Reply To: What are the buying costs for property in Spain?

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09/09/2024 at 10:06 PM #127523
Muhammad Zeeshan
Participant

    Hi Shania,

    Congrats on saving up for your dream property in Marbella! Indeed, the 15% estimate is quite common when buying property in Spain, and here’s a general breakdown of what that covers:

    1. Property Transfer Tax (ITP) – This varies depending on the region but is typically between 8-10% of the purchase price.
    2. Notary Fees – Expect to pay between €800 to €1,500. The cost depends on the price of the property and the complexity of the purchase.
    3. Land Registry Fees – Usually around 1% of the property value.
    4. Legal Fees – It’s advisable to hire a lawyer to ensure everything is in order. Legal fees are typically 1% to 1.5% of the purchase price.
    5. Valuation Fees – If you’re taking out a mortgage, the bank will require a valuation, costing around €300 to €600.
    6. Mortgage Fees – If applicable, banks may charge a setup fee (around 1% of the mortgage value) along with possible notary and registration costs.
    7. Stamp Duty (AJD) – Around 1-1.5% of the property value for new properties.

    So yes, the 15% estimate is quite accurate. These costs ensure a smooth process, especially in a sought-after market like Marbella luxury real estate. Make sure to consult a local expert to get precise figures and avoid surprises!

    Hope this helps and good luck with your property purchase!

    Zeeshan