Expenses When Buying a Property in Spain – Complete Guide

Expenses When Buying a Property in Spain – Complete Guide

Buying a property in Spain involves more than just paying the home’s purchase price. There are numerous additional costs that are worth knowing in advance to avoid surprises and budget properly.

Below, we present all the key costs related to buying real estate in Spain.

1. Taxes when buying a property

The tax depends on the type of property:

  • Resale (sale between private individuals):
    You pay the Transfer Tax on Property (ITP), which in the Valencian Community is 10% of the declared value.

  • New build (purchase from a developer):
    The VAT of 10% applies, plus the Tax on Documented Legal Acts (AJD), which is usually 1.5%.

2. Notary and land registry fees

  • Notary:
    Between €1,200 and €2,000, depending on the number of pages and the complexity of the deed.

  • Land Registry:
    Approximately between €400 and €800 to register the purchase.

3. Professional fees

  • Real estate lawyer:
    Between 1% and 2% of the property value, with a typical minimum fee of €2,000.
    This service is highly recommended, especially if you’re not familiar with the Spanish legal system.

  • Sworn interpreter (if required):
    From €150.

  • Real estate agency:
    In most cases, the commission is paid by the seller, but it’s always a good idea to confirm this beforehand.

4. Other additional costs to consider

  • NIE number (Foreigner Identification Number):
    Required to buy in Spain. The cost may vary depending on whether you handle it yourself or through a management/administrative firm.
    In many cases, it can exceed €150.

  • Opening a bank account in Spain:
    Usually free, although some banks charge maintenance fees or fees for transfers.

  • Issuing a bank cheque:
    Needed to make the payment at the notary. Its cost depends on the bank, but it typically ranges from €100 to €300.

  • Property valuation (if you apply for a mortgage):
    The bank requires an official appraisal, with an average cost of €300 to €600.

  • Mortgage arrangement fees:
    Some banks apply opening fees. They may also require life or home insurance as a condition for granting the loan.

5. Practical example: buying an apartment for €200,000

  • €20,000 of ITP

  • between €1,200 and €2,000 for the notary

  • between €600 and €1,000 for the land registry

  • a minimum of €2,000 in legal fees

  • €300 for the bank cheque

  • more than €150 for the NIE

  • €500 for the appraisal

Estimated total: between €24,550 and €25,750, that is, between 12.2% and 12.8% of the home’s price.

6. How to reduce costs when buying?

  • Compare prices between notaries and banks.

  • Choose lawyers with fixed, transparent pricing.

  • Ask your agency what’s included in their commission.

  • Avoid duplicating administrative steps (such as opening an account and requesting a cheque from different banks).

Do you have questions or want to calculate your exact expenses based on your situation?
At Estrellas Properties, we’ll guide you step by step throughout the entire process.

WhatsApp / Phone: +34 677 878 548 / +34 601 52 48 06
Email: info@estrellasproperties.com

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