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  • Costs when buying a property in Javea 2024: Property News | Costs when buying a property in Javea 2024

Tue 23 January 2024

Property News | Costs when buying a property in Javea 2024

This article gives an overview of the costs involved when buying a property in Javea. Professionals, such as lawyers and notaries do have different price structures, I have tried to give an accurate average of the costs that may be charged.

When you buy a property in a foreign country or even a different region in Spain, as the costs vary from region to region, you need to know what additional costs you must pay on top of the purchase price. You need to factor this into your purchase budget. The rough calculation is around 12% of the purchase price. Below we have given a breakdown of these costs that are involved when buying a property here in Javea.

The main additional cost when buying in the Valencian Region of Spain is the government tax, this is 10% of the purchase price.

It is highly recommended that you instruct a lawyer to act on your behalf and the standard fees are 0.5% + IVA of the purchase price.

It is common practice that the buyer pays the notary costs – This varies between notaries but as a ballpark figure it is between 1200 - 2000 euros + IVA. This will depend on the value of the property.

There are also land registry costs which again will depend on the property and what is required to update the register, we recommend to budget 800 - 1000 euros + IVA  

Example of a property that costs 500,000 euros

Tax @ 10% - 50,000 euros

Lawyer @ 0.5% + IVA – 3,025 euros

Notary Fees 1500 + IVA – 1,815 euros

Land Registry 800 + IVA – 968 euros

Total Costs – 55,808 euros – This is an estimate

Mortgage Costs

If you require a mortgage to buy the property there will be further additionally costs, a mortgage broker may charge fees, this is often worth the fee as they can potentially find you a better mortgage deal. The mortgage provider will also request a survey of the property for their valuation. Survey costs can range between 300 – 1000 euros + IVA depending on the property price.

Other smaller costs that you may incur are -

If you are not available to sign for the property at the notary you may wish to appoint a power of attorney. This requires your lawyer to make a visit with you to the notary for you to sign to make them or who you wish to be your power of attorney. Or if you are not able to visit the country a power of attorney can be requested from a foreign apostille. This can take some time and accrue additional costs. An estimate of costs would be 200-500 euros.

To buy a property you require Spanish identification, for a Spanish national a DNI number, but for a foreigner you will need to obtain an NIE number. This is a simple process and often your lawyer will assist with this for a small charge of around 100-200 euros.

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