Covid-19 has changed the world. Viewing has become a lot more difficult because the travel advice to Spain can be changed at any time. Fortunately, you can now also view virtually and make video calls. An application for a Spanish mortgage can also be done remotely.

During this pandemic we get a lot of questions about buying a house in Ibiza. We have compiled a top 5 of the most frequently asked questions.

Can you currently take out a mortgage in Spain?

Yes, that's possible. As mentioned, the appointment for mortgage advice can take place digitally. You do not have to be physically present in Ibiza for the next steps. You can open a bank account remotely if you live within the EU. The only condition is that you are in possession of a NIE. This is a tax number, like the BSN in the Netherlands. An application NIE is unfortunately not yet possible, but is necessary for a transfer and Spanish mortgage. You will have to pay IVA (VAT) for new construction or transfer tax (for existing construction) on your home, so you need a tax number.

Are there also adjusted lending conditions at Spanish banks because of COVID19?

No, but of course the bank will check whether the corona crisis has an impact on your disposable income as an entrepreneur or when you are employed. If the income is sufficient, there are no special conditions for providing a mortgage in Spain. Keep in mind that some banks reduce the maximum advance payment for residents from 80% to 70% of the value of the home. For non-residents, 70% is already the maximum.

Can I come to Spain for a viewing or to sign a transfer?

Yes, you can, but keep in mind the travel advice that has been issued by the Dutch government to Spain.

What is the Spanish real estate market doing at the moment and are prices also falling?

Do you want to buy a holiday home in Spain for a good price? As in the Netherlands, there has been no price decrease in Spain. Sometimes a great opportunity comes along, but they are more individual in nature. The market has not yet shown a decline.

What is good advice, buy now or wait until next year?

We do not see a substantial price drop in the market in general, so we advise you not to postpone your plans. However buying a home abroad is not easy. Let us help you in your search for a house in Ibiza. With good guidance, possibly a lawyer and a broker in Spain mortgages such as Mortgage Ibiza, a purchase and financing (at a distance) is easy to do. You will be amazed how easy the process is if you engage the right professionals for it.