martes, 04 de diciembre de 2018
Venta
How much does it cost to buy a property in Spain?

In Spain, costs are very clear when it comes to buying a property but please do not forget that they may vary from one region to another. BlancaReal operates in Malaga, so here you will find the details for the whole region of Andalusia.

The first element to consider is the nature of the property: is it a new construction ("obra nueva" or "primera transmisión") or a second-hand property ("seguna mano" or segunda transmisión")? Let's see together the costs of each of them.

1. PURCHASING COSTS FOR A NEW CONSTRUCTION:

VAT, 10% on the selling price.

AJD or "actos jurídicos documentados" (stamp duty), 1,5% on the selling price.

Notary Costs, about 0,5% on the selling price, with a minimum fee of about EUR 500 and a maximum of EUR 3,000, depending on the value of the property.

Land Registry, approx. 0,5% on the selling price with a minimum of EUR 400 and a maximum of EUR 1,500, depending on the municipality; e.g. Marbella land registry fees are much higher than the ones in Malaga.

Let's take an example: Mr and Mrs V. have just bought an apartment in a newly-built resort in Mijas for EUR 125,000. After the purchase and all legal verifications, the administrative costs will reach 11.9% on the selling price, so the real price of the house will be EUR 141,875


2. PURCHASING COSTS FOR A SECOND-HAND PROPERTY 

ITP or "impuestos de transmisión patrimonial"; its value varies according to the price of the house: 8% on the selling price if the price is under EUR 400,000; 9% if the price is between EUR 400,000 EUR & 700.000 EUR and 10% for all prices above.

Notary Costs: they reach about 0,5% on the selling price, with a minimum fee of about EUR 500 and a maximum of EUR 3,000, depending on the value of the property.

Land Registry: it corresponds approximately to 0,5% on the selling price, with a minimum of EUR 400 and a maximum of EUR 1,500 according to the municipality; e.g. Marbella land registry fees are much higher than the ones in Malaga.

Let's take an example: Mr. J. has just bought his dream property outside the city of Malaga for EUR 630,000. The real price of the house will correspond to a total of EUR 693,200, with 9,1% of administrative costs. 

Please remind that to be able to buy a property in Spain, you are required to have a NIE number (identification number for foreigners, delivered by the Police). Also, we strongly recommend some legal verifications (which are always included in the price of the properties we sell) such as a debt & ownership situation (nota simple), electricity/water/gas technical bulletins, etc.

Do not forget that BlancaReal offers a full administrative service after the purchase, through which we will make your investment easy and fruitful.

NOTE: since the information provided may vary, please don't hesitate to contact us for further details: +34 952 599 159 or info@blancareal.com