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The purchase price is the starting point, but additional costs significantly increase the total outlay:
- Transfer Tax: For resale properties, a flat 7% Property Transfer Tax (ITP) applies.
- New Construction Taxes: Newly built properties are subject to 10% VAT plus 1.2% Stamp Duty (AJD)
- Notary and Land Registry Fees: Approximately 1% of the purchase price, with a minimum of €1,200 and a maximum of around €4,500, covering the public deed and property registration.
- Lawyer’s Fees: Typically 1% of the purchase price, plus 21% VAT.
- Utility Contracts: Setting up electricity and water contracts costs about €350.
- Sundries: Includes costs for obtaining an NIE (Spanish tax ID), Land Registry extracts, and other small administrative fees, which vary but are generally minor.
- Bank Checks: Fees for bank drafts or certified payments, depending on your financial institution.
If financing with a mortgage, additional bank-related costs apply, such as set-up charges, insurance, and administrative fees. Confirm these with your bank, as funds must be available in Spain about one week before signing the public deed at the notary.
Annual Property Costs
Owning a property in Marbella also entails recurring expenses:
- Community Fees: Charges for shared amenities (e.g., pools, gardens) in gated communities or apartment complexes, varying by property type and location.
- Utilities: Electricity, water, and gas bills, depending on usage.
- Home Insurance: Optional but recommended to protect your investment.
- Municipal Taxes: The IBI (property tax) and Basura (waste services fee), calculated based on the property’s cadastral value and local rates.
- Yearly Tax Return: Non-residents and residents may need to file an annual tax declaration, with specifics depending on income and property use (details available from tax advisors).
