When purchasing a property, without a mortgage the costs are as follows.

• 7% Stamp Duty I.V.A. (this is fixed on all property transactions)

• Notary Fees

• Land Registry Fees

• Administration costs of the Notary and Land Registry

• Solicitors fees

If you make sure that you have 10% extra, on top of the purchase price, this will cover all of the above.

When purchasing a plot of land or a garage space directly from a promoter or builder, instead of paying 7% stamp duty, you will pay 16% VAT on top of the purchase price. However, if you purchase a property as well as a garage space from the promoter, you pay 7% stamp duty and not the 16% VAT.

In addition, when purchasing a new property from a promoter, as well the costs stated above, you have to pay an additional 1% for legal work (Actos Juridicos).  However, if you provide a certificate from the town hall which claims the property to be your habitual residence, then you only pay 0.1% for legal work (Actos juridicos).