13 Aug

Costs of buying a property in Spain: taxes and fees in 2024

Buying a property in Spain is an enriching experience, but it can also be a complex process, especially if you are not familiar with the costs and procedures involved. In addition to the initial price of the property, there are various associated costs that are not always apparent from the start. At Agence Occitane, we want to help you understand these additional costs so you can plan your investment more effectively. Take note to avoid surprises and manage your investment in Spain!

Notary and Property Registry Fees

When you decide to invest in Spain, it is crucial to understand that the cost of the purchase goes beyond the initial price of the property. Here are the additional expenses you should consider:

• The Notary: Notary fees for signing the public deed usually range between 600 and 875 euros, depending on the property's price.
• The Property Registry: Registering the property can cost between 400 and 700 euros, also depending on the property's value.

Taxes When Buying a House in Spain: VAT, IAJD, and ITP

• Newly Built Property

The Value Added Tax (VAT) of 10% applies to the price of the home. For officially protected housing, the VAT may be 4%, but this varies depending on the location and type of housing. Additionally, the Tax on Documented Legal Acts (IAJD) must be paid, which ranges from 1% to 1.5% depending on the Autonomous Community.

• Second-Hand Property

The Property Transfer Tax (ITP) must be paid, with a percentage ranging from 6% to 10% of the property's price, depending on the Autonomous Community.

Additional Mortgage Costs

If you apply for a mortgage, you should consider the appraisal fees, which range between 250 and 600 euros depending on the company handling the process, the type of property, and its price, as well as the possible mortgage opening fee, which can reach up to 2% of the financed amount.

What Are the Total Costs When Buying a Property in Spain?  

In general, the total costs when buying a property in Spain usually range between 10% and 12% of the total value of the property.

Contact Us for Personalized Advice and to Resolve Your Questions About Buying a Property in Spain

If you are considering buying a property in Spain, our French real estate agency specializing in Spain will provide you with the necessary support to make an informed choice and avoid surprises during the purchase process.  Additionally, we work with a French notary specialized in buying homes in Spain, ensuring a smooth and hassle-free legal transition for our clients. Moreover, our advisors are available to answer any questions you may have about taxes and fees.

Also, to help you find the best location according to your needs, we have a location advisor who will assist you in selecting the ideal area in Spain, whether it be on the Spanish Mediterranean coast, in Madrid, Seville, or any other location you wish to explore. Contact us to start buying a property in Spain!

• +33 09 80 61 62 77 | +33 07 67 53 84 14
• info@inmobiliereocctineespagne.com
• Calle de Bellefontaine, 61, 31100, Toulouse, France. 

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