This is followed by Madrid (€959.1), Catalonia (€727.8) and the Basque Country (€679.3), which are the only regions that exceed the national average.  

READ ALSO: What happens if you can’t pay your mortgage in Spain?

On the other hand, at the opposite end of the scale, Murcia (€418.1), Castilla-La Mancha (€462.2) and Castilla y León (€476) are the areas where the monthly payments are the lowest.

According to the Association of Registrars, the increase in the cost of new mortgages is due both to the increase in the average amount of loans signed throughout 2022 and to the shortening of the average contract, which fell by 0.7 percent to 24.4 years, as well as the rise in the Euribor. 

Last year the real estate market reached figures not seen in the last twelve years with a total of 463,463 mortgage loans given out, 11.6 percent more than the previous year. The average amount of these loans rose by 4.7 percent to €145,190, the highest amount recorded since mid-2008.  

Not only has the price of housing risen – property became more expensive on average in 2022 by 6.7 percent to €1,944 per square metre – but interest rates have also grown intensely.

The Real Estate Registry Statistics show that the average contracting interest rate in 2022 stood at 2.28 percent – 2.40 percent for fixed mortgages and 2.03 percent for variable ones.

The average salary has also increased, but not to the same extent as mortgages, so the effort required to purchase a home has risen by three-tenths. The latest data shows that the average mortgage payment represents 30.95 percent of the average salary in Spain, although the differences are again significant between regions.  

The Balearic Islands is the region where Spaniards have the greatest difficulty in accessing a mortgage as the monthly re-payments represent an average of 56.49 percent of the average gross salary. In Madrid, it’s 38.19 percent of the average salary, while in Catalonia it’s 32.22 percent.  

At the bottom end are Murcia where 22.69 percent of salaries go on mortgages, Asturias with 23.71 percent and Extremadura with 23.87 percent.