When you are buying a house in Spain and a mortgage is approved, the bank provides an estimate of the main costs and fees that you will have to pay for the property transaction. Since the new mortgage law came into place in 2019, the banks cover most of the mortgage costs.
In general terms, we recommend clients to set aside between 10% and 14% of the purchase price for the transaction costs. These percentages include the costs explained below.
The total costs to be assumed for the purchase of a property in Spain vary depending on the purchase price of the property. Since the new mortgage law came into place in 2019, the purchase costs are paid for by the buyer whilst most of the mortgage costs are paid for by the banks.
Below are some examples of the transaction costs related to the purchase of a property in Spain. These costs are only an approximation, and they may vary depending on where in Spain the property is located.
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Purchase Price
|
675.000 €
|
1.000.000 € | 1.500.000 € | 2.000.000 €
|
4.000.000 €
|
Notary
|
1.600 €
|
1.800 €
|
2.200 €
|
2.400 €
|
3.000 €
|
Land Registry
|
1.100 €
|
1.600 €
|
1.900 €
|
2.200 €
|
3.300 €
|
Taxes
|
57.500 €
|
90.000 €
|
145.000 €
|
200.000 €
|
420.000 €
|
Administrative Costs
|
450 €
|
500 €
|
550€
|
600 €
|
650 €
|
TOTAL
|
60.650 €
|
93.900 €
|
149.650 €
|
205.200 €
|
426.950 €
|
The bank covers all mortgage costs except for the property valuation and arrangement fee
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