Where can I find real property transaction prices in Spain (not asking prices)?

The most reliable source is the Estadística Registral Inmobiliaria published quarterly by the Colegio de Registradores de España (registradores.org). This is based on actual notarised transactions recorded in the Land Registry. The Consejo General del Notariado also publishes transaction data. Both are free and publicly available. Portal prices (Idealista, Fotocasa) reflect asking prices only and are not reliable for benchmarking.

How much below asking price is typical to negotiate in Spain?

The average discount between asking and closing price in Spain has historically been 8-15%, based on Banco de España and Registradores data. In overheated markets (prime Madrid, Barcelona, coastal holiday areas), discounts are lower (5-8%). In slower markets or for properties that have been listed for a long time, discounts of 15-25% are achievable. Always anchor your negotiation to official transaction data rather than subjective judgements.

What is the valor catastral and is it a good guide to market value?

The valor catastral is the administrative value assigned to a property by the Catastro for tax purposes (IBI calculation, some transfer tax computations). It is typically set well below market value — often 30-60% of the actual market price, though this varies widely by municipality and how recently the catastral values were reviewed. It is NOT a reliable guide to market value, but it is a floor: a market price significantly below valor catastral would be unusual and could attract tax scrutiny.

Do I need a Spanish bank account to buy property in Spain as a foreigner?

Yes, in practice. While not strictly legally required, a Spanish bank account is needed to pay the ITP/IVA transfer taxes (which must be paid via Spanish bank transfer in most autonomous communities), to set up the IBI direct debit, for utility contracts, and for the mortgage if you are financing. Opening an account as a non-resident is possible at major Spanish banks (BBVA, Santander, CaixaBank) with your NIE, passport and proof of address — though documentation requirements and fees vary.