How Much Does Renovating a Property in Spain Cost Per Square Metre?

Investors researching property in Spain often ask for a cost per square metre so they can compare opportunities quickly. In practice, renovation spending depends on the condition of the building, the scope of works required and the finish level chosen, so a single figure per square metre would be misleading.

What we can share is historical data from our own completed projects: since 2022, our group has bought, renovated and resold 19 homes for investor clients, with a median renovation budget of 22 % of the purchase price. This is a past result, not a promise of what any future project will cost.

Two properties of the same size can need very different budgets. A flat built decades ago with original wiring and plumbing will usually demand more structural work than a property renovated within the last decade, even if both have the same floor area. Historic town-centre buildings often carry additional constraints on materials and façades, which can extend both timelines and costs.

The finish level chosen also matters as much as the structural scope. A light refresh of paint, flooring and fittings is a different project from a full strip-out that replaces installations, layout and insulation. Because our own renovation team prices each project individually against its specific scope, we do not quote a fixed rate per square metre; we size the budget to the property and the work it actually needs.

Structural issues are usually the single biggest variable. Roofs, damp, outdated electrical installations and plumbing that no longer meets current standards can account for a large share of any renovation, particularly in older buildings bought with potential rather than finish in mind. Kitchens and bathrooms tend to be the next largest items, since both layout changes and the quality of materials affect cost significantly.

Beyond the visible work, permits, technical reports and professional fees add to the total, and energy-efficiency improvements are increasingly part of the brief, both for comfort and for resale appeal. None of these items scale neatly with square metres on their own; they depend on the property's starting condition and the standard you are renovating to.

In our managed investment service, you buy the property in your own name and our own renovation team prepares a scope and a budget before work begins, so you see the plan before committing further. We manage the renovation and then sell or rent the property on your behalf, charging agreed fees rather than taking a share of profits or pooling your money with other investors.

The 22 % median across our 19 past projects is a useful reference point for how renovation spending has related to purchase price historically, but every property is different, and results vary: some projects cost less, some more, and outcomes — whether the property is later sold or let — are never guaranteed and can be lower than hoped.

Since the United Kingdom uses pounds sterling rather than the euro, movements in the exchange rate and the cost of converting funds can affect what a renovation ultimately costs once euros are transferred to Spain. It is worth checking conversion costs with your bank or a currency specialist before agreeing a budget with any contractor.

British citizens can stay in Spain for up to 90 days in any 180-day period without a visa, which is usually enough for site visits during a renovation, though longer stays require a visa or residence permit. Spain and the United Kingdom have a double taxation agreement, and a local tax adviser should confirm how any rental income or capital gain from the renovated property must be declared and reported to HMRC.

Spain is a relatively short flight away from most UK airports, making regular visits to a Spanish property straightforward for owners based in Britain. Many British buyers are drawn to Spain for its climate, coastal lifestyle and established expatriate communities. One practical point to bear in mind is that Spanish inheritance law differs from UK rules, so it is worth taking specific advice on how it may affect the property and one's estate. Currency movements between sterling and the euro can also affect the overall cost of purchase and ongoing expenses.

Spain and the United Kingdom have a double taxation agreement in place, and a local tax adviser should confirm how rental income or gains from Spanish property must be declared and reported to HMRC.

As the United Kingdom is no longer an EU member state, British citizens may stay in Spain for up to 90 days in any 180-day period without a visa, and must apply for a visa or residence permit for longer stays.

Since the United Kingdom uses the pound sterling (GBP) rather than the euro, buyers should factor in exchange-rate movements and currency conversion costs when paying for a property or transferring funds to Spain.