What About Costs And Taxes ?

The total expenses including tax - IVA - incurred when buying either a new or resale property in Spain, is about 10%. This is made up of 7% IVA on a new property or the same figure, 7% transfer tax on a resale. Legal fees 1%, Land Registry 0.75% and Notary fees of 1%, Document Tax 0.5%. A plot of land attracts tax at 16%, but when contracted at the same time as a building it will revert to 7%.

On an average property, annual Community charges are in the region of £250.00, local rates £125 and utilities £300. These figures can vary according to circumstances.

"Community charges are in the region of £250.00, local rates £125 and utilities £300"