The price per square meter can vary a lot depending on the area of Spain where you want to buy your house. Below you can see the prices in some of the most popular cities, the steps to follow to formalize the purchase, a list of real estate agencies in Spain and the administrative costs involved in the operation.
Requirements to buy a house in Spain as a foreigner
Spain does not impose restrictions on foreigners when buying homes or land, regardless of whether they come from EU or non-EU countries.
The only requirement to buy a house in Spain is to apply for a NIE, which will serve to identify you when making the purchase contract and to pay the corresponding taxes. You can apply for the NIE at a police station in Spain or at the Spanish embassy in your country, presenting form EX-15.
Steps to buy a property in Spain
Once you have found a property that matches what you are looking for, it is advisable to go and see it in person. Remember that you must obtain the NIE to formalize the purchase-sale documents and follow the next steps:
- Negotiate the price with the seller
- Check that the property belongs to the seller and that it is free of administrative charges or mortgages. You can do this by requesting a report from the Land Registry.
- In some cases, you can sign a deposit contract and pay a percentage of the final price as a deposit. This document is an agreement by which both parties commit themselves to finalize the purchase-sale in the near future. The usual price of the down payment or deposit is usually 10% of the property.
- Sign the purchase-sale contract and pay the rest of the amount.
- Register the property in your name and pay the corresponding administrative costs.
Remember that in order to make the payment of the house and the expenses derived from the purchase, it will be very useful to have a bank account in the local currency of Spain.
What are the administrative costs for the purchase in Spain?
When buying a house in Spain you will have to pay up to 12% of its value as administrative costs for the purchase. If the transaction is carried out through a real estate agency, the buyer will be responsible for their fees. Here is a detailed list of the costs you will have to pay:
- Transfer Tax (ITP): from 6 to 10%, depending on each Autonomous Community. It is only paid when acquiring a second-hand property.
- Value Added Tax (VAT): 10% of the value of the property. Only applicable if you buy a new house
- Stamp Duty (IAJD): between 0.5 and 1.5%.
- Notary fees: 0.03 to 0.45%.
- Registry fees: 0.02 to 0.18%.
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