rural spain properties

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COST OF BUYING A RURAL PROPERTY IN SPAIN

When you start calculating the cost of the property you want to buy it’s critical that you add on 10% to the sales value. This 10% is made up of the adminstrative costs and taxes payable on your purchase. The 10% is not an exact figure and can vary according to the region you buy in, complexity of your purchase and the declared property value that is put in the title deeds.

The administrative costs are split between the notary, the lawyer and property registration charges. 2007 has seen a change in the law limiting the amount of some of these charges.

Taxes are split between stamp duty which varies between ½ % and 1%, according to region and the Purchase Tax on second properties of either 6 or 7% (most autonomous regions charge 7%) or VAT on new properties which is also 7%.

The Plusvalia tax on the sale of the property is generally paid by the seller. The Plusvalia tax is an 18% tax on the increase in value from the last sale of the property. The tax is based on the sales value that is put in the title deeds which is why sellers often prefer to declare a lower sales value.