{"id":1955,"date":"2021-09-29T10:08:30","date_gmt":"2021-09-29T09:08:30","guid":{"rendered":"https:\/\/sarahwaddingtonproperty.com\/?p=1955"},"modified":"2024-10-10T11:26:23","modified_gmt":"2024-10-10T10:26:23","slug":"buying-costs-in-spain","status":"publish","type":"post","link":"https:\/\/sarahwaddingtonproperty.com\/es\/buying-costs-in-spain\/","title":{"rendered":"Costes de compra en Espa\u00f1a"},"content":{"rendered":"<h1 class=\"wp-block-heading\">Costes de compra en Espa\u00f1a<\/h1>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft\"><img decoding=\"async\" src=\"https:\/\/sarahwaddingtonproperty.com\/wp-content\/uploads\/2021\/09\/BUYING-COSTS-IN-SPAIN-300x300.png\" alt=\"Buying Costs In Spain\" class=\"wp-image-2597\"\/><\/figure><\/div>\n\n\n\n<p>Spain suffered significantly during the global financial crisis and the ensuing property market crash. House prices dropped by as much as 40%, but in recent years, the market has become more stable despite Brexit and all the currency ups and downs that we have encountered.<\/p>\n\n\n\n<p>Prices in Spain have been rising steadily since 2016, and although the COVID-19 outbreak has affected the market in 2021, official government figures show average prices growing.<\/p>\n\n\n\n<p>In Malaga in Q1 there were 7,399 house sales up 15.12% on the previous year. 28.18% of these sales were to international buyers. Up 6.46% on the previous year. There were 2832 mortgage approvals in Malaga in the Q1 of 2021. The total population of Malaga grew to 1,661,785 up 1.30% annually.<\/p>\n\n\n\n<p>Buying costs in Spain are relatively high. Therefore, when you are calculating your budget you need to allow at least 10% to cover the taxes and fees for which the buyer is responsible.<\/p>\n\n\n\n<p>This will include property transfer tax, legal fees, notary and registry fees.<\/p>\n\n\n\n<p>However, it\u2019s best to think about 10% as the minimum.&nbsp; Depending on the region it could be as much as 3% higher because the property transfer tax is set by autonomous regions, not by the central government.<\/p>\n\n\n\n<p>In Andaluc\u00eda they operate a sliding scale between 8% and 10%. The price bands are as follows:<\/p>\n\n\n\n<p>8% on purchases up to \u20ac399,999<\/p>\n\n\n\n<p>It rises to 9% between \u20ac400,000 and \u20ac699,999<\/p>\n\n\n\n<p>10% is the rate for any amount over \u20ac700,000<\/p>\n\n\n\n<p>At present we have a reduction in transfer tax to 7% on all price brackets due to the pandemic valid until the end of 2021 talk to us about saving money and benefiting from this reduction.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Buying costs in Spain for New Builds<\/h4>\n\n\n\n<p>Stamp duty is paid on new properties but it is regionally variable.&nbsp; For example, in Andaluc\u00eda it is currently 1.2%.&nbsp; In contrast, it is 1.5% in the Costa Blanca region.&nbsp; However, IVA (VAT) is also payable for new property and that is 10% on residential properties across the country, with the exception of the Canary Islands. There the ICIG applies and it is 7% on new property.<\/p>\n\n\n\n<p>Meanwhile, IVA rises to 21% in respect of commercial properties and plots of land.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Mortgage Costs<\/h4>\n\n\n\n<p>One other cost that will increase the estimated 10% by perhaps another 3%, is the extra charges that apply when you take out a mortgage.&nbsp; One way this amount can be reduced is to take over an existing mortgage if there is one although it won\u2019t get rid of it altogether it will reduce it.&nbsp; Assuming the previous owner\u2019s mortgage is common practice in Spain although it is not a foregone conclusion.&nbsp; In addition, the bank reserves the right to renegotiate the terms.<\/p>\n\n\n\n<p>Check out the Buying Process in Spain&nbsp;<a href=\"https:\/\/sarahwaddingtonproperty.com\/es\/en\/buying-process-in-spain\/\">here<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Costes de compra en Espa\u00f1a Espa\u00f1a sufri\u00f3 significativamente durante la crisis financiera mundial y la consiguiente ca\u00edda del mercado inmobiliario. Los precios de la vivienda cayeron hasta 40%, pero en los \u00faltimos a\u00f1os, el mercado se ha vuelto m\u00e1s estable a pesar del Brexit y de todos los altibajos cambiarios que hemos encontrado. Los precios en Espa\u00f1a han ido subiendo [\u2026]<\/p>","protected":false},"author":1,"featured_media":1956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[83],"tags":[],"class_list":["post-1955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Buying Costs in Spain - Sarah Waddington Property<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sarahwaddingtonproperty.com\/es\/buying-costs-in-spain\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buying Costs in Spain - Sarah Waddington Property\" \/>\n<meta property=\"og:description\" content=\"Buying Costs in Spain Spain suffered significantly during the global financial crisis and the ensuing property market crash. 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