Frequently Asked Questions

In central Madrid, the most exclusive areas are the Salamanca District (Recoletos, Goya, Lista, Castellana), Chamberí (Almagro, Trafalgar, Ríos Rosas), Jerónimos, Justicia and the Retiro surroundings.

Salamanca offers stately architecture and premium services, Chamberí combines residential living with urban charm, and Jerónimos stands out for its proximity to Retiro Park and the art triangle.

For those seeking a quieter, more private lifestyle without compromising on quality, areas such as La Moraleja, La Finca and Aravaca embody the essence of understated luxury: spacious plots, private security, natural surroundings and a serenity that is hard to find in the city centre.

These are ideal locations for families who value space, privacy and a life immersed in nature just minutes from Madrid.

Premium property prices in Madrid vary by area, condition and features.

In the Salamanca District, prices range from €5,000 to €12,000/m², potentially exceeding €15,000/m² in exceptional locations with terraces or views. In Chamberí, values sit between €4,500 and €9,000/m².

The average transaction in the premium segment falls between €600,000 and €3,000,000.

For buyers residing in Spain, the process is straightforward. Once a property is selected, a reservation contract (contrato de arras) is signed with a deposit typically of 10% of the price.

Over the following weeks, legal due diligence is carried out (checking for encumbrances, obtaining a Land Registry certificate) along with technical checks.

Finally, the public deed is signed before a notary and registered at the Land Registry. If the purchase is financed with a mortgage, the bank conducts its own valuation which may extend the timeline by a few weeks.

The entire process usually takes 4 to 8 weeks from offer acceptance. Taxes for resale properties in Madrid include Transfer Tax (ITP) at 6%, plus notary, registry and administrative fees of approximately 1% to 1.5%.

Foreign nationals can purchase property in Spain without restrictions. The first step is obtaining a NIE (Foreigner Identification Number), which is essential for any transaction. It can be arranged at police stations in Spain or at Spanish consulates abroad.

You will also need to open a bank account with a Spanish bank. From there, the process is similar to that of a resident: reservation contract, due diligence and signing before a notary.

For buyers who are not tax residents in Spain, income tax withholding rules differ, so specialised tax advice is recommended.

Foreign buyers can purchase property in Spain without restrictions, but the Golden Visa route through real estate investment is no longer available for new applications as of 3 April 2025. Other residency alternatives exist and should be assessed on a case-by-case basis with specialised legal advice.

For resale properties, the buyer pays Transfer Tax (ITP), which in the Community of Madrid is 6% of the deeded price.

For new builds, 10% VAT applies plus Stamp Duty (AJD) of 0.75%.

Additionally, notary, registry and administrative fees typically amount to an extra 1% to 1.5%.

For non-resident buyers, there are specific tax considerations such as a 3% withholding on the sale price that non-resident sellers must account for, so we always recommend professional tax advice.

Altium Properties specialises exclusively in Madrid's premium segment. Our market knowledge is based on actual closed transactions, not portal estimates.

We offer personalised service, absolute discretion and access to properties that never appear on public listings.

We accompany clients throughout the entire process: from the first viewing to signing at the notary.

In the luxury segment, the average selling time with a market-adjusted price is 3 to 6 months.

This timeframe can be shortened if the property is well presented, competitively priced and marketed through specialised channels with access to qualified buyers.

Pre-sale preparation (home staging, professional photography, documentation) is key to reducing timescales.

Madrid is one of the European capitals with the strongest outlook in the luxury property market. The city combines economic stability, quality of life, world-class gastronomy and an exceptional cultural offering.

Prime neighbourhoods have shown sustained appreciation in recent years and international demand continues to grow, particularly from Latin American, European and Middle Eastern buyers.

Yes, we manage premium property rentals in Madrid's finest areas.

We handle tenant selection, contract negotiation and oversight throughout the lease term.

We work with both owners looking to maximise their investment returns and with executives, diplomats and families seeking high-end temporary accommodation.

To sell a property in Madrid you need: the title deed, an updated Land Registry certificate (nota simple), the energy performance certificate (mandatory), the latest council tax (IBI) receipt, a certificate from the homeowners' association confirming payments are up to date, and the habitability certificate where applicable.

At Altium Properties, we manage and verify all this documentation for you.

Off-market properties are homes sold discreetly, without appearing on public portals or in shop windows. In the premium segment, this type of transaction accounts for a very significant share of the market.

Owners who choose this route seek to protect their privacy, avoid unqualified viewings and maintain control over the negotiation process. For buyers, it means accessing exclusive opportunities before they reach the open market.

At Altium Properties we have a network of owners, lawyers, notaries and market professionals that allows us to offer our clients this type of opportunity on a regular basis. No subscription is required — simply tell us what you are looking for and we get to work.

Yes, although financing in the premium segment has specific characteristics worth knowing. Banks typically finance between 60% and 70% of the appraised value of luxury properties, compared to the standard 80% in the general market.

Some private banks and specialist lenders offer tailored conditions for high net worth profiles, including competitive fixed rates, longer amortisation periods and bespoke structures.

For non-resident foreign buyers, financing is usually capped at 60% and requires additional documentation. It is advisable to obtain pre-approval before starting your property search so you have a clear picture of your available budget.

The arras penitenciales contract (Article 1454 of the Spanish Civil Code) is the pre-sale agreement by which the buyer pays a deposit — typically 10% of the purchase price — as a guarantee of their intention to buy.

If the buyer withdraws, they forfeit the deposit. If it is the seller who backs out, they are obliged to return double the amount received.

This is a key document that must include the final price, the deadline for signing before a notary, the allocation of costs and any conditional clauses (such as mortgage approval). We always recommend having a lawyer review it before signing.

Sellers in Spain are primarily subject to two tax obligations: income tax (IRPF) on the capital gain generated, and the Municipal Capital Gains Tax (Plusvalía Municipal), which taxes the increase in the value of urban land.

Capital gains are taxed at rates ranging from 19% to 30% depending on the amount (as of 2025). If the property has been held for a long time or the proceeds are reinvested in a primary residence, certain exemptions may apply.

The Municipal Capital Gains Tax is calculated by the local authority based on the cadastral value of the land and the number of years since the last transfer. In prime Madrid areas, this can be a significant amount.

Sellers also typically bear estate agency fees, mortgage cancellation costs (if applicable) and the cost of the energy performance certificate. At Altium Properties, we advise estimating all these costs before setting the asking price.

Valuing a premium property goes well beyond price per square metre. Factors such as floor level, orientation, ceiling height, quality of renovation, building condition, the presence of a full-time concierge, parking and storage availability, and views all have a determining impact on the final price.

In the luxury market, comparable recent transactions in the same building or street provide the most reliable benchmark. Portal listings reflect asking prices, not sale prices, and can distort the perception of actual market values.

At Altium Properties we carry out valuations based on real closed transactions in the area, free of any conflict of interest, so that owners can make fully informed decisions.

Within the city centre, Justicia and the Chueca–Alonso Martínez corridor are undergoing a notable transformation, with high-quality rehabilitation projects attracting a young, solvent buyer profile.

Chamberí, and particularly the Almagro neighbourhood, benefits from very robust structural demand and very limited new supply, which continues to put upward pressure on prices.

Along the Paseo de la Castellana axis, large-footprint properties with high-end renovations continue to draw strong international demand, especially from Latin American buyers.

For investors seeking medium-term appreciation at slightly more accessible price points within the premium segment, the Arganzuela area and the Madrid Río corridor present an interesting opportunity.

Home staging is the strategic preparation of a property to present it at its best before going to market. It is not about decorating to the owner's taste, but about neutralising and enhancing spaces so that the widest possible range of potential buyers can picture themselves living there.

Industry studies show that a well-prepared property sells up to 30% faster and can achieve a price 5% to 10% higher than comparable unstaged properties.

In the premium segment, home staging may include depersonalisation, lighting improvements, painting, temporary furnishing and professional photo and video production. At Altium Properties we coordinate this process as part of our marketing strategy.

It depends on the buyer's profile and current market conditions. Buying to renovate can mean a significant saving on the acquisition price, but you need to factor in the real cost of the works, the waiting time (typically 6 to 18 months for large properties) and the effort of managing a project of this scale.

In Madrid's premium segment, a full high-quality renovation can cost between €1,200 and €3,000/m², depending on the materials and finishes chosen. If the price gap between a property requiring renovation and a comparable one already reformed is smaller than the estimated cost of works, the latter is more efficient.

That said, buying to renovate has clear advantages: it allows you to fully personalise the property and, if executed well, can generate significant added value. It is a decision best analysed case by case with concrete figures.

In the premium market, negotiation is more discreet and strategic than in the standard market. Sellers tend to have greater capacity to wait and are rarely under pressure to sell quickly, which limits the scope for aggressive discounting.

The average discount on well-priced properties in prime Madrid areas typically ranges between 3% and 8%. Properties that are overpriced relative to the market or have been listed for a long time may have more room to negotiate.

The most effective negotiating arguments are: speed of closing (no pending finance conditions), demonstrated financial capacity of the buyer and knowledge of recent comparable transactions. Having an adviser with genuine knowledge of actual sale prices in the area makes a considerable difference.

Beyond the purchase price, a premium property in Madrid involves recurring costs that are worth estimating before making a decision. The main ones are the homeowners' association fee (comunidad), council tax (IBI) and, where applicable, wealth tax.

In luxury buildings with a full-time concierge, well-maintained communal areas and additional services, the monthly association fee can range from €300 to €1,500, depending on the building and services included. IBI in Madrid is calculated on the cadastral value and typically amounts to between €500 and €4,000 per year for properties in this segment.

If the property is held as a second home or investment, you should also account for imputed rental income in your annual tax return, or the net rental yield if it is let. At Altium Properties we provide an estimate of all these costs as part of our advisory service.

Premium new builds offer modern optimised layouts, high energy efficiency, home automation, state-of-the-art materials and construction warranties. The buying process often includes choosing finishes and, in some projects, customising the layout.

Resale properties — particularly in classic buildings in the Salamanca district or Chamberí — offer something new builds cannot replicate: stone facades, high ceilings of 3.5 or 4 metres, interior courtyards, hydraulic mosaic floors and a century-old structural solidity. For many premium buyers, this carries far greater value.

In terms of price, new builds tend to be 15% to 30% more expensive per square metre in the same areas. And from a tax perspective, new builds are subject to 10% VAT, compared to 6% Transfer Tax (ITP) for resale properties.

Due diligence is the process of legal, technical and urban planning verification of a property before formalising the purchase. It is essential in any transaction, but particularly so in the premium segment where the sums involved are substantial.

Legal due diligence involves reviewing the Land Registry certificate (nota simple) to identify encumbrances, mortgages, easements or liens; verifying that the registered surface area matches reality; checking for any outstanding community charges; and confirming that the seller has full legal capacity to sell.

Technical due diligence analyses the structural condition of the building, the installations, potential hidden defects, energy performance and any unlicensed works. At Altium Properties we coordinate this process with specialist technical architects and lawyers so that buyers have a complete picture before committing.

The nota simple is a document issued by the Land Registry (Registro de la Propiedad) that certifies the legal status of a property at a given point in time. It is the first document to request before expressing any serious interest in buying.

It contains key information: who the registered owner is, a description of the property (surface area, boundaries, cadastral reference) and, most importantly, any charges registered against it: mortgages, liens, easements, preventive annotations or resolutory conditions.

It can be requested online through the College of Land Registrars at a modest cost. While it does not carry full public registry authority, it is sufficient for initial verification. In any serious transaction, we always recommend obtaining an updated copy in the days immediately before signing before the notary.

Discreet selling is an increasingly sought-after approach in the premium segment. It involves marketing a property confidentially — without appearing on public portals, without a sign on the facade and without open advertising — reaching only pre-screened, qualified buyers.

For this to work effectively, it is essential to work with an agency that has an active database of buyers in the market and a professional network (lawyers, family offices, wealth advisers) capable of channelling demand privately.

At Altium Properties we manage this type of transaction regularly. We offer owners a fully discreet marketing process, with confidentiality agreements where required, without compromising on price or timeline.

Beyond the initial visual impact, there are technical and practical aspects worth examining closely. Within the property: the condition of the electrical and plumbing installations, water pressure, the heating and air conditioning system, acoustic insulation (especially if facing a busy street), the actual orientation of each room and the quality of windows and glazing.

Within the building: the condition of the facade and roof, whether any special assessments (derramas) have been approved or are planned, the maintenance of lifts and communal areas, and the age and condition of the main building systems.

It is advisable to visit at different times of day to assess natural light, ambient noise and street activity. A second visit with a technical architect before signing the reservation contract can prevent costly surprises.

Yes, this is both possible and quite common for international buyers. The mechanism is a power of attorney (poder notarial): the buyer grants a trusted person — typically their lawyer — the authority to act on their behalf to sign the reservation contract, obtain the NIE, open a bank account and sign the title deed before a notary.

The power of attorney can be granted at a Spanish notary, at the Spanish consulate in the buyer's country of residence, or before a foreign notary with the corresponding Hague Apostille for validity in Spain.

Thanks to the digitalisation of banking processes and electronic signatures, an increasing number of steps can be handled remotely. At Altium Properties we regularly coordinate complete transactions for buyers in Latin America, Europe and the Middle East without requiring their presence until the final signing, if that is their preference.

Hidden defects (vicios ocultos) are pre-existing faults that were not visible at the time of purchase and render the property unfit for use or significantly reduce its value. The Spanish Civil Code (Articles 1484 to 1490) grants the buyer the right to claim against the seller in such cases.

The time limit for bringing a claim is six months from the discovery of the defect. The buyer may choose between rescinding the contract (acción redhibitoria) or claiming a proportional reduction in price (acción estimatoria or quanti minoris).

In practice, hidden defect claims are more common in older, unrenovated properties. Thorough technical due diligence before purchase — covering installations, structure and potential damp — is the best way to avoid this situation.

The 2023 Housing Act introduced measures including the designation of stressed residential market zones, restrictions on rent increases and greater regulation for large property holders. However, its impact on Madrid's premium market has been limited for several reasons.

The Community of Madrid has not declared any stressed zones, meaning rental restrictions do not currently apply in the region. High-end properties also benefit from structural demand dynamics that differ from those affecting the conventional residential market.

Where attention is warranted is in the definitions of large holder status (currently five or more properties in stressed zones), transparency obligations and potential future regulatory changes. For investors with property portfolios in Madrid, we recommend staying abreast of legislative developments with specialist legal advice.

The energy performance certificate is mandatory for selling or renting any property in Spain. It classifies the property on a scale from A (most efficient) to G (least efficient) based on energy consumption and CO₂ emissions.

In the premium market, energy ratings have become an increasingly important purchase criterion, particularly among international buyers and environmentally conscious profiles. A property rated D or below may prompt expectations of investment in improvements — double glazing, climate control systems, insulation — which buyers factor into their offer.

New builds typically achieve A or B ratings. In the classic building stock of Salamanca or Chamberí, ratings between D and F are common, though a comprehensive renovation can improve the classification by several grades. Obtaining the certificate before marketing is mandatory and typically costs between €150 and €500.

In the premium segment, agency fees typically range between 3% and 5% of the sale price, though they can vary depending on the type of mandate, exclusivity of the agreement and the complexity of the transaction. In most cases the fees are paid by the seller, although in buyer representation arrangements a different structure can be agreed.

Unlike the mass market, in the luxury segment it is standard to work on an exclusive mandate basis, which allows the agency to invest appropriately in presentation, marketing and the professional network needed to close a transaction at the optimal price.

At Altium Properties we work with transparent fees agreed from the outset — no surprises, no hidden costs. Our model is performance-based: we only charge if the transaction completes.

Although often used interchangeably in everyday language, these are technically distinct concepts. An ático is a property located on the top floor of a building, typically with its own private terrace. The term penthouse refers to the most exclusive top-floor apartment in a building — usually the largest, with the best views and highest specification finishes.

A duplex, by contrast, refers not to the floor level but to the layout: a property spread across two levels connected by an internal staircase. It can be on any floor of the building, though in the premium market it is common to find duplex apartments on the upper floors combining the best of both concepts — double height, terrace and views.

In Madrid, penthouses in the Salamanca district or Chamberí are particularly sought-after for their private terraces with city views. Prices on these floors can exceed the average building price by 30% to 40%.

The Inspección Técnica de Edificios (ITE) is a mandatory periodic review of the structural and conservation condition of residential buildings. In Madrid, buildings over 30 years old must undergo this inspection every 10 years. The outcome can be favourable, or indicate minor, significant or serious deficiencies.

Before buying, it is worth verifying whether the building has a current ITE and what its result was. A building with significant or serious deficiencies still to be remedied may imply substantial special assessments (derramas) in the coming months, which will fall on the new owner.

It is also worth checking whether the building has an approved Rehabilitation Plan, which could involve facade, roof or systems works with costs shared among all owners. This information can be requested from the building management or checked at the Land Registry.

Madrid has established itself as one of the preferred destinations for high-end international real estate investment. International buyers represent a growing share of premium segment transactions, with very different profiles depending on their origin.

Latin American buyers — particularly from Mexico, Venezuela, Colombia, Argentina and Brazil — are the most active. They seek legal security, stability and quality of life, and particularly value the shared language and ease of settling in Spain. They typically buy as a primary residence or European base.

European buyers (French, German, British and Nordic) and buyers from the Middle East tend to have a more investment-oriented profile, though many also seek a second home. American buyers have grown notably in recent years, attracted by favourable exchange rates at certain times and by Madrid's exceptional quality of life. Each profile brings different motivations, timelines and decision-making processes — something Altium Properties manages with broad experience.

A special assessment (derrama extraordinaria) is an additional charge approved by the homeowners' association to fund works or unexpected expenses not covered by the regular reserve fund: facade rehabilitation, lift replacement, roof waterproofing, and so on.

In a property transaction, the standard position is that special assessments approved before the reservation contract is signed are borne by the seller, and those approved afterwards by the buyer. However, this is negotiable and should be explicitly stated in the contract.

It is therefore essential to request a certificate from the homeowners' association before signing, confirming whether there are any outstanding debts or approved assessments. In luxury buildings with major refurbishment commitments, a special assessment can run to tens of thousands of euros, and knowing about it in advance is a core part of due diligence.

A short-term rental (alquiler de temporada) is a lease for a defined period — from a few weeks up to eleven months — designed to meet a temporary need of the tenant: a professional relocation, a training programme, renovation works on their main home, and so on. It is not a tourist rental and is not governed by the Urban Leasing Act (LAU) in the same way as standard residential lettings.

For owners of premium properties, short-term rentals offer meaningful advantages: greater flexibility to recover the property, the ability to reset the rent between contracts without the restrictions of standard leases, and access to a high-calibre tenant profile (executives, diplomats, families in relocation).

Short-term rental income for premium properties in Madrid can range from €3,000 to €15,000 per month depending on location, size and services. At Altium Properties we manage these lettings end-to-end, from tenant selection through to contract oversight.

In certain cases, acquiring a property through a limited company (sociedad limitada) can offer tax and estate planning advantages — though there is no universal answer: it depends on the buyer's profile, the intended use of the property and their overall financial structure.

Potential advantages include: the company can deduct property-related expenses (mortgage interest, maintenance, depreciation) from its Corporate Tax base; a future transfer may be structured as a sale of company shares rather than the property itself, potentially avoiding Transfer Tax (ITP); and it can facilitate succession planning.

However, there are also disadvantages: a purchase through a company may be subject to VAT rather than ITP in some cases, and the tax treatment of private use of the property by shareholders has specific implications. A thorough analysis with a tax adviser before structuring the transaction is essential.

This is one of the most common sources of confusion when buying a property. The usable area (superficie útil) is the genuinely habitable space: the sum of all rooms excluding partition walls, structural walls and building elements — in short, the space you actually move through.

The built area (superficie construida) also includes the thickness of interior and exterior walls and, depending on the source, a proportional share of the building's common areas (entrance lobby, stairwells, communal spaces). It is always larger than the usable figure.

The difference between the two typically ranges from 10% to 20%. In the premium segment it is essential to clarify which figure is being quoted: the price per square metre varies significantly depending on whether it is calculated on usable or built area. At Altium Properties we always provide both measurements and cross-reference them with the Cadastre and Land Registry so comparisons are accurate.

Gross yield is the simplest calculation: divide the annual rent by the purchase price and multiply by 100. For example, a property acquired for €1,500,000 generating €60,000 per year in rent produces a gross yield of 4%.

Net yield is more meaningful, as it deducts associated costs: council tax (IBI), homeowners' association fee, home insurance, rent default insurance, estimated void periods, maintenance and management. In Madrid's premium segment, net yields typically sit between 2.5% and 3.5% — lower than the standard market but with significantly lower default risk and assets that appreciate more steadily.

For investors, the complete calculation should also factor in the expected capital appreciation of the asset over time. In prime Madrid areas, the combination of rental income and price growth has delivered very competitive total returns compared to other asset classes over the past decade.

The Spanish Building Regulation Act (Ley de Ordenación de la Edificación, LOE) establishes three tiers of warranty for new construction. The one-year warranty covers finishing defects: joinery, paintwork, surface finishes. The three-year warranty covers deficiencies affecting habitability: plumbing, electrical systems, heating, waterproofing. The ten-year warranty covers structural defects that affect the safety of the building.

Additionally, the developer is required to take out a ten-year structural insurance policy (seguro decenal) to underpin the structural warranty. In the event of the developer's insolvency, this insurance protects the buyer.

For off-plan purchases, advance payments must be secured by a bank guarantee or surety bond, so that if the works are not completed on time the buyer can recover their money with interest. This protection, introduced after the 2008 crisis, is now mandatory for all developers.

The cadastral value (valor catastral) is an administrative valuation of a property carried out by Spain's Directorate General of the Cadastre. It is calculated using objective criteria — land value and construction cost — that do not necessarily reflect market reality.

In general, the cadastral value tends to be well below the market price, particularly in prime Madrid areas where demand has driven prices far above administrative benchmarks. It is common for a property's cadastral value to represent between 30% and 60% of its actual sale price.

Its practical importance is considerable: council tax (IBI) is calculated by applying the municipal rate to the cadastral value; the Municipal Capital Gains Tax (Plusvalía Municipal) also uses the cadastral land value as its reference; and some Spanish regions use a reference cadastral value as the minimum base for Transfer Tax (ITP). Knowing a property's cadastral value before buying allows you to estimate these recurring costs with precision.

If the property you are buying has an outstanding mortgage from the seller, there are two options: the seller cancels it before or at the time of signing using part of the sale proceeds (by far the most common approach), or the buyer takes it over (subrogation), assuming the outstanding debt under the original terms.

The formal cancellation of the mortgage at the Land Registry requires, in addition to the financial settlement, a separate notarial deed and registration process. This cost is typically borne by the seller, though it is negotiable.

Mortgage subrogation can be attractive if the original mortgage terms are better than current market rates. However, the buyer must carefully review the conditions: interest rate, remaining term, fees and clauses. The lender has the right to refuse subrogation if the new borrower's profile does not meet its criteria.

The first occupation licence (licencia de primera ocupación), also known as the habitability certificate (cédula de habitabilidad) in some regions, is the municipal document certifying that a property meets the technical and planning requirements to be inhabited. It confirms that the construction conforms to the approved project and that the installations comply with regulations.

Without it, a property cannot be connected to utility suppliers (electricity, water, gas), cannot be legally registered as a residential unit, and most banks will not grant a mortgage against it.

It is particularly important for properties that have undergone a full renovation or buildings that have changed use. Before buying, it is worth verifying that the licence exists, that the area it certifies matches reality and that there are no unlicensed works. In the premium segment, properties with unresolved planning irregularities can generate serious and costly problems.

In the luxury market, orientation and views can account for price differences of 15% to 40% between two otherwise equivalent properties in the same building.

South-facing is the most coveted orientation in Spain for year-round natural light and warmth in winter. East-facing offers morning light and is particularly valued for bedrooms. North-facing is the least sought-after due to the absence of direct sunlight, though in some buildings it allows for more open views onto wider streets. West-facing receives afternoon sun but can generate excessive heat in summer.

Views onto Retiro Park, the Royal Palace, the sierra, major avenues such as Paseo de la Castellana, or tranquil interior courtyards have a direct and measurable impact on price. In penthouses with a terrace, panoramic views over Madrid can justify a premium of up to 50% compared with lower floors in the same building.

For landlords, rent default insurance (seguro de impago de alquiler) is one of the most effective tools for protecting their investment. It covers unpaid rent during the eviction process (typically between 6 and 18 months), legal costs and, in many policies, damage caused to the property.

Its cost ranges between 3% and 5% of the annual rent, depending on the cover and the tenant profile. In practical terms, for a monthly rent of €4,000, the insurance can cost between €1,440 and €2,400 per year — a reasonable amount given the risk of losing months of income during legal proceedings.

In the premium segment, tenants generally have a stronger financial profile, reducing the likelihood of default. Nevertheless, given the complexity and duration of eviction proceedings in Spain, many high-end landlords choose to take out the insurance regardless, simply for peace of mind.