When buying a property in Tenerife, the buyer pays the purchase tax and transaction costs. The amount of the cost of the purchase depends on the developer of the object or it is a secondary housing.
The cost of real estate listed on our website includes the commission of our agency.
When buying a home in the secondary market:
- Transmisiones Patrimoniales tax (transfer tax): 6.5% of the amount specified in the bill of sale.
- Notary – € 850 – € 950 for the contract of purchase / sale. The amount depends on the number of pages in the deed and the number of owners specified in it.
- Registration of the deed in the Registro de la Propiedad (State Register of Spanish Owners) – an average of € 450.
- Services Gestoria Juridica (legal clerical company) – € 700.
When buying from the developer:
- IGIC tax (VAT) – 7% of the value of the object.
Tax Actos Juridicos (tax on notarial acts): 1% of the value of the object. - Notary – an average of € 850 for the deed. The amount depends on the number of pages in the bill of sale and the number of owners specified in it.
- Registration of the deed in the Registro de la Propiedad (State Register of Spanish Owners) – an average of € 450.
- Services Gestoria Juridica (legal clerical company) – € 700.
When making a mortgage, the following expenses are added:
- Bank commission for a loan – 1% of the amount issued.
- Property valuation by an independent appraiser – € 350 – € 600, depending on the area of housing.
- The notary for the second bill of sale (secures the relationship of the buyer with the borrowing bank) – € 600.
- Insurance of an object against all risks (a mandatory condition of the bank) – on average € 350 to 450 per year, depending on the object.
- Translation into Spanish of all necessary documents for obtaining a loan
