In this article you will find more information about the cost of buying property in Murcia. Here, we distinguish between a new build and a resale.
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You are buying a new building in Murcia
If you are buying new construction, you need to factor in 10% VAT and a stamp duty (AJD) of 2%. An example: you buy a EUR 220,000 property. The VAT is then EUR 22,000. Stamp duty is EUR 4,400. So on top of the purchase price, you will pay EUR 26,400 in transfer tax.
If you also order additional works or extras, you will also pay 10% VAT and a stamp duty of 2% on these amounts. There are some exceptions, such as an air conditioner, on which you will pay 21% VAT.
Here you will find more information on taxes on additional works and extras in new buildings.
You buy property in resale
When buying regular property in Murcia, neither VAT nor stamp duty applies. In that case, the transfer taxes consist of the sales tax (ITP). Today, the rate is 8% for a second residence. So if you buy a property in resale for EUR 220,000, you will pay EUR 17,600 in transfer taxes. On the contents, you will pay 4% registration duty.
What is the practicalities of buying a property in Spain?
Other property purchase costs in Murcia
In addition to transfer taxes, you will also have to take into account other costs. Consider the notary and your lawyer in Spain. Below is an estimate of costs based on a purchase price of EUR 220,000.
- notary fees: +/- EUR 1400
- registry office: +/- EUR 700
- lawyer: +/- EUR 3000
- bank cheque: +/- EUR 200
- NIE number: +/- EUR 10 per buyer
- proxy: +/- EUR 500
- other costs: +/- EUR 600
For the above costs, there is no difference between new construction and resale.
In Spain, the notary has a limited role during the buying process. So a notary in Spain does not guide you with your purchase, nor does it give you advice. Therefore, it is important that you seek the assistance of an independent party.
Do you have any questions about buying property in Spain? Then feel free to contact on. Confianz can assist you with the entire buying process.
