Taxes and Expenses
When buying your new home you will be required to pay taxes and expenses as well as pay for the property you have chosen. To help you make an informed choice and to ensure there will be no extra surprise costs, we have listed these additional costs below:
- (IGIC) - 7% of the purchase price (for new build properties).
- Transfer Tax - 6.5% of the purchase price (for used/re-sale properties)
- Stamp Duty - 1.0% of the purchase price
- Notary - 0.5 to 0.75% of the purchase price (if mortgage amount is high)
- Registration - 0.25% this is calculated by a scale depending on the price (e.g. for apartments between 50,000 to 100,000 euros, tax will be in the region of 250-300 euros)
- Accountant fees - 300 euros.
- Bank valuation fee - (Set Value) If it is a mortgage – 300 to 500 euros.
- Opening of mortgage - 1.5% of the mortgage amount.
- Management Writing - 0.02% of the purchase price.
- Home insurance - 0.1% of the purchase price
- Life insurance - (mandatory in some banks in case of mortgage)
- Committee Bank - (Fee) to issue checks signed the day of 0.05% of the price
- Purchase of a new build property: 9% - without mortgage / 12.5% - with mortgage
- Buying a re-sale property: 8% - without mortgage / 11.5% - with mortgage