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The buying costs
The costs for buying a property in Spain can broadly be summarised as 10% of the price. It is in fact usually a little less but it is always better to err on the side of caution.
For re-sale properties the costs are made up of:
- Transfer tax 7%
- Notary fees
- Land registry charges
- Solicitors fees 1% approx
For new properties the costs are:
- IVA (vat) 7%
- Stamp duty on the purchase 1%
- Notary fees
- Land registry charges
- Solicitors fees 1% approx
Notes
These cost are for the purchase of the property, additional costs are incurred if a mortgage is required. See (mortgage costs).
If buying a plot of land, commercial premises or a garage, the rate of IVA is 16%.
If the buyer is below 35 years of age and it will become their main residence then the transfer tax becomes 3.5%.