Costs of Buying in Andalucia
The price you see advertised is the Asking price of the Owner. Before coming to an Agreement upon the Purchase price you must realize that on top of this you will be faced with these extra unavoidable costs (approximately 12% on top of the agreed sale price)
I have listed below how and where these costs originate.
There may be some slight variation in these figures but they are meant as a Guide.
Legal fees
1% plus IVA of Agreed purchase price ( IVA currently at 21%)
Notary fees
675€ - 1000€ A property of 100,000€ the cost is 675€ and for 1,000,000€ the cost is 1000€
Property Registry costs
400 – 650€
Resale Properties attract Property Transfer Tax
Any amount up to 400,000€ - 8% Transfer tax
Any amount between 400,000€ and 700,000€ - 9% Transfer tax
Any amount in excess of 700,000€ - 10% Transfer tax
As an example, a property valued at 750,000€ will be subject to 64,000€, which is based on the following.
8% up to 400,000€ = 32,000€
9% between 400,000€ and 700,000€ = 27,000€
10% over 700,000€ = 5000€
Please note that the Property Transfer tax is not based upon the purchase price but on the minimum Fiscal Value, which is regulated by the Regional Government.
New Properties attract IVA ( VAT )
Buyers of brand new houses in Spain are liable to pay 10% IVA (VAT) if the house is finished or is being built at the time of the purchase.
Tel +34 952927833 or email info@andalucianproperties.info