Apr 24 2021
Costs and taxes when buying property in Spain in 2021
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Costs and taxes when buying property in Spain in 2021:
- Notary. Notary fees in Spain are regulated by the state and range from 600 to 875 euros (depending on the price of the property) for issuing a deed of sale.
- Property registration. On average - from 400 to 650 euros.
- Taxes. VAT in Spain varies. From 4% (for public housing) to 10% of the cost of housing. VAT in Catalonia - 10%. Plus, the second tax is IAJD, which in Catalonia is 1.5% of the property value. There is also an ITP property transfer tax for resale properties. The amount depends on the autonomous community and the percentage of the notary. In Catalonia - 10%. It should be noted that for families with many children, the disabled and young people, some taxes are lower!
- Agency. Commission real estate agency - from 3 to 5% of the cost of the apartment.
Mortgage expenses. If you are going to purchase a primary or secondary property with a mortgage, add to the costs:
- House appraisal. Typically, the bank will lend the equivalent of 80% of the purchase price or appraised value, although some will finance 90-100% of the purchase price. In 2021, the valuation will cost between 250 and 600 euros, depending on the organization conducting the valuation, the type of property and its valuation. The certificate is valid for 6 months from the date of issue. Since the entry into force of the new Mortgage Law in June 2019, the rest of the costs are borne by the bank: notary, registry and AJD.
- Commission for opening and maintaining a bank account. The amount can reach 2% of the borrowed capital, depending on the bank.
The rest of the costs of obtaining a mortgage according to the law must be borne by the bank!
Total: expect that for additional expenses you need to lay from 13 to 18% of the value of the property!