Property Purchase Expenses

The process of acquiring real estate consists of the following stages:

Selecting a property – signing a reserve contract and paying a deposit – opening an account with a Spanish bank of your choice- applying for a National Identification Number (N.I.E) – signing at the Notary and payment of purchase taxes and Land Registry.

It is important to know that in addition to the cost of the property, you pay:

• 1. In case of acquiring a new (FIRST OWNER) property – 7% I.G.IC. tax, 1% transfer tax and approximately 2,000€ (euros) for registration and notary services.
• 2. In case of acquiring a resale (PREVIOUSLY OWNED) property – 6.5% transfer tax and about 2,000€ (euros) for registration and notary services.

Our experts always provide a detailed calculation for the selected properties. Our aim is to make the whole process as transparent and understandable as possible.