Introduction
In Spain, beyond the properties and housing available on the market without particular restrictions, there are several categories of housing with specific characteristics. Each of these major categories has distinct advantages and conditions of access that are important to understand before embarking on a real estate project in Spain.
Officially Protected Housing (VPO)
Definition and objective
The Viviendas de Protección Oficial (VPO) are affordable social housing intended primarily for vulnerable people or those with modest incomes. This housing is part of a public policy aimed at facilitating access to ownership or rental for people who would not be able to access the free market. According to the latest legislative developments (June 2023), the percentage of land reserved for VPO should be increased to 50%, compared to 30% currently.
Main characteristics
The VPO have several regulated characteristics:
- Prices lower than those of the local market in the autonomous community concerned.
- A surface area generally limited to 90 square meters, with exceptions for disabled people (up to 108 m²) and large families (up to 120 m²).
- Exclusively residential and permanent use.
Eligibility conditions
To access VPO housing, several criteria must be met:
- Be of legal age.
- Be registered as a resident in the municipality concerned.
- Have a family income sufficiently low compared to the public indicator of multiple effect income (IPREM).
- Not own any other property in Spain.
- Accessibility for foreigners: contrary to popular belief, subsidized housing is accessible to foreigners with a residence permit, provided they meet the eligibility conditions. Any foreigner with a residence permit can apply for subsidized housing, provided they meet the eligibility criteria mentioned above.
Housing in a Historic Preservation Area
Definition and specificities
Housing in a historic preservation area (protección histórica) refers to real estate located in neighborhoods or buildings classified for their heritage and historical value.
Regulations and restrictions
These properties are often subject to strict regulations regarding the following elements:
- Exterior modifications (facades, roofs, joinery).
- Interior renovations likely to alter the original structure.
- The use of materials and construction techniques.
- Changes in the use of the property.
Advantages and disadvantages
Advantages:
- Heritage value and unique historical charm.
- Significant long-term appreciation potential.
- Possible access to subsidies for renovation and maintenance.
Disadvantages:
- Regulatory constraints for the works.
- Generally higher maintenance costs.
- More complex administrative procedures for any modifications.
Bank-Owned Properties (Pisos Bancarios)
Origin and Definition
Pisos bancarios are real estate assets held by banking institutions, typically resulting from mortgage foreclosures (property seizures). These properties have been recovered by banks following the default of borrowers who could no longer meet their mortgage payments.
Financial Advantages
Purchasing a bank-owned property offers several notable financial advantages:
- Prices generally below market values, as banks prioritize rapid resale to recover liquidity.
- Savings on commission and tax fees, including the tasación, since it is already carried out and covered by the bank.
- Advantageous financing conditions, with specific credit offers provided by the owning banks.
Points to Consider
Despite their advantages, these properties require some precautions:
- Thorough verification of the property's condition (some may require significant renovations).
- Analysis of the neighborhood and its potential development.
- It is important to compare with local market prices to verify if the discount is genuinely advantageous.
Conclusion
The Spanish real estate market offers several specific types of housing that can represent interesting opportunities depending on your situation and objectives. VPO housing provides an affordable solution for people with modest incomes, including foreign residents. Housing in historical areas offers a unique charm but imposes regulatory constraints. Finally, bank-owned properties can present acquisition opportunities at advantageous prices with favorable financing conditions.
Before committing, inform yourself precisely about the specific features and conditions of access to each type of property, ideally with the help of a real estate professional such as those at Terreta Spain, who are familiar with the local Spanish market and its particularities.
Sources: Idealista, Tinsa
FAQ: Specific Housing Types in Spain
Can a foreigner buy a VPO property in Spain?
Yes, a foreigner with a residence permit can apply, provided they meet the eligibility criteria (income, residence, etc.).
Can a VPO property be resold?
Yes, but the resale is regulated. It must respect a maximum price set by the administration and sometimes obtain prior authorization.
Is it risky to buy a bank-owned property?
Not necessarily, but it is important to thoroughly check the condition of the property, as some require significant work. It is also recommended to study the neighborhood.
Can I renovate a property located in a historical protection zone?
Yes, but the works are strictly regulated. Any modification, even interior, may require special authorization.
Is it easier to obtain a mortgage for a bank-owned property?
In most cases, yes. Banks offer attractive financing offers to facilitate the sale of their properties.
