There are various costs involved when purchasing a property in Spain.
The principle costs consist of legal fees, notary fees, land registry fees and property transfer tax. The latter is the most expensive disbursement that a buyer will incur.
Spain is made up of 17 autonomous regions. Each region has the freedom to set rates of property transfer tax individually.
Therefore, the situation in Spain is that the level of property transfer tax payable depends upon the location of the property.
At the time of writing, the property transfer tax rates region by region is as follows;
Andalucia
Up to €400,000 = 8%
€400,001 – €700,000 = 9%
Over €700,001 = 10%
Aragon
Up to €400,000 = 8%
€400,001 – €450,000 = 8.5%
€450,001 – €500,000 = 9%
€500,001 – €750,000 = 9.5%
Over €750,001 = 10%
Asturias
Up to €300,000 = 8%
€300,001 – €500,000 = 9%
Over €500,001 = 10%
Balearic Islands
Up to €400,000 = 8%
€400,001 – €600,000 = 9%
€600,001 – €1m = 10%
Over €1m = 11%
Canary Islands
Fixed 6.5%
Cantabria
Up to €300,000 = 8%
Over €300,001 = 10%
Castilla la Mancha
Fixed 9%
Castilla y Leon
Fixed 8%
Cataluna
Fixed 10%
Extremadura
Up to €360,000 = 8%
€360,001 – €600,000 = 10%
€600,001 = 11%
Galicia
Fixed 10%
Madrid
Fixed 6%
Murcia
Fixed 8%
Rioja
Fixed 7%
Valencia
Fixed 10%
If you are interested in purchasing a property in Spain and would like advice in relation to any element of your property search, please don’t hesitate to contact us.
You can read more about our conveyancing services here.