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Guide To Buying Spanish Property

What are the costs of buying a home in Spain?

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guide-to-buying

You should be aware of all the costs you may have to pay when purchasing in Spain. As a rule the purchase costs including taxes and administration amount to between 10% and 12% of the purchase price and are made up in of the following:

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The transfer tax or ITP is 7% on a resale property & the VAT or IVA tax is 7%. There is an additional 1% stamp duty applied to a new property being purchased from a developer.


These are usually between 1% & 2% of the purchase price depending on your choice of lawyer.

Are usually around 1% of the loan amount.

These are charged by the local land registry Office to register the property in your name. On average the costs are between €250 & €500.

Capital Gains Tax – A municipal tax based on an officially assessed increase in the value of the property since the previous transfer of ownership. The exact amount due can be obtained from the local authorities & your lawyer should find this out prior to signing at the notary.

Paid by the vendor and contained in the agreement between the parties.

New Property Taxes >>>Resale Property Taxes >>>

Example of Costs for a Property Purchase of €120,000
Lawyers fee’s 1,200€
VAT (IVA or ITP) 8400€
Notary’s fee 1200€
Plus Valia 800€
Connection of Utilities 300€
Total Costs 10,700€

 

The informational Guide to Buying Spanish Property, presented in these pages is provided for general information only and should not be regarded as offering a precise and complete advice. Future changes in legislation could affect the information provided. Therefore, people accessing this information are encouraged to contact us or seek independent counsel for advice regarding their individual legal issues.

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