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Expenses and taxes to buy property in Spain

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Expenses and taxes to buy property in Spain

Major taxes when buying property:

  • New Residential Real Estate: 7% VAT (payable to the developer)
  • The secondary residential property: 7% tax on the transfer of ownership (to be paid by the state)
  • Commercial real estate, garages: 16% VAT
  • Plots of land without buildings: 16% VAT
  • In addition, if you pay VAT, stamp duty is charged at a rate of 1%.

Also buyer pays the notary fees and fees for entry into the register of ownership. for all transactions.

Taken together, the cost of purchasing and registering a property in Spain may be about 9% -10% of its contract price for residential property and 18-19% for non-residential, if you make the purchase without entering into a loan.

If you decide to get a mortgage loan, then to the basic expenses you need to add:

  • Commission fee for opening credits, an average of 1-2% of loan amount
  • The cost of real estate appraisal, about 0.1% of property value
  • Fees of the notary, certifying credit unfixed amount depends on the transaction
  • Registration fees on the loan (approximately 1.7% of loan amount)

Thus, the total cost when buying a completed loans could reach 12-13% of the purchase price for residential property and 19-21% for non-residential.

It also takes into account our company's fee for legal services (average of 1% of value), which includes:

  • Check the contract of sale and purchase, and its compliance with Spanish law,
  • Check the legal status of housing sold through the databases register property,
  • Preparation of the signing of the deed at the notary, including preparing all necessary documents from the seller to check the payment of all possible claims and encumbrances imposed on housing,
  • Legal support if necessary (for the entire purchase process and the date of signing the deed).

Hopefully, consideration of the above costs will help you to correctly calculate their funds to buy real estate. Please note that this describes an standard situation.

For more advice on specific transactions, please contact our offices.


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