Introduction

In Spain, in addition to the properties and homes available on the market without any particular restrictions, there are several categories of housing with specific characteristics. Each of these broad categories presents distinct advantages and access conditions that are important to understand before embarking on a real estate project in Spain.

Officially protected housing (OPV)

Definition and purpose

The Viviendas de Protección Oficial (VPO) are affordable social housing units designed primarily for vulnerable or low-income people. These homes are part of a public policy aimed at facilitating access to home ownership or rental for people who would be unable to access the open market. According to the latest legislative developments (June 2023), the percentage of land reserved for VPO should be increased to 50%, from the current 30%.

Key features

OPVs have several regulated characteristics:

• Prices below those of the local market in the autonomous community concerned.
• Generally limited to 90 square meters, with exceptions for disabled people (up to 108 m²) and large families (up to 120 m²).
• An exclusively residential and permanent use.

Conditions of eligibility

Several criteria must be met to qualify for OPV housing:

• Be of legal age.
• Be a registered resident of the commune concerned.
• Sufficiently low family income in relation to the public multiple-effect income indicator (PMEI).
• Do not own any other property in Spain.
• Accessibility for foreigners: contrary to popular belief, sheltered housing is accessible to foreigners with a residence permit, provided they meet the eligibility requirements. Any foreigner with a residence permit can apply for sheltered housing, provided they meet the above eligibility criteria.

Housing in the Historic Protection Zone

Definition and special features

Homes in historical protection zones(protección histórica) are properties located in neighborhoods or buildings listed for their heritage and historical value. 

Regulations and restrictions

These properties are often subject to strict regulations concerning the following elements:

• Exterior modifications (facades, roofs, joinery).
• Interior renovations likely to alter the original structure.
• The use of construction materials and techniques.
• Changes in use of the property.

Advantages and disadvantages

Advantages :

• Unique heritage value and historic charm.
• Significant long-term value-adding potential.
• Possible access to renovation and maintenance subsidies.

Disadvantages :

• Regulatory constraints on work.
• Generally higher maintenance costs.
• More complex administrative procedures for all modifications.

Bank housing(Pisos Bancarios)

Origin and definition

Pisos bancarios are real estate assets held by banking institutions, generally resulting from mortgage executions (foreclosures). These properties were repossessed by the banks when borrowers defaulted on their mortgage payments.

Financial benefits

Buying a bank home offers a number of significant financial advantages:

• Prices are generally below market values, as banks prefer to resell quickly to generate cash.
• Savings on commission and tax charges, including the tasaciónwhich is already paid by the bank.
• Advantageous financing conditions, with specific credit offers from owner banks.

Points to watch

Despite their advantages, these homes require a few precautions:

• Thorough check of the property's condition (some may require major renovations).
• Analysis of the neighborhood and its potential development.
• It is important to compare with local market prices to check whether the discount is really advantageous.

Conclusion

The Spanish real estate market offers several specific types of housing that can represent interesting opportunities depending on your situation and objectives. OPVs are an affordable solution for people on modest incomes, including foreign residents. Homes in historic areas offer unique character, but are subject to regulatory constraints. Last but not least, bank-financed housing can present attractive acquisition opportunities with attractive financing terms.

Before committing yourself, make sure you are fully informed about the specific features and access conditions of each type of property. Ideally with the help of a real estate professional like those at Terreta Spain, who know the local Spanish market and its particularities inside out. 

Sources: Idealista, Tinsa

FAQ : Special accommodation in Spain

Can a foreigner buy a VPO home in Spain?
Yes, a foreigner with a residence permit can apply, provided he or she meets the eligibility criteria (income, residence, etc.).

Can I resell a VPO home?
Yes, but resale is subject to certain restrictions. You must respect a maximum price set by the authorities, and sometimes obtain prior authorization.

Is it risky to buy a bank-owned property?
Not necessarily, but it's important to check the condition of the property, as some require major work. It's also a good idea to study the neighborhood.

Can I renovate a home located in a protected historic zone?
Yes, but the work is strictly regulated. Any modification, even of the interior, may require special authorization.

Is it easier to obtain a mortgage for a bank home?
In most cases, yes. Banks offer attractive financing packages to facilitate the sale of their properties.