Costs When Buying a Property in Marbella, Spain.

Understanding the costs associated with buying luxury property in Marbella is crucial. Apart from the property price, you will have to account for taxes, legal fees, notary fees, and any renovation costs if applicable. Budgeting for these expenses ensures that you are financially prepared and avoid any unforeseen financial strain post-purchase.

The total official costs involved in purchasing a constructed residential property should be around 9-10% for resale properties or around 12% for new properties. To provide detailed information on the costs when buying a property in Marbella, Let’s break down the main expenses associated with purchasing real estate in Andalusia. Below is a list of typical costs:

1. Purchase Price

• The purchase price is the largest upfront cost, which depends on the location, property type, and market conditions.

2. Taxes

• Property Transfer Tax (ITP): For resale properties, the ITP in Andalusia is 7% of the property’s value.
• VAT (IVA): For new properties, the VAT is 10% of the purchase price, plus an additional 1.2% Stamp Duty (Impuesto de Actos Jurídicos Documentados).

3. Notary Fees

• Notary fees vary depending on the property’s value and the complexity of the documentation, typically costing between €800 and €2,000.

4. Land Registry Fees

• Once the sale is finalized, the property must be registered in the Land Registry. The cost for this is approximately 0.5% to 1% of the property value.

Aditional costs when buying a property in Marbella.

5. Legal Fees (optional)

• It is highly recommended to hire a lawyer when purchasing a property in Spain. Legal fees usually range between 0.5% and 1% of the property value.

6. Mortgage Costs (If applicable)

• If you are financing the purchase with a mortgage, you will face additional costs:
  • Bank fees for the mortgage process, often around 1% of the loan amount.
  • Valuation fee to appraise the property, which usually costs between €300 and €600.
  • Notary and registration fees for the mortgage, often costing another €500 to €1,000.

7. Real Estate Agent Fees (Not applicable)

• Typically, the seller pays the agent’s fees.

8. Additional Fees

• Home insurance, which is essential, especially for properties with a mortgage.
• Currency conversion costs, if applicable for international buyers.

In summary, when buying a property in Marbella, you should budget an additional 10% to 15% of the property’s purchase price to cover all associated fees.

Are you interested in buying a property in Marbella?

‘The best time to buy a home is always five years ago’ Ray Brown. For this reason, our commitment is to offer a service that meets and exceeds your expectations. Turn your dream into reality, future looks bright for our clients! Marbella offers you everything you need, from golden beaches to beautiful mountain views. And the property market here has something to offer everyone. A good life is a decision away. Where would you live if you could choose?

We at LuxuryForSale.Properties offer a personalized response when our clients inquire about the best developments of Marbella, and the most sought-after areas. We understand that preference is subjective and varies from person to person, so, we take into account several criteria, including your desired lifestyle, practical requirements, and budget, to provide a tailored recommendation for purchasing a property in Marbella. Do not hesitate to contact us, as we would be delighted to help you!