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Buying a house in Spain: taxes and fees in 2021

Updated: May 1, 2021

Buying a house in Spain can be a both exciting and daunting for many reasons, especially for expats who are moving abroad and buying property in Spain for the first time. The process also varies between countries and is likely to be different in some or many ways compared to where you are from. As well as the price of the property, remember that you will also need to factor in other costs and expenses. So, if you're planning on buying a house in Spain, let's look at the taxes and fees for 2021.

When buying a property in Spain, a mortgage is not the only major expense involved in the process and you'll have to do your calculations to make sure you don't across any unexpected surprises. Banks in Spain generally finance 80% of the value of the property you wish to purchase (if the property will be used as your main residence), meaning that you need to have 20% of the property value in order to pay a deposit. But this is not all: there are a range of other expenses and taxes that must be taken into account and paid to formalise the operation before you can become the owner of your new home in Spain.

Between the valuation of the property, the notary, registry and the corresponding taxes, experts recommend having savings of between 10% and 12%, depending on where the property is located and its price. These percentages are on top of the 20% you need for the mortgage deposit. Take note that if you don't require a mortage, you still need to pay these additional fees. All of these are compulsory expenses that revolve around the purchase of a home, although the total amount to be paid will depend on whether you are buying a new or pre-owned home, where you are buying the property and the amount involved.

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