Costa del Sol Property, Property for sale Costa del Sol

SPANISH PROPERTY BUYERS GUIDE

Buying a property in Spain is not really any different from buying a property in the UK or anywhere else in Europe.

In simple terms, find a house, make an offer, pay a deposit and after all the legal niceties are sorted pay the balance and move in!

The next few pages go into this process in a little more detail to explain each step of the way.

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Buying A Spanish Property - Paying For Your Property in Spain

buying property in spain When purchasing a property in Spain, just like the UK, there are always fees and taxes to consider, here is a guide to help you understand what you are paying for.

Most of these are small a few hundred euros but you need to be aware of just what you are paying and too whom. The total amount on average to be paid in fees and taxes is around 8% of the total purchase price but, to be on the safe side work on 10% and you will receive some change!

Lawyers Fees: Lawyers fees are usually just 1% of the purchase price plus 16% IVA (the Spanish VAT).

Notary Fees: Notary fees are fixed by law and normally range between 300€ and 900€.

Registry Fees: Regsitry fees are are approximately 40% of the notary fees.

Transfer Tax: For resales this is 6% of the purchase price. When buying from a developer this is replaced by 7% IVA plus 0.5% stamp duty.

Plus Valia: Plus Valía is calculated as a percentage of the difference in the increased value of property from when it was last sold. This is based on the Rateable Value, NOT the real value, and is a one-off payment charged when property changes hands.

costa del sol property Each Town Hall defines the percentage differently and it varies according to municipality, however (and this is where it gets interesting) and so like Spain, not all Town Halls enforce the Plus Valía! The vendor is responsible for paying this tax.

Read Part 1 of our Spanish Property Buyers Guide - Starting Out »

Read Part 2 of our Spanish Property Buyers Guide - Reserving Your Property »