Of course! There are no restrictions on buying property in Spain, whether it's commercial, residential or land. In fact, Spain encourages investment by foreigners, both resident and non-resident.
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The Bank of Spain predicts a return of 10% for the Spanish real estate market in 2023. In layperson's terms, buying property in Spain is considered a safe investment. It's highly unlikely that you'll lose any money if you take the plunge – provided you seek expert guidance and support throughout the buying process.
This rule simply states that you can live in Spain without residency for a maximum of 90 days. After those 3 months, you need to either obtain a residence permit, or leave the country. And that is because the shortest stay option is the tourist (or Schengen) visa, which lasts exactly for 90 days.
If you don't leave Spain after 90 days, you would be in an irregular situation. In other words, you would be in the country illegally. Thus, in the eyes of the immigration law, you would be committing a serious infraction that could result in significant penalties and/or fines.
Spain is a bureaucratically complicated country. The real estate market there has fluctuated in the past, so some research before buying property is always a good idea. Another important factor to keep in mind is that Spain has a fairly high capital gains tax.
While house price growth peaked at 8.5% year-on-year in the first quarter of 2022, according to Eurostat, it fell to 3.5% in the first quarter of this year. Other price trackers such as TINSA also show a clear downward movement.