In addition to the balance for the property, the buyer must also pay:
- Purchase tax, payable to the notary on the day of completion, the amount of which depends conditions of purchase:
- In the case of buying a property as a second residence:
- In the case of buying a property as a primary residence (considered a primary residence if lived in for at least 183 days per year):
*This tax is a percentage of the cadastral value, instead of the purchase price. The cadastral value is an assessment basis of a property for all the types of taxes that are incurred when purchasing said property. In this way, the cadastral value must be calculated on an individual basis, but usually is between 10% and 30% of the paid price of the property.
- Notary fee, payable when you sign the final contract, which is subject to a quote from the notary, and is relative to the price of the property. It is usually between 1 – 2.5 %.
- Running costs of your property will include:
- City Tax – an annual council tax from €100 per year. It is payable twice a year (in June and December).
- Rubbish tax – from €100 per year. It is payable in four instalments or all at once depending on preference
- Utilities – electricity, water, gas, telephone (if required);
- Condominium expenses – if you buy a property which is part of a group of properties which share some communal areas (gardens, driveway, swimming pool, tennis court etc.) then you will be required to pay condominium expenses, which depend on the specific characteristics of the complex.