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The Cost of Buying and Owning Property in Spain

01.01.1970 03:00


COSTS OF BUYING PROPERTY IN SPAIN

In summary, allow for 10–12% of the purchase price in taxes and other costs.

The following costs may be involved in purchasing a Spanish property:

  • VAT, payable on a new build, commercial property or building plot. At present VAT is 10% on the purchase price of residential properties and 21% for commercial properties and plots of land
  • Transfer tax, payable on the resale of an existing property up to 10%
  • Other taxes and costs are 2–2.5% and include: deed registration fee, notary expenses, agency fees (are paid by the seller, unless otherwise agreed), bank charges and NIE number fee

COSTS OF OWNING PROPERTY IN SPAIN

Property owners in Spain should pay:

  • Annual property ownership tax calculated on the basis of the valor catastral (0.4% - 1.1% depending on the Spanish region);
  • Annual wealth tax;
  • Utility charges and community fees. Utility charges for electricity (90 Euro/p.a., water (60 Euro/p.a.), telephone, heating. Owners of community properties must pay fees from 20 to 1200 Euro/p.a. for the upkeep of communal areas and for communal services (foyers, hallways, lifts, patios, gardens, roads, etc.), leisure and sports facilities (swimming pools and tennis courts, etc.)



 

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