It's no mystery why Spain, one of the most touristic areas, is also the second-most visited country in the world, ranking just above the United States and below France. We're not just one of the most visited destinations - we're also one of the countries that invests most in terms of hospitality, gastronomy, and housing, etc. Today we're going to look at the latter, specifically how translation affects the property sector.
Spain is today home to more than 12,000 foreign businesses. These companies employ more than a million people. We can assume many of these workers would like to invest in a home in the country they work in: not just out of convenience, but because Spain offers a number of advantages in terms of investment that other countries don't offer.
Advantages of investing in Spain
- Specialist professionals: the professionals working in our peninsula have a great deal of training, above all in the tourism sector. Regardless of their country of origin, people working in the sector are more than qualified to deal with ex-pats - they've trained for years to speak other languages and make guests feel at home.
- Economic growth: in recent years our country's economy has grown at a rate above the European Union average. On top of that more than two million jobs have been created in recent years, so the likelihood of investing here - and making a profit - is more than justified.
- Foreign investment: thousands of foreign businesses have come to Spain to promote their projects. The government offers grants and incentives to companies to promote innovation, R&D projects, and employee training, etc.
When you see the advantages Spain offers, it's little wonder that more and more foreign people prefer to invest more here than anywhere else. Every year a huge number of property buying and selling transactions are carried out; and of these, a large percentage of capital comes from abroad. Below you can see the number of property purchase transactions in Spain along with the main investor countries:
- England: 7,613
- France: 4,211
- Germany: 4,138
- Romania: 3,872
- Morocco: 3,662
What requirements does buying a property entail?
Now you've seen the large number of transactions being carried out every year - some 50,000 in total - it's essential to consider the most important point of all: translation. The role of translation in these transactions is critical, as it involves having in-depth knowledge about contracts, legislation, taxes, and compulsory documentation etc.
Here are some of the requirements of selling a home:
- Property advertisement: before any purchase goes ahead, the first step is that customers need to see an advertisement for the dwelling in an agency or on their website. Translation helps property agencies sell better. When brochures with property information are translated into all possible languages, it gives potential customers a good understanding of the features of a home. Advertisements published on websites (or on the street) also need to use the right language to ensure foreign audiences understand the advertisement - and it needs to capture their attention.
- Mortgages and loans: it's also important to take into account the mortgages and loans banks provide for these transactions: terms and conditions can vary for foreign buyers and it's important that all the necessary legal documentation is correctly translated.
- Personal and official documentation: when a foreign customer decides to go ahead with a purchase they will need to have certain personal documents translated, such as their passport or, if the buyer is a company, their company incorporation documents etc. These types of documents often need to be sworn, which means they can only be translated by an authorised sworn translator in the country they're purchasing the property in.
- Contracts: this is the most important step: after all, without a signature, the deal can't be finalised. Any mistake in the translation can have dire consequences resulting in legal proceedings through the courts, compromising the buyer and seller's relationship if what's in the contract isn't properly defined.
When it comes to closing these deals, many factors come into play, and that's why it's so important that they're translated perfectly, and that the professionals working on the documents are specialists in the sector so they can do so effectively. These agreements can often be of particularly high value, and the future of the transaction depends on it.
AT Language Solutions offers various translation solutions tailored to all your requirements, from website translation to document translation. We offer companies the security of treating all documentation with complete confidentiality, which is why more than a thousand companies come to us.
If you have any queries or need more information on the type of translation you need, please don't hesitate to contact us. We'll offer you the best solution for you, and your business.